The rise and rapid adoption of new innovative technologies such as generative artificial intelligence, codeless applications, automation and the Internet of Things have significantly transformed the global cybersecurity and compliance landscape in every industry.
Cybercriminals are turning to new technologies, tools and software to launch attacks and cause more damage. As a result, the 2023 Cybersecurity Ventures Cybercrime Report predicts that the cost of losses related to cybercrime will increase rapidly – global losses are expected to reach $10.5 trillion by the end of 2024. The report lists data breaches, stolen funds, intellectual property theft, operational outages and post-attack recovery as a major expense for organizations in this trend.
On the other hand, Google’s “Cloud Cybersecurity Predictions to 2024” report highlights the increasing use of artificial intelligence to expand malicious operations, nation-state-sponsored cybercriminal groups, zero-day vulnerabilities, and modern phishing. Key attack vectors for the coming year.
To stay ahead of the curve, IT and security leaders should focus on layered security solutions and zero trust to keep company data safe from top cybersecurity threats like ransomware and phishing.
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1. Ransomware
Ransomware—the ability to compromise critical business systems and assets by encrypting them for ransom—will continue to plague organizations across all industries in 2024. New and established cybercriminal organizations will use ransomware as a service, making it easier to never launch sophisticated attacks. They will also use evolving extortion tactics, such as double and triple extortion, to pressure victims through data exfiltration.
See: Here’s everything you need to know about ransomware.
Ransomware gangs are also willing to manipulate regulations, as demonstrated by the November 2023 ransomware attack on MeridianLink by the ALPHV/BlackCat ransomware group. During that attack, BlackCat reported its crimes and used new SEC laws to pressure MeridianLink.
Healthcare, government, and critical infrastructure will be particularly targeted by ransomware. Organizations must prioritize ransomware defenses by updating systems, implementing robust backups, training employees, and considering cyber insurance. What’s more, companies must ensure that their security teams and experts have all the resources they need and are not working under unsustainable pressure.
2. OT-IT security
The integration of operational and information technology in critical infrastructure, industrial facilities, public service providers and manufacturing plants is creating new vulnerabilities and attack opportunities for cybercriminals. Attacks on OT infrastructure through compromised IT systems can disrupt operations, cause physical damage and compromise public safety.
Notable OT-IT attacks in 2023 include a ransomware attack on Ardent Health Services in late November that diverted ambulances and impacted health emergency services in multiple U.S. states, and an attack on a water system in western Pennsylvania (driven by Anti-Israel Iranian cybercrime group claims).
Organizations operating OT-IT systems must modernize legacy technologies, deploy layered security, segment IT and OT networks, and implement strong access controls to prevent attacks.
3. Darknet
The dark web is a hidden part of the Internet that can only be accessed through specialized software and configurations and is a breeding ground for illegal activity. New trends on the dark web include the rise of organized criminal activity, characterized by:
- Codeless malware that requires minimal technical expertise to use.
- Plug-and-play kits are pre-configured tools for launching cyber attacks.
- Dedicated customer support.
Additionally, one of the biggest trends to watch is fileless attacks, where attackers use stolen credentials purchased on the dark web to gain access to systems without leaving traditional malware traces. Zero-day brokers—cybercriminal groups who sell zero-day vulnerabilities to multiple buyers on the dark web—are becoming increasingly common.
See: Here’s everything you need to know about the dark web.
Given these evolving threats, it is critical for organizations to consider proactively monitoring the dark web through professional services. This proactive approach can provide valuable insights to help organizations mitigate a host of different threats coming directly from the dark web.
4. Malware-as-a-service and hackers-for-hire
The availability of platforms and tools in the MaaS space has increased dramatically, expanding the scope of accessible malware and attack capabilities. MaaS user interfaces are also becoming increasingly intuitive, inclusive of tutorials and streamlined processes, and diverse. They are now available to suit every budget and need, further lowering the barrier to entry, while automated features are becoming increasingly common.
At the same time, hiring hackers has become the norm, even surpassing the trend of effectively lowering the technical barriers to cyberattacks. The democratization of cybercrime is expected to drive a surge in the number and sophistication of attacks in 2024. According to a Kaspersky report, more organizations will offer hacker-for-hire services in 2024.
See: Kaspersky report reveals top cyber threats facing SMBs in 2023.
To navigate this evolving threat landscape, organizations must prioritize implementing strong, layered security solutions that can detect and stop malware before it takes root. By providing employees with knowledge about MaaS and hacker-for-hire threats and social engineering tactics used to distribute malware, organizations can build a more resilient workforce. Regular data backups and encryption, coupled with a zero-trust security model, can further enhance defenses by minimizing potential data loss and ensuring strict access controls.
5. Modern Phishing
Phishing attacks that use social engineering techniques and personalized messages to trick victims into revealing sensitive information or downloading or clicking on malicious files are constantly evolving.
Traditional methods such as generic messages such as mass emails are being replaced by personalized and highly realistic attacks. Criminals use artificial intelligence to automate campaigns and personalize messages with targeted details, generate convincing content (such as deepfakes), and even automatically learn from successes.
To stay ahead of the curve, organizations must invest in tools that can detect AI-generated content, educate employees about these evolving threats, and perform phishing simulations to identify vulnerabilities in the organization and protect the workplace.
6. Internet of Things and Industrial Internet of Things
IoT and Industrial IoT devices are increasingly popular and often have limited security, making them increasingly attractive targets for cybercriminals. In 2023, attacks against IIoT devices increased significantly, with attackers exploiting vulnerabilities to launch distributed denial-of-service attacks, steal data, and disrupt operations. These attacks have evolved to include new techniques such as exploiting supply chain vulnerabilities and compromising firmware updates, highlighting the need for enhanced security measures.
See: Key IIoT Security Risks.
To protect against these evolving threats in 2024, organizations must prioritize robust security practices across the entire IoT ecosystem. This includes implementing secure coding practices, regularly updating software and firmware, utilizing strong authentication protocols, and monitoring the network for suspicious activity.
Additionally, organizations need to consider adopting a zero-trust security model and implement segmentation strategies to isolate infected devices and minimize the impact of attacks.
Nation-state actors are increasingly using cyberattacks to achieve their political and strategic goals. These attacks can target critical infrastructure, steal sensitive information, and disrupt essential services. In 2023, nation-state-sponsored cybercrime activities linked to North Korea escalated, seeking new mechanisms to fund weapons and government programs and respond to international sanctions; and Russia, with hackers backing the invasion of Ukraine and elevating cyberwarfare to international levels.
Building strong relationships with government and law enforcement agencies and reporting security incidents is critical for organizations to mitigate state-sponsored threats.
2024 will require a proactive approach to thwarting state-sponsored attacks. Organizations require multiple layers of defense, including sophisticated cybersecurity solutions, threat intelligence monitoring, and robust incident response plans. By prioritizing comprehensive defense strategies and cross-sector collaboration, organizations can better protect themselves against the evolving tactics of nation-state actors.
Download: These may be the top threats of 2024, but here are 50 cybersecurity threats to be wary of.
Stay alert in an ever-changing threat landscape
The cybersecurity landscape continues to evolve, and threats become more sophisticated. To mitigate modern cybersecurity and compliance threats, organizations must incorporate state-of-the-art technologies that operate within a comprehensive cybersecurity program.
Strategies like the zero trust model are critical to strengthening a company’s security posture because they can effectively and proactively adapt to cybersecurity threats. Kolide sponsored this forward-thinking report, providing user and device-level trust solutions that enable organizations with Okta to seamlessly deploy a zero-trust access model and secure their environments and applications.
By staying vigilant and adapting to the ever-changing threat landscape, organizations can protect themselves from cyberattacks and keep their data and systems secure.
