If 2023 has made one thing clear, it’s that staying on top of cyber industry trends and challenges is more important than ever.
The breaches of the past year tell us that predicting our cyber future is far from a walk in the park. Indeed, according to Forbes, by the close of 2024, the cost of cyber attacks on the global economy is projected to soar beyond an alarming $10.5 (£8.35) trillion.
So, let’s dive into what 2024 might have in store for us in the cybersecurity industry, as understanding what’s coming is key to strengthening your cybersecurity.
AI-led attacks will go to the next level
In 2023, Artificial Intelligence (AI) took giant strides in capabilities, becoming a vital tool across all industries and a hot topic on everyone’s lips.
It has proven to be a game-changer for many organisations. However, for all its merits, AI has introduced both novel vulnerabilities and enabled more innovative, faster attacks than ever before.
In 2024, cybercriminals are poised to take AI-led attacks to the next level. In particular, there will be a rise in deep fake social engineering and advanced malware attacks.
Businesses need to adjust and strengthen their security setups to protect their organisations from the more sophisticated AI attacks that might pop up in 2024, alongside adjusting their training to prepare their teams for the continued AI revolution.
Why not get ahead of the threat with our free guide to mitigating AI threats?
Stopping a phishing attack may not be as easy as spotting a spelling mistake
Phishing attacks are set to increase in 2024, and they will become more sophisticated and widespread than ever before.
Advanced tools like ChatGPT will make phishing attempts look, sound, and read like real messages, making them harder to spot. Typos, grammar hiccups, and cultural slip-ups are usually the first signs of phishing attacks, but these might become a lot trickier to detect.
According to the Google Cloud Cybersecurity Forecast 2024 report, attackers are using Large Language Models (LLMs) to translate and refine messages, making it even harder for users to rely on language cues to spot a phishing email.
In addition, gen AI is being used to pull off these tricks on a larger scale, allowing attackers to create convincing personalised emails that appear to be based on your name, job, or even health data.
Indeed, a new report from the BBC has found that it is astonishingly easy and affordable to build a bot within ChatGPT to create realistic and effective phishing attacks.
This new and advanced level of phishing requires businesses and individuals to be prepared to tackle these attacks.
USB C on iPhone will see an increase in novel attacks
In 2024, USB-C is finally taking the throne as the true universal connector, simplifying our tech lives and aiming to cut down on electronic waste.
This move, initiated by the EU, is poised to reduce e-waste and simplify connectivity, but it also opens the door to widespread juice-jacking threats.
Juice jacking happens when you plug your device into a public charging point and end up sharing more than just power.
2023 saw dire warnings around juice jacking events, and 2024 is set to be a boom year for the attack type.
Cyber insurance will be more important than ever
In 2024, we’re in for significant shifts in cyber insurance contracts.
Companies seeking coverage will be required to provide evidence of robust cybersecurity processes. With the increasing number of cyber attacks, insurance companies are becoming more selective in their acceptance criteria, which may result in higher premiums.
The cyber insurance market will experience substantial growth in 2024.
Companies are realising that robust defences alone may not be enough, and are increasingly recognising cyber insurance as a practical shield in case of a cyber attack.
How can you prepare your organisation’s cybersecurity for 2024?
- Invest in cybersecurity training: Prioritise ongoing training programs for employees to enhance their awareness of phishing attempts and social engineering tactics.
- Implement robust authentication measures: Enforce multi-factor authentication across all access points to boost security against unauthorised access.
- Update and patch systems regularly: Establish a systematic schedule for updating and patching software and systems to address vulnerabilities promptly.
- Adopt AI-driven security solutions: Explore the integration of AI-driven security tools for real-time anomaly detection and automated incident response.
- Prepare for USB-C security risks: Educate employees about the potential risks associated with USB-C connections and implement policies to mitigate threats like juice jacking.
- Ensure compliance with regulatory changes: Stay informed about any new regulations impacting cybersecurity, especially regarding insurance requirements.
How Bob’s Business can help your organisation safely navigate 2024
At Bob’s Business, we understand the unique challenges that the predictions of 2024 pose.
Our tailored solutions go beyond just protection; they empower your workforce to become a proactive line of defence.
Through engaging and effective training programs, we equip your teams with the knowledge to recognise and defend against threats.
Our commitment to staying at the forefront of cybersecurity trends means we can provide timely insights and recommendations, ensuring your business is prepared for the challenges of 2024.
Contact us today to discuss a plan for 2024 that best suits your business.