As technology leaps forward, so do the tactics of cybercriminals. In 2024, we are encountering an assemblage of emerging cybersecurity threats that could impact individuals and organizations globally. The cybersecurity ecosystem is on high alert due to increasingly sophisticated attacks involving malware, phishing, AI, machine learning, and cryptocurrency. These threats constantly jeopardize the data and assets of businesses, governments, and individuals. Compounding the issue is the ongoing shortage of cybersecurity professionals, which makes the stakes even higher. The rise in cybercrime has even begun to challenge fundamental values like democracy, capitalism, and personal privacy. Staying ahead of these cybersecurity threats and knowing how to defend against them is essential for protecting sensitive information and ensuring digital safety. 

To keep you ahead of these evolving threats, we have identified the top 10 cybersecurity risks for 2024. 

1. IoT devices: A new frontier for exploitation

The rapid expansion of Internet of Things (IoT) devices has created numerous entry points for cybercriminals. Many IoT devices have inadequate security measures, making them attractive targets for attackers looking to gain unauthorized access or launch distributed denial-of-service (DDoS) attacks. According to the 2023 IoT Security Report, 60% of IoT devices are vulnerable to attacks due to poor security practices, with the number of IoT associated breaches expected to rise by 25% in 2024. In 2021, the Mirai botnet exploited insecure IoT devices to launch one of the largest DDoS attacks in history, highlighting the risks associated with poorly secured IoT devices. 

Mitigation – Ensuring that IoT devices are properly secured with strong passwords, regular firmware updates, and network segmentation can help mitigate these risks.

2. Evolving social engineering tactics

Social engineering attacks manipulate individuals into divulging confidential information or performing actions that compromise security. Cybercriminals are continually refining their techniques to exploit human psychology. The 2023 Social Engineering Report reveals that 70% of data breaches involve social engineering tactics, with phishing remaining the most common method. Advanced phishing scams may use detailed personal information obtained from social media to craft highly convincing emails that trick recipients into providing sensitive data. 

Mitigation – Regular employee training and awareness programs, along with implementing multi-factor authentication, can help mitigate the risks associated with social engineering attacks.

3. AI-powered attack strategies

Artificial intelligence (AI) is transforming industries, and its application in cybersecurity is no different. In 2024, AI-driven attack strategies are expected to become more prevalent. Cybercriminals are increasingly using AI to enhance their attack techniques, including automating phishing campaigns, identifying vulnerabilities, and orchestrating sophisticated multi-stage attacks. AI can be used to generate convincing phishing emails by analyzing social media profiles and crafting personalized messages that are more likely to deceive recipients.

Mitigation – Implementing AI-based security solutions can help detect and counter these sophisticated threats. Regular training and awareness programs for employees can also reduce the effectiveness of AI-driven attacks.

4. Cloud vulnerability issues

As businesses increasingly move their data and operations to the cloud, cloud security challenges are becoming more pronounced. Misconfigured cloud settings, inadequate access controls, and vulnerabilities in cloud services can expose sensitive information. A recent report by Gartner predicts that by 2025, 99% of cloud security failures will be due to customer misconfigurations or mistakes, underlining the need for improved cloud security practices. Misconfigured cloud storage buckets have led to several prominent data breaches, where sensitive information was exposed due to improper access controls.

Mitigation – Implementing robust cloud security measures, including encryption, regular audits, and strict access controls, is essential for protecting cloud-based data and systems.

5. Ransomware as a Service (RaaS)

Ransomware as a Service (RaaS) is a growing trend where ransomware attacks are offered as a service on the dark web. This model allows individuals with limited technical expertise to launch sophisticated ransomware attacks by purchasing or renting ransomware tools from organized crime groups. According to Cybersecurity Ventures, ransomware attacks are expected to cost businesses more than $265 billion by 2031, with RaaS contributing significantly to this surge. RaaS platforms provide a range of ransomware options, from basic to highly advanced, making it easier for cybercriminals to launch attacks against businesses of all sizes.

Mitigation – To defend against RaaS, organizations should implement resilient backup strategies, regular security updates, and employee training to recognize phishing attempts that may lead to ransomware infections. 

6. Blockchain: Security risks and exploits

While blockchain technology provides enhanced security and transparency, it is not immune to attacks. In 2024, vulnerabilities within blockchain systems, especially in decentralized finance (DeFi) platforms and smart contracts, are being exploited by cybercriminals. A report from iDenfy reveals that in the first quarter of 2024 alone, around $430 million was stolen across 50 attacks, with DeFi platforms bearing the brunt, representing 60% of all cryptocurrency thefts. Smart contract vulnerabilities have led to multiple significant occurrences where attackers have stolen millions of dollars from DeFi platforms by exploiting coding flaws.

Mitigation – Regular security audits, code reviews, and comprehensive evaluation of smart contracts are essential to protect blockchain applications from potential exploits.

7. Protecting biometric data

Biometric authentication methods such as fingerprint and facial recognition, are becoming more common but come with unique security risks. Unlike passwords, biometric data cannot be easily changed if compromised. If biometric data is stolen or impersonated, attackers can potentially gain unauthorized access to secure systems or perform identity theft.

Mitigation – Protecting biometric data involves implementing additional layers of security, such as multi-factor authentication, and ensuring that biometric systems are secured against fabrication and theft.

8. Security implications of 5G networks

The deployment of 5G technology offers faster and more reliable connectivity but also introduces new security challenges. The increased number of connected devices and the complexity of 5G networks create additional attack surfaces for cybercriminals. A 2022 study by GlobalData, conducted on behalf of Nokia, revealed that almost 75% of 5G network operators surveyed had faced between three and six cyberattacks or security breaches over the previous year. Potential attacks on 5G networks could include intercepting communications, disrupting services, or exploiting vulnerabilities in the network infrastructure.

Mitigation – Securing 5G networks involves implementing advanced encryption, network segmentation, and continuous monitoring to detect and respond to potential threats.

9. Supply chain attacks

Supply chain attacks target vulnerabilities within the supply chain, often through third-party vendors or service providers. These attacks can compromise an organization’s systems and data by exploiting weaknesses in vendor security practices. A report by the Cybersecurity and Infrastructure Security Agency (CISA) indicates that supply chain attacks increased by 43% in 2023, with a projected rise in 2024. The SolarWinds attack in 2020, where hackers inserted malicious code into a widely-used software update, exemplifies how supply chain vulnerabilities can have widespread implications.

Mitigation – Organizations should conduct thorough security assessments of their vendors, implement multi-factor authentication, and continuously monitor for unusual activity within their supply chains.

10. The Rise of Deepfake Deceptions

Deepfake technology, which uses AI to create realistic but fabricated videos and audio, is becoming a tool for cybercriminals. In 2024, deepfakes are likely to be used for identity theft, misinformation campaigns, and corporate espionage. Cybercriminals might use deepfakes to impersonate company executives in video calls, tricking employees into revealing sensitive information or authorizing fraudulent transactions.

Mitigation – Investing in advanced deepfake detection tools and educating employees about the risks associated with deepfakes are essential steps in combating this threat. 

Conclusion

The cybersecurity landscape will continue to present fresh concerns and sophisticated cybersecurity threats in 2024 and beyond. From AI-driven attacks to the vulnerabilities in 5G and blockchain technologies, staying informed and proactive is essential for maintaining robust security. By understanding these emerging threats and implementing effective defence strategies, individuals and organizations can better protect their digital assets and ensure a secure online environment.