Preparing for the latest cybersecurity threats is a cornerstone of any successful cybersecurity plan. The rapid changes in technology can leave business owners feeling lost, unprepared, and even frightened by the potential threats that loom on the horizon.
From the devastating loss of data to financial stress, cyberattacks have the power to cripple a business, wiping away everything that has been diligently built in a matter of minutes. While the prospect may seem daunting, the key to endurance lies in proactive measures and facing these threats head-on. The good news is you don't have to navigate this journey alone.
As your dedicated local managed cybersecurity provider, Weber TC is committed to embarking on the journey to cyber resilience alongside you. Let's delve into the threats that the new year, 2024, may bring and explore strategies to tackle them collaboratively.
The Current Cyber Threat Landscape: Evolving Risks in 2024
As technology advances, and remote work continues to be the norm, businesses are increasingly exposed to cybersecurity threats, with their employees serving as crucial players in the cybersecurity infrastructure. A staggering 95% of data breaches result from human error, emphasizing the pivotal role of employee cybersecurity education.
Let's examine some of the trends that emerged in the previous year:
- 2,200 cyberattacks occurred every day
- 61% of small businesses were attacked
- Cybercrime cost businesses over $8 trillion
Emerging Threats in 2024: What to Expect
As we begin 2024, a greater rise in cybersecurity threats for businesses is anticipated. The prominent threats that businesses should be aware of include:
Remote Security Issues
As we previously mentioned, remote working is the “new thing”. However, with the increasing use of personal devices to conduct work, it is essential that cybersecurity professionals ensure that remote networks are secure. This includes enforcing strong passwords and two-factor authentication, as well as encrypting data in order to keep external actors from accessing private information.
If employees are a weak link in the average business’s cybersecurity infrastructure, remote employees pose even more risks (especially when not properly trained).
Ransomware Attacks
Ransomware is a type of malware that blocks access to data until the cybercriminal receives payment. And even if you pay the ransom, there is no guarantee the hacker will keep their end of the bargain and return your information. Businesses should be aware of these threats and have advanced cybersecurity measures in place to protect them from any malicious actors.
Phishing Scams
Phishing scams are another threat that businesses will face in 2023. Phishing emails attempt to trick users into providing confidential information, such as passwords or bank account details, by appearing as legitimate companies or services.
Businesses must educate their employees about phishing scams and provide cybersecurity training courses so they can identify potential threats.
Multi-Vector Attacks
In 2024, cybercriminals are increasingly utilizing multi-vector attacks, combining various techniques to infiltrate systems. This comprehensive approach makes it challenging for traditional security measures to detect and prevent these multifaceted attacks.
Supply Chain Attacks
The threat of supply chain attacks is expected to persist and evolve in 2024. Cybercriminals target vulnerabilities in a company's supply chain, compromising multiple organizations through a single entry point.
User Behavior (Employee Mistakes)
Employee mistakes continue to be a significant cybersecurity risk. Whether it's falling victim to phishing scams or unintentionally exposing sensitive information, human errors can open doors for cyber threats in 2024.
Malware as a Service
The rise of Malware as a Service is making sophisticated malware tools accessible even to non-technical cybercriminals. This trend increases the diversity and complexity of cybersecurity threats.
Social Engineering
Social engineering attacks, manipulating individuals into divulging confidential information, remain prevalent in 2024. As cybercriminals refine their techniques, businesses need robust measures to educate employees and prevent falling victim to social engineering tactics.
Mobile Device Vulnerabilities
With the increasing reliance on mobile devices for work, cybercriminals are exploiting vulnerabilities in mobile platforms in 2024. Businesses must prioritize mobile device security to prevent data breaches through this avenue.
Industries at Risk: Navigating the Landscape
Industries across the board are grappling with an escalating array of cyber threats in 2024, as cybercriminals continue to refine their tactics. In addition to healthcare, finance, and e-commerce, several other sectors are particularly vulnerable to cyberattacks, warranting heightened vigilance and robust cybersecurity measures:
- Government Agencies: This sector remains a prime target for cyber threats, with government agencies holding a wealth of sensitive information. A breach in this sector can have far-reaching implications, compromising national security and public trust.
- Manufacturing: As industries increasingly embrace digital transformation, manufacturing sectors become attractive targets. Cyberattacks in these domains can disrupt operations, cause equipment malfunctions, and lead to substantial financial losses.
- Energy and Utilities: With critical infrastructure interconnected through digital systems, the energy and utilities sector faces growing threats. Cyberattacks in this industry can result in power outages and disrupted supply chains.
- Education: Educational institutions are not immune to cyber threats, as they store extensive personal data and sensitive research information. The shift to online learning has expanded the attack surface, making these institutions more susceptible to data breaches and ransomware attacks.
- Legal Services: Law firms, handling vast amounts of confidential client data, are enticing targets for cybercriminals. Breaches in legal services can lead to the exposure of sensitive legal information, jeopardizing client trust and confidentiality.
- Retail: Beyond e-commerce, traditional retail is also at risk due to the integration of digital payment systems and customer databases. Cybercriminals may target retail businesses to exploit vulnerabilities in their payment infrastructure and compromise customer data.
- Technology and Software Development: Ironically, the industry responsible for creating cybersecurity solutions is not immune to threats. Technology and software development companies are targeted for their intellectual property, source codes, and access to cutting-edge technologies.
- Transportation and Logistics: As transportation systems become more connected and reliant on technology, the industry faces cyber threats that can disrupt supply chains, compromise logistics networks, and impact the movement of goods.
- Hospitality and Tourism: The hospitality and tourism sectors, who handle vast amounts of customer data for reservations and transactions, are susceptible to cyberattacks. Breaches in these industries can lead to the exposure of personal and financial information of guests.
- Telecommunications: Given its pivotal role in connectivity, the telecommunications sector is a prime target for cyberattacks. Threats to this industry can result in service disruptions, data interception, and can even compromise national communication networks.
How To Combat Growing Cybersecurity Threats
The short answer: stay educated on evolving threats and partner with a cybersecurity provider you trust!
If you’re seeking reliable cybersecurity services, Weber TC is here to help! Our cybersecurity professionals are available to assist you and help protect your business in 2024. Contact us today to learn more.
