Be mindful of these cybersecurity trends in 2024

Edgars Beigarts
Edgars Beigarts
25 April, 2024 | 3 mins

While we are enjoying everything that modern-day technology has to offer these days, we also have to be aware of technological advancement bringing forward an evolving number of cyber threats as well. In 2024, cybersecurity stands as a critical concern for businesses, governments, and individuals worldwide.

With new technologies emerging and the risk of cyberattacks increasing proportionally to it, proactive measures are crucial for safeguarding sensitive information and maintaining robust digital security.

In this article we will take a look into key cybersecurity trends for 2024, offering insights and strategies to overcome the latest set of challenges.

The rise of AI-powered cyberattacks

Artificial Intelligence (AI) continues to reshape the cybersecurity arena by amplifying the capabilities of both defenders and attackers. In 2024, AI-powered cyberattacks are expected to escalate, with adversaries using machine learning to pinpoint vulnerabilities, launch sophisticated attacks, and evade detection.

These attacks range from AI-crafted phishing emails to automated malware dissemination, posing significant risks to organizations globally.

To put into perspective how relevant this topic truly is, Cybersecurity Ventures predicts that cybercrime will cost the world $9.5 trillion in 2024.

Expanding attack surface of the internet of things (IoT)

The IoT ecosystem is expanding, connecting everything from home appliances to industrial systems to the internet. Despite their benefits, many IoT devices lack adequate security measures, presenting substantial risks.

In 2024, the IoT attack surface is expected to broaden, with cybercriminals targeting these devices to create botnets, perform surveillance, and disrupt critical infrastructure.

With an estimate of 16.7 billion connected IoT devices in 2023, the potential vulnerability is only expected to increase moving forward in 2024 and beyond.

Evolution of ransomware tactics

Ransomware attacks are becoming more complex, employing advanced encryption, extortion strategies, and Ransomware-as-a-Service (RaaS) to maximize impact. In 2024, we anticipate these tactics will evolve further, targeting cloud services, exploiting supply chains, and utilizing AI to tailor attacks for greater precision and efficacy.

Ransomware damages are forecasted to likely reach $265 billion globally by 2024, which is a steep increase from $11.5 billion in 2019.

Emphasis on zero trust security models

The dynamic nature of today's cyber threats leaves our traditional security measures inadequate. More organizations are expected to embrace Zero Trust models in 2024, which do not assume safety within or outside the network boundaries.

Implementing stringent access controls, continuous monitoring, and multi-factor authentication will help minimize the attack surface and prevent data breaches.

Growing importance of cybersecurity awareness and training

As cyber threats intensify, the role of cybersecurity awareness and training becomes more imperative. In 2024, an increasing number of businesses are likely to invest in comprehensive training programs, phishing simulations, and awareness initiatives. These efforts aim to cultivate a security-minded culture and reduce the likelihood of breaches due to human error.

Regulations are also expected to play an important role in protection against cybersecurity attacks. In the EU region, specifically, those would include NIS2 and DORA.

The end game

The cybersecurity landscape of 2024 is marked by rapid technological progress, emerging threats, and growing complexity.

Staying informed of these trends and adopting forward-thinking security measures are essential for organizations aiming to fortify their defences and mitigate the risk of cyber incidents.

If you need advice or guidance in regards to fortifying your business's security or improving its operations, feel free to reach out to us for a free consultation and let's discuss the options.