Introduction
As technology continues to advance and connectivity increases, businesses face evolving cybersecurity threats that can disrupt operations and compromise sensitive data. In 2024, certain cyber risks are projected to be particularly high. Understanding these top threats can help businesses fortify defenses and prevent attacks.
Increased Ransomware Attacks
Ransomware will remain one of the most severe cybersecurity dangers facing businesses. These attacks encrypt files and systems until a ransom is paid. I expect sophisticated ransomware campaigns to surge in 2024, as attackers exploit vulnerabilities in outdated technology and target healthcare, finance, retail, and other sectors.
Specific concerns include:
- Ransomware-as-a-Service (RaaS) – RaaS lowers barriers to launch attacks, allowing less-skilled hackers to leverage ransomware tools and infrastructure. The growing RaaS ecosystem will enable more ransomware campaigns.
- Double extortion – Many ransomware gangs now exfiltrate data before encrypting systems. Even if backups are available, victims face added extortion threats as attackers threaten to publish sensitive data.
- Supply chain attacks – By compromising suppliers and partners, ransomware gangs can access multiple downstream businesses, amplifying damage. Expect more third-party vendor cyber incidents.
To reduce ransomware risks, businesses should implement multi-factor authentication (MFA), keep software patched, secure backups offline, limit access, and train staff on phishing.
Cloud Threats
As cloud adoption accelerates, cloud misconfigurations and vulnerabilities will expose businesses to data breaches, service disruptions, and regulatory non-compliance. Specific cloud threats include:
- Misconfigured cloud storage – Unprotected cloud buckets and objects can allow unauthorized data access. This will remain a top cloud threat vector.
- Compromised credentials – Stolen cloud account credentials can give hackers access to sensitive cloud resources and workloads. Enforcing strong password policies is critical.
- Vulnerable APIs – Exposed APIs create paths for attackers to harvest data or gain system access. API security will be a key cloud risk area.
- Insufficient identity and access controls – Overly permissive roles and credentials can enable cloud resource hijacking and unauthorized access. Lock down permissions and embrace zero trust.
To secure the cloud, businesses must implement MFA, configure storage access controls properly, monitor for suspicious activity, and continually audit settings and permissions.
Supply Chain Cyberattacks
The supply chain will be increasingly targeted by nation-state actors and cybercriminals seeking access to downstream companies. Attacks like SolarWinds demonstrate how compromising software vendors and IT suppliers provides a pathway to breach their customers.
Key supply chain cyber risks include:
- Software supply chain attacks – By compromising development tools and software distribution channels, adversaries can plant malware that spreads widely once updates are pushed. Vet software integrity across the full devops pipeline.
- Managed service provider (MSP) attacks – MSPs manage IT infrastructure and systems for multiple clients. Breaching an MSP gives attackers access to vast downstream targets. Require MSPs to demonstrate stringent security controls.
- IoT and hardware attacks – Unsecured IoT and network devices enable lateral movement. Backdoor implants in hardware can create hard-to-detect persistence. Lock down everything, especially privileged administrative interfaces.
Supply chain cyber resilience requires expanding visibility, monitoring vendor security postures, building in redundancy, and diversifying suppliers. Cyber due diligence across the ecosystem is essential.
Growth of Voice Phishing
Voice phishing, also called vishing, uses phone calls to manipulate victims and steal credentials or payments. With natural language AI advancing, vishing campaigns will grow more sophisticated and dangerous in 2024.
Key risks include:
- AI voice imitation – Voice synthesis technology can clone executives’ voices to make fraudulent calls sound authentic. Educate staff to double verify unusual payment or credential requests.
- Phone number spoofing – Attackers spoof legitimate business numbers to appear credible. Don’t rely solely on caller ID.
- Targeting remote workers – Remote staff may be more likely to trust phone-based communications yet lack in-person verification. Ensure robust call verification policies.
- Breach remediation scams – Victims of data breaches may be targeted for vishing around fake breach remediation assistance. Avoid breaches to begin with, and use official communication channels if one occurs.
Protect against vishing by avoiding unsolicited calls, securing phone numbers from spoofing, verifying requests, and blocking risky international calls.
Nation-State Cyber Threats
Geopolitical tensions are intensifying. Businesses especially in sectors like defense, energy, and technology should expect espionage, intellectual property theft, and disruptive attacks from nation-state threat actors in 2024.
Key risks include:
- Supply chain tampering – State hackers may implant backdoors in hardware, software, or services to enable spying or sabotage further down supply chains. Know your suppliers.
- Destructive attacks – Geopolitical conflicts could spur damaging cyberattacks against critical infrastructure and enterprises. Ensure backups and restore capabilities.
- Intellectual property theft – Valuable trade secrets and IP will continue being exfiltrated through covert cyber intrusions. Take a data-centric security approach.
- Disinformation operations – State actors may spread disinformation to manipulate public narratives relevant to their interests. Verify sources and watch for influence operations.
Countering nation-state threats requires ongoing network monitoring, cyber threat intelligence, and collaboration between government and industry.
Growth of Cybercrime-as-a-Service
Sophisticated hacking capabilities are becoming commoditized and accessible via cybercrime-as-a-Service (CaaS). CaaS lowers barriers for criminals, enabling wider attacks. Specific CaaS threats include:
- CaaS platforms – Services like Genesis Market and Rhino allow criminals to buy access, tools, and support for campaigns. CaaS platforms will further mature.
- Initial access brokers – Initial access merchants sell reconnaissance and breached credentials for staging post-compromise attacks. They provide easy pivotal access.
- Malware-as-a-Service – Hackers can readily purchase potent trojans and remote access malware for campaigns. Expect more plug-and-play malware attacks.
Combating CaaS requires focusing on disruptive operations against hacker infrastructure in addition to defense. Private and public sector collaboration can counter this growing criminal threat.
Conclusion
Cybersecurity threats are growing in impact and sophistication. However, by understanding key risks like ransomware, cloud threats, supply chain compromise, vishing, nation-state actors, and cybercrime-as-a-Service, businesses can make informed decisions to harden defenses, protect assets, and build cyber resilience. Prioritizing security strategies that counter the most pressing cyber risks will allow businesses to securely embrace digital transformation in 2024 and beyond.
