Cyber criminals are constantly developing new methods of stealing data and attacking the individuals and businesses they want to target.
While the underlying premise of many cyberattacks has largely remained constant, cyber criminals are finding increasingly sophisticated ways of carrying out their attacks.
Here is a look at some of the cybersecurity threats that experts are preparing for in 2024.
Ransomware
A ransomware attack occurs when a type of malware is installed onto a victim’s computer and encrypts their data leaving the victim unable to access important files. The attackers will then demand to be paid a ransom in exchange for decrypting the files, which the attackers may or may not follow through with after they receive the money.
These types of attacks have proven to be lucrative as many organizations are willing to pay the ransom to access their data, particularly governments, schools and hospitals. As a result, cyber thieves are increasingly using this tactic. A report by Cybersecurity Ventures predicts that the damages from this type of attack will reach $265 billion by the year 2031.
One of the best ways to combat ransomware attacks is by educating employees to avoid downloading malicious attachments and falling victim to phishing emails. Organizations must implement this in conjunction with effective backup and recovery solutions so their data can be accessed without paying a ransom in the event of an attack.
Phishing
In a phishing attack, a victim is tricked into clicking on some type of malicious attachment or link or handing over sensitive information to attackers, such as credit card numbers or passwords. Many people fall for these attacks because sophisticated hackers can make what appear to be legitimate emails that come from sources the victim trusts, such as their bank, a colleague they regularly communicate with, or a retailer they frequent.
One of the most effective measures of protecting against phishing attacks is the implementation of e-mail security solutions that are capable of detecting and then blocking any malicious emails.
Training employees to identify suspicious emails and having a procedure in place for reporting them so they can be investigated by the IT team is a key combination for prevention.
E-mail Compromise
An e-mail compromise attack is a common subtype of phishing targeting a specific individual in an organization, typically finance officers, managers and executives. With an e-mail compromise, an attacker impersonates someone the victim trusts, such as a vendor or superior, and asks them to carry out some type of urgent action, such as providing a sensitive document or transferring funds.
E-mail compromise scams can be very expensive, making up around half of all of the cybercrime losses that were reported to the FBI in 2020. There are several ways to reduce these types of attacks. Employees should routinely verify any requests that are sent to them with great urgency or that seem unusual or out of place via other channels to ensure their authenticity. In addition, businesses should employ multi factor authentication on their email accounts to deter impersonation.
Wire Fraud
Wire fraud is a cybersecurity threat that entails the electronic transfer of money across accounts. This can be carried out via mobile payment, wire transfer, or another form of online banking. This type of crime has risen dramatically in recent years, and cybersecurity experts have their eyes on this growing trend.
One way that wire fraud can be diminished is by using robust verification procedures for every wire transfer that is conducted. This should include confirming the account details and the identity of the intended recipient. In addition, organizations should always use secure payment platforms when making transfers.
AI Threats
One of the biggest topics in computing these days is the power of artificial intelligence (AI), and it should come as no surprise that cyber criminals are using AI techniques to carry out cyber attacks. There are many different types of AI threats. For example, machine learning can be used to create very convincing false identities or phishing emails that employees are likely to engage with.
Deep fakes are being used to create images and videos of events and people that some victims may not be able to distinguish from reality, while natural language processing can be used to manipulate text and voice communications and make people believe they are communicating with a banking official or superior at work.
This type of threat is expected to rise in 2024 as AI technology continues to advance at a rapid pace. One way organizations can avoid falling victim to AI threats is by adopting AI security solutions that are capable of identifying and counteracting these types of attacks.
They should also monitor their use of AI systems and carefully consider the potential vulnerabilities of adopting this untested technology.
Reach Out To The Cybersecurity Team At Advantage Technology
Is your organization prepared for the threats that cybersecurity professionals are expecting in 2024? The experts at Advantage Technology can help you ensure your digital assets and sensitive information are protected while reducing the risk of data breaches. Contact Advantage Technology today to learn more about our services.
