Cyber Security Trends in 2024: Safeguarding Against Evolving Threats

It’s only two months into 2024, and it’s already apparent that organizations will need an even deeper level of security to stay safe this year. Many of the threats that tripped up organizations in the past remain at the top of the list of concerns this year. However, AI, increasing regulations, and the nature and scope of today’s ransomware attacks, will require even more vigilance.

Use of AI by Attackers

The surge in Artificial Intelligence (AI) adoption has given rise to a new era of cyber threats marked by unprecedented sophistication. Attackers are leveraging Large Language Models (LLM) to craft highly advanced malware, making detection and defense more challenging. The nefarious use of deepfake technology in social engineering attacks, especially in phishing and Business Email Compromise (BEC) cases, is on the rise. To heighten the deception, attackers are adept at extracting personal information from social media, employing tools like ChatGPT. In response, organizations must invest in AI-driven threat detection systems and cybersecurity solutions that can adapt to evolving attack methodologies.

Compliance & Regulations

The global emphasis on cybersecurity regulations is intensifying in 2024, particularly in response to the growing threat of AI-driven attacks. Governments worldwide are poised to introduce additional compliance measures. In the United States, federal and state governments, with a keen focus on critical infrastructure entities, are mandating timely incident reporting and intelligence sharing. Legal experts predict heightened scrutiny on companies, necessitating a proactive approach to compliance. Organizations should prioritize staying abreast of evolving regulations and fostering a culture of compliance to mitigate legal risks.

Third-Party Vendors

As cyber threats evolve, attackers are increasingly targeting the vulnerable underbelly of organizations—third-party vendors. This trend poses significant risks, especially for entities like banks. Inadequately vetted third-party vendors can expose organizations to severe repercussions in the event of a breach, given the wealth of sensitive information these vendors often handle. To fortify defenses against supply chain attacks, organizations must implement rigorous vetting processes for third-party vendors and cultivate robust partnerships that prioritize cybersecurity. Collaborative efforts between organizations and vendors are crucial to maintaining a secure digital ecosystem.

Ransomware Attacks

The persistent threat of ransomware attacks remains a critical concern in 2024, with high-profile companies continuing to be prime targets. Notably, renowned entities like MGM Resorts and Caesars Entertainment fell victim to ransomware attacks in the previous year. To combat this evolving threat, organizations are advised to undergo a comprehensive ransomware readiness assessment. A key strategy involves developing and maintaining a robust backup and recovery plan to minimize the impact of potential ransomware incidents. Vigilance, coupled with proactive cybersecurity measures, is paramount in the face of ransomware attacks.

Proactive Defense Strategies

To safeguard against cyber threats, organizations must stay abreast of the latest trends and attack methodologies. Regular social engineering assessments, tailored to current trends, are imperative for continuously training employees to recognize and thwart evolving threats. ERMProtect offers invaluable support in bolstering organizational defenses through vulnerability assessments and penetration testing. By identifying and remediating vulnerabilities, organizations can proactively enhance their cybersecurity posture and mitigate potential risks effectively.

We Can Help

Founded in 1998, ERMProtect has the expertise and experience required to help your organization navigate regulatory, security, and risk issues. Please contact Silka Gonzalez at sgonzalez@ermprotect.com, Judy Miller at jmiller@ermprotect.com or call 305-447-6750 to set up a free consultation on how we can help protect your business.