4 MinsJan 15, 2024
The cybersecurity landscape continues to evolve at an accelerated pace, driven by technological advancements in various fields. The looming cyber threats are not slowing down, making it essential to stay aware of the upcoming trends in cybersecurity
for 2024.
Understanding cyberattacks and cybersecurity
Cyberattacks: Cyberattacks are harmful actions done by people or groups to mess with or damage computers and networks. They can steal or change information, mess up how computers or networks work or get into systems without permission. Cyberattacks
can affect everything from personal data to entire company systems and can be as simple as tricking someone into sharing a password or as complex as hacking into a bank.
Cybersecurity: Cybersecurity is about keeping computers, networks, and data safe from attacks. It includes ways to stop people from getting into systems they shouldn't, protecting information from being stolen or messed with, and ensuring computer
systems work right. Cybersecurity involves things like using strong passwords, installing security software, and ensuring people know how to avoid tricks from hackers.
Here is a comprehensive look at the key cybersecurity trends to watch out for this year and some safeguards you can adopt to protect yourself from possible cyberattacks.
(A) Enhanced social engineering attacks
Social Engineering Attacks trick people into giving away secret information or doing something that lets attackers into a system. Instead of using technical hacking methods, these attacks use lies or manipulation. For example, someone might get
an email that looks like it's from a trusted company asking for their password when in reality it's from a hacker trying to steal information.
The sophistication of social engineering attacks is reaching new heights. Experts predict that phishing attacks, which saw a 37% increase in frequency last year, will continue to evolve using targeted strategies across various platforms.
Protection strategies
- Implement rigorous staff training, given that human error accounts for 90% of cybersecurity breaches.
- Deploy AI-driven security tools that can detect and respond to sophisticated scams.
(B) Surge in ransomware attacks
Ransomware Attacks are digital kidnappings that lock up the information on your computer or network and ask for money to unlock it. It's like someone putting a lock on your files and then asking for payment to remove it. This software can sneak
onto a computer through a bad link or email attachment. Once it's there, it can lock files, making them unusable until a ransom is paid, usually in digital currency like Bitcoin.
Ransomware attacks caused an estimated $20 billion in damages globally in the previous year. They are expected to become more innovative and targeted, affecting not just large corporations but small and medium-sized enterprises (SMEs) as well.
Protection strategies
- Implement rigorous staff training, given that human error accounts for 90% of cybersecurity breaches.
- Deploy AI-driven security tools that can detect and respond to sophisticated scams.
(C) Threat from supply chain attacks / DDoS
Supply chain attacks and DDoS attacks will continue to be significant threats in the coming year.
Protection strategies
- Strengthen supplier and third-party vendor security assessments.
- Employ robust network security measures to mitigate DDoS attacks.
(D) Escalation of state-sponsored cyber attacks
State-sponsored cyberattacks are intensifying, with a focus on espionage, data theft and infrastructure disruption. These highly sophisticated attacks are often politically motivated and can target critical national infrastructure.
Protection schemes
- Conduct regular threat intelligence briefings to stay informed about potential state-sponsored threats.
- Collaborate with national cybersecurity agencies for insights and support.
In addition to these protection strategies, the following are some hygiene measures that can implemented to serve as a safety net against possible cyber threats.
Reporting cyberattacks accurately
Many organisations under-report cyberattacks due to concerns over reputation or legal consequences. But this may prove to be counter-productive in the long run. Instead, create an organisational culture that prioritises transparency in cybersecurity
issues. Also, regularly update and test incident response plans to ensure swift action when breaches occur
Dealing with skill shortage
The industry faces a staffing shortfall, with over 3.5 million cybersecurity jobs expected to be unfilled globally. To address this, invest in employee training and development programmes in cybersecurity and, utilise cybersecurity frameworks
to guide less experienced staff effectively
Leveraging the role of AI in cybersecurity
As the role of AI role in cybersecurity expands - from threat detection to automated responses – new vulnerabilities emerge with the integration of AI, especially around data protection. To deal with this it is important to develop AI-based
security protocols while being mindful of AI-specific threats like algorithm manipulation. As a precautionary measure conduct regular audits and update AI systems to safeguard against emerging threats
Handling IoT and cloud security challenges
The exponential growth of IoT devices is projected to exceed 75 billion by 2025. This poses new challenges in securing interconnected digital ecosystems. To address this, implement security by design in IoT devices and infrastructure. Also, strengthen
cloud security protocols, considering that 95% of cloud security failures are due to user error
Ensuring remote work security dynamics
With over 40% of the workforce estimated to be working remotely, cybersecurity has become paramount. But this may present unique vulnerabilities. Hence it is essential to ensure comprehensive endpoint security for all remote devices and promote
a cybersecurity-aware culture among remote employees.
Building a robust security-aware culture
Developing a security-aware culture is integral to an organisation's defence strategy. In light of the evolving threats, this cultural shift is no longer optional but a necessity. This can be achieved by regularly conducting organisation-wide
cybersecurity awareness and training programmes and encouraging active participation from all employees in cybersecurity initiatives
Protection from state-sponsored cyber attacks
State-sponsored cyberattacks are intensifying, with a focus on espionage, data theft and infrastructure disruption. These highly sophisticated attacks are often politically motivated and can target critical national infrastructure. This can be
dealt with conducting regular threat intelligence briefings to stay informed about potential state-sponsored threats and collaborating with national cybersecurity agencies for insights and support.
Conclusion
Cybersecurity in 2024 will be marked by a combination of technological advancements, increasing cyber threats, and the need for specialised skills and awareness. Businesses and individuals will have to stay vigilant and adapt to these evolving
challenges to safeguard their digital assets and information.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
