Cybersecurity Predictions 2024

In this blog post we will explore the future of cybersecurity (in 2024) and how to defend ourselves from threat actors by anticipating their strategies.

Cybersecurity is a constantly evolving field, with new threats, technologies, and challenges emerging every day. In this video, we will look at some of the most important trends and predictions that will shape the cybersecurity landscape in the next few years, based on the latest research and insights.

Why is Cybersecurity Important?

Cybersecurity is a critical aspect of modern life that involves various measures and practices to safeguard computer systems and networks from unauthorized access, damage, or theft. The increasing reliance on technology in today’s world has made protecting sensitive information more important than ever before. From personal data to financial transactions, cyber threats can disrupt businesses and impact individuals globally.

To elaborate, our identities are increasingly shifting online, and our data is more powerful and valuable.

• Our lives are becoming more intertwined with the digital world, from credit agencies and workplaces to the social media networks we use daily.
• The supply chains that keep us fed and clothed are all managed through information technology. As of October 2023, data breaches have exposed over 600 million records.
• The impact of major data breaches involving sectors and organizations, such as Healthcare, Twitter and MOVEit (customers), means something more than just having to change your password.

This means that individuals and groups are targeting the technology that essentially defines and supports you in the modern world. They are targeting systems that contain your personal data. In other words, attackers worldwide are targeting you. That’s why safeguarding our information systems is imperative.

Cybersecurity professionals work to keep personal and business information safe from current and future threats. They implement strong security protocols, complex encryption methods, and proactive countermeasures to mitigate the risk of data breaches, financial losses, and reputational damage.

Whether you’re an individual or an organization, understanding the importance of cybersecurity is fundamental to navigating the threat landscape safely and securely.

Cyber Predictions for 2024

The digital landscape is constantly evolving, and so too are the threats we face. As we step into the new year, it’s crucial to be prepared for the changing threat landscape and adapt our security strategies accordingly.

This blog post will delve into some key trends and predictions that are likely to shape the cybersecurity landscape in 2024, helping us navigate the complex and ever-evolving threat terrain.

1. Ransomware attacks will likely evolve in sophistication and intensity

• Ransomware attacks have risen by 13% in the last five years, with an average cost of $1.85 million per incident 12.
• The average ransom in 2023 is $1.54 million, almost double the 2022 figure of $812,380 .
• Over 72% of businesses worldwide were affected by ransomware attacks in 2023, which is an increase from the previous five years and was by far the highest figure reported .
• The global cost of ransomware is expected to exceed $30 billion in 2023 .

2. AI-driven cyberattacks will become more common

The integration of AI and ML into cybercrime operations is a major concern for 2024. Attackers will utilize these technologies to automate tasks, launch large-scale campaigns, and personalize attacks with greater precision.

This necessitates robust AI-powered defense mechanisms and heightened awareness of advanced phishing tactics.

Deepfakes pose a further challenge, blurring the lines between reality and manipulation, and requiring heightened caution when interacting online.

3. IoT devices and smart infrastructure will be exploited more frequently

• The number of Internet of Things (IoT) cyber attacks worldwide has increased significantly from around 32 million detected cases in 2018 to over 112 million in 2022, with an 87% year-over-year increase in the number of IoT malware incidents .
• In December 2022, the number of reported IoT attacks reached over 10.54 million
• The first six months of 2023 saw a 41% increase in the average number of weekly attacks per organization targeting IoT devices, compared to 2022
• As IoT devices will be more vulnerable to cyber attacks this will increase the importance of IoT security standards
• Source : https://www.statista.com/

4. Supply chain attacks and third-party risk will continue to be a major concern

The interconnected nature of today’s supply chains creates new vulnerabilities that cybercriminals are actively targeting.

Attacks on software updates, supplier networks, and critical infrastructure within the supply chain can have far-reaching consequences.

Organizations must prioritize vendor risk management, implement secure software update protocols, and prepare for potential ransomware attacks on supply chain elements.

Securing the AI supply chain will become an integral part of organizations’ third-party risk management and security programs

5.Privacy regulation will become more widespread and stringent

• In May, former Uber CISO, Joe Sullivan, was sentenced to serve three years’ probation and pay a $50,000 fine
• In October, Tim Brown, CISO at SolarWinds, was charged by SEC
• New SEC cybersecurity rules call for mandatory cyber-incident reporting for all US-listed companies
• In Europe, NIS2 takes effect in October 2024
• In Australia , The 2023 Privacy Act Review Report by the Attorney-General’s Department has put forward 116 proposals
• In Singapore  The Cybersecurity 2023 guide by Chambers and Partners provides legal information on data protection authorities
• In China: 2023 saw the implementation of several new regulations on data protection and cybersecurity

6. The Human Factor: Strengthening Cybersecurity through User Awareness

While technology plays a vital role in cybersecurity, the human element remains a critical factor. Educating users about phishing scams, cyber hygiene best practices, and the importance of reporting suspicious activity is key to mitigating threats.

7. False Information During Election Period

By spreading false information, cybercriminals use advanced manipulation strategies to take advantage of social tensions. The FBI also issued a warning about cyberattacks on election officials in the most recent election cycle.

8. Cloud Security and Cybersecurity

More data and workloads will move to the cloud. This will make cloud security even more important than it is today.

9. Quantum Computing and Cybersecurity

Quantum computing will enable faster decryption of sensitive data

This will render many current encryption methods useless

Cybersecurity Summary for 2023

Those who do not remember the past, are condemned to repeat it.

1.The Guardian Cyber Attack:

 On December 20, 2022, The Guardian newspaper in the UK was hit by a ransomware attack, affecting internal systems and requiring staff to work remotely.

2. Toronto SickKids:

Also on December 20, 2022, the Hospital for Sick Children (SickKids) in Toronto experienced a ransomware attack. In a unique turn of events,

the LockBit Group, which provided the ransomware-as-a-service infrastructure, publicly apologized and provided unlock codes.

3. Capita

In March 2023, outsourcing giant Capita suffered a significant cyber attack with wide-reaching effects across the public and private sectors

4. Top 5 famous software supply chain attacks

4. Progress Software’s MOVEit

• University of California San Francisco (UCSF)Supply Chain Attack
• Airbus Supply Chain Attack
• Norton Supply Chain Attack
• Colonial Pipeline Cyber attack
• Microsoft Supply Chain Attack

5. Progress Software’s MOVEit Attack

In May 2023, a ransomware gang called Clop began abusing a zero-day exploit of Progress Software’s MOVEit Transfer enterprise file transfer tool. Progress quickly issued a patch, but the damage was already extensive. Clop’s widespread attack saw it steal data from government, public, and business organizations worldwide, including New York City’s public school system, a UK-based HR solutions and payroll company with clients like British Airways and BBC, and others.

6. Solarwinds

SolarWinds: The ongoing fallout from the 2020 SolarWinds supply chain attack continued to be felt in 2023, with affected organizations still working to mitigate the damage and strengthen their defenses

7. ChatGPT

On May 2, 2023 OpenAI conformed a data breach which occurred on 20 March, 1.2% of ChatGPT Plus subscribers were targeted during a nine-hour-long outage where their payment-related data was stolen. 

8. Nation State Attacks

9. Latitude

The Australian personal loan and financial service provider was affected by a data breach. Although the initial disclosure stated that only 328,000 individual customers were affected, that number quickly grew to 14 million after further investigation

10.Lionsgate Attack

Video streaming platform Lionsgate Play exposed sensitive data of 37 Million people

11. LastPass

In August, password management giant LastPass suffered a data breach, exposing user email addresses and password vault information. While the company claims that passwords were not directly accessed, the breach could still put users at risk for phishing attacks and other forms of cybercrime.

12. MGM resorts

MGM Resorts International was hacked in September 2023 and the company expects the cyberattack and data breach to cost the company at least $100 million in expenses.

13. Okta Breach

Identity management provider Okta experienced a security incident impacting some customers, highlighting the importance of multi-factor authentication.

Keywords

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