Cybersecurity Threats in 2024: What You Need to Know

Even in 2024, with great evolution in safety and online protection, cybersecurity threats still continue to exist. It is one of the biggest concerns around the world for almost every organization, whether big or small.

You will be surprised to know that a report shared by Gartner suggests worldwide end-user expenditure on cybersecurity and risk management may hit US$215 billion in 2024. This indicates a sudden surge of 14.3% from the previous year. Data Privacy and Cloud Security are the two areas of main focus. 

That is why you should be aware of the emerging dangers in cybersecurity and take proper management to prevent and reduce any risks. 

In this article, we will discuss some of the leading threats in cybersecurity to help you protect your privacy online. But first, let us understand what is cybersecurity and why it is important!

What is CyberSecurity?

Cyber security involves processes, tools, controls, and practices to protect computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. 

People often call it IT security or Electronic information security. People may use this term interchangeably in different contexts–ideally from business to mobile computing. 

Given that, here are some Types of Cyber Security:-

Types of CyberSecurity

Cybersecurity threats can be better understood if you learn about types of cybersecurity first. It is divided into the following categories:-

• Network Security 

It deals with processes to secure a computer network from third parties. Whether it is an intruding attacker or harmful malware.

• Application Security 

Application security is for keeping apps and software free of cybersecurity threats. It is generally executed during the design stage before the application is deployed.

• Information Security 

Information security is deployed to protect the crucial details and privacy of data during the storage as well as in transit stage.

• Operational Security 

It includes practices for managing and protecting data resources such as access permission, network permission, storage permission, sharing, and more. 

• Disaster Recovery And Business Continuity

It deals with tools, controls, and processes that help organizations recover data or respond to a cyber-security incident. 

Certain disaster recovery policies dictate how an organization can restore data, operations, and information to return to the same operating capacity.

• End-User Education 

End-user education is highly important to prevent people from accidentally introducing a virus to an otherwise secure system. This includes deleting suspicious email attachments, not plugging in unidentified USB drives, and various other security measures.

The Scale of CyberSecurity Threats in 2024

To learn about cyber threats and security, you should know the scale of danger in 2024. Cyber Threats worldwide have shown a huge increase in data breaches compared to 2023. 

RiskBased Security has revealed that about 7.9 billion records were exposed by data breaches during 2019. This figure is around 112% more than in 2018.

Criminals target the business industry for customer data, corporate intelligence, or attacks. Furthermore, global spending on solutions is naturally increasing. 

According to Gartner, the spending on cyber threats and security will reach around $260 billion by 2026. 

Types of Cybersecurity Threats 

Enterprises generally experience cyber threats in the following ways:-

• Cybercrime: It is one of the top cyber security risks, where a group of criminals generally commit cyber crimes by targeting computer systems for financial gain or causing trouble.
• Cyber-attack: Cyber Attacks involve political niches motivated by gathering sensitive information.
• Cyberterrorism: Here, cybercriminals damage electronic systems to cause terror or fear.

Given that, here are some common cybersecurity threats that you should watch out for in 2024:-

Cybersecurity Threats to Watch Out for 2024

Here, is a list of some Cybersecurity Threats that you should know about in 2024:-

• 1. Malware

Malware is associated with malicious software. It is one of the most common cybersecurity threats that industries experience. Hackers generally create software that can intrude and damage any computer. 

It is often spread through an uninvited email or unauthorized download. Given that, here are some types of malware:-

• Virus: A virus is a program that can self-replicate, attach itself to a clean file, and spread into the computer system, infecting files with malicious code. It is one of the top cyber security risks.
• Trojans: It disguises itself as legitimate software. Cybercriminals mislead Trojans onto computers, where they harm the system or collect data.
• Spyware: Spyware records user actions to collect valuable information for criminals. For example, spyware could capture credit card details.
• Ransomware: Criminals lock useful user data and files and then threaten them to it unless a ransom is paid.
• Adware: Some advertising software may be launched into the user’s system to spread malware.
• Botnets: Cybercriminals spread botnets to spread malware infections to computers. They do this to perform tasks online from the user’s ID.

• 2. SQL injection: An SQL injection stands for structured language query. It is one of the most common cybersecurity threats used to steal and control data from a database. Cybercriminals access data-driven applications by inserting malicious code through a SQL statement. Upon entering the database, they can steal sensitive information.
• 3. Phishing: In Phishing, criminals send legitimate-looking emails asking for sensitive information. Generally, phishing attacks are used to access bank details, credit card data, and other personal information. 
• 4. Man-In-The-Middle Attacks: Man-in-the-middle attack is a kind of cybersecurity threat used for stealing sensitive data between two individuals. For example, an attacker may access an unsecured WiFi network and steal data flowing from the victim’s device to the network.
• 5. Denial-Of-Service Attacks: In a denial-of-service attack, a cybercriminal hacks a computer system and prevents it from doing certain tasks. Here, the computer becomes unusable. It is used to destroy organizational resources.
• 6. Social Engineering Attacks: Social engineering attacks include some of the following cybersecurity threat activities:-

• Scareware security software

Scareware security software pretends to scan for malware and then regularly shows fake detection and warning for malware. After this, they send a solution link to fix the problem, asking the user to download a file. This file may contain malware damaging the computer or stealing personal details.

• Baiting 

It is one of the most common cybersecurity threats where a criminal tricks a user into placing a malware-infused physical device such as a USB port. Once users attach it to their system, they unintentionally install the malware.

• Vishing 

Voice phishing or vishing is a cybersecurity threat involving social engineering techniques for revealing financial or personal data from the target over the phone.

• Whaling 

Whaling targets high-profile businessmen, such as the chief executive officer (CEO) or chief financial officer (CFO). 

• Pretexting 

Pretexting is a kind of cybersecurity threat where the criminal tricks the target into accessing privileged data. In this scam, a criminal is disguised as a supportive or customer care person. 

• Pharming 

It is an online fraud that diverts a user to a fake or false website, usually by installing malicious code on a server. The code then automatically directs users to provide personal data.

7. Software Supply Chain Attacks

It is one of the most common cybersecurity threats that involve an organization, targeting its weak links in its trusted software update and supply chain. 

It exploits the organization’s trust in its third-party vendors, especially in upgrades and patching. 

Given that, here are some common types of software supply chain attacks:- 

• Damage of software, tools, or dev/test infrastructure.
• Accounts and device compromise, owned by third-party vendors.
• Hacked apps infested with stolen code signing certificates or developer IDs.
• Malicious codes attached to hardware or company components.
• Pre-installed malware on devices such as cameras, USBs, and mobile phones.

8. Password Attacks

Passwords are also common cybersecurity threats that include the following:-

• Brute-force password guessing 

In this, the attracter uses software that tries to guess the different passwords to fetch the correct one. The software uses logic to relate passwords based on the individual’s name, job, family, etc.

• Dictionary attack 

A dictionary of common passwords is used for guessing the correct one. Here, the hacker copies an encrypted file containing passwords, applies the same encryption to a dictionary of common passwords, and determines the findings.

• Pass-the-hash attack

Here, the attacker exploits the authentication protocol, capturing the password hash. After this, they pass it for authentication and lateral access to other networked systems. 

• Golden ticket attack 

A cybercriminal generally uses a stolen password to enter the key distribution center and make a ticket-granting-ticket (TGT) hash. Attackers generally do it on Kerberos (Windows AD) systems.

Other Cybersecurity Threats and Attacks

We have introduced you to some of the most common cybersecurity threats, but the list does not end here. There are many cybercrimes that individuals and organizations need to guard against. 

Given that, here are some cyber dangers that the governments of the United Kingdom, United States, and Australia have reported.

1. Dridex malware

Dridex malware is a financial trojan that poses various cybersecurity threats. It has been in practice since 2014, existing through phishing emails and malware. Cybercriminals can steal passwords, bank details, personal data, and more through Dridex.

In December 2019, the U.S. Department of Justice accused a cybercriminal group of involvement in the global Dridex malware attack. 

The National Cybersecurity Center of the United Kingdom advises people to “ensure devices are patched, anti-virus is turned on and up to date, and files are backed up.”

2. Romance scams

Romance scams involve dating sites, chat rooms, and apps. Here, the cybercriminals take advantage of people seeking new partners and fool them into revealing personal data.

In 2020, romance scams increased due to the COVID-19 pandemic. The FBI even warned the US citizens of romance scams. According to their report, this threat affected 114 victims in New Mexico in 2019, causing a loss of $1.6 million.

3. Emotet malware

Emotet malware is a newer cybersecurity threat that can steal confidential data and also load other malware. 

In late 2019, The Australian Cyber Security Centre warned organizations about this emerging danger that thrives over weak and unsophisticated passwords. 

Some Safety Measures For Cyber Security Threats

• Think Before You Click
• Use Strong and Varied Passwords
• Use a Password Manager Tool
• Set up Two-factor or Multi-factor Authentication (MFA)
• Check CERT-In Updates regularly
• Keep Your Systems Updated
• Use Firewalls and Anti-viruses
• Avoid Online use of Debit Cards
• Learn About Phishing Attacks
• Avoid Unfamiliar Websites
• Avoid Useless Downloads
• Stay Cautious on Social Media
• Make Your Data Backup Regularly
• Don’t Use Public WiFi without a VPN
• Secure Your Data

Conclusion

Cybersecurity threats are increasingly becoming dangerous with time. Advancing technology is posing higher risks, and the use of AI tools with weak algorithms is giving access to more fraud. That is why proper considerations, security measures, and data protection should be installed. In this blog post, we have shared some cybersecurity risks that any organization should know about.

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