CEO's Corner

Cybersecurity Landscape in 2024

Anurag Lal Anurag Lal, President and CEO of Infinite Convergence.

As we move into 2024, IT and security teams will continue to combat persistent threats and face the challenges of new ones. This year, the evolving landscape of cybersecurity will be characterized by mounting complexity as threat actors find attack vectors in new technology and improve their tactics for breaching legacy technology and systems.

These are the five cybersecurity challenges and issues that are expected to pose the most threats to enterprises in the coming year:

  1. Ransomware

    Ransomware is expected to remain a prevalent threat, with attacks becoming more complex and damaging. Cybercriminals are diversifying strategies and targets to take advantage of the relatively low risk and high reward nature of this cyberattack. Recent research by Splunk found that 83% of organizations paid the attackers in the wake of a ransomware attack, and more than half paid at least $100,000.

    The growth of ransomware as a Service (RaaS) platforms which make ransomware tools accessible to less experienced hackers, allowing them to launch successful attacks more easily, is expected to fuel a surge in ransomware attacks in 2024.

  2. Artificial Intelligence (AI)

    As AI becomes increasingly accessible, new attack vectors and vulnerabilities will be created for threat actors to exploit. Cybercriminals will use AI to create deepfakes, execute more personalized phishing attacks at scale and gain access to intellectual property and customer data.

    While AI holds significant promise for streamlining enterprise operations and enhancing efficiency, it will also poses a significant threat to both companies and their customers in 2024 as bad actors add this technology to their arsenal of tools.

  3. Supply chain attacks

    Supply chain attacks will persist in 2024 as cybercriminals work to find vulnerabilities in the hardware and software of third-party vendors. Supply chain attacks target a single entity with the aim of impacting multiple downstream organizations, affecting end-users and customers, and potentially causing widespread disruptions and financial losses.

    The cost of these attacks is projected to grow from $46 billion in 2023 to $60 billion in 2025, reaching a staggering $138 billion by 2031, according to Cybersecurity Ventures.

    Security firm Trend Micro notes: “In 2024, vendors need to anticipate that ambitious threat actors will strike at the source — the very code on which IT infrastructures are built — with attacks that will persistently focus on third-party components like libraries, pipelines, and containers.”

  4. Legislation and Regulation

    This year will see new cybersecurity laws enacted and increasing regulatory scrutiny in the United States and across the globe. These regulations will address issues such as data privacy, supply chain security and the responsible use of AI. Increasingly stringent regulations will place more responsibility on organizations to secure customer and user data with penalties for noncompliance resulting in hefty fines.

  5. Human error

    Human error will continue to be one of the leading causes of data breaches and data leakage in 2024. Downloading and using unsanctioned apps (shadow IT) such as unsecure consumer-grade communication and collaboration apps creates security blind spots – otherwise known as lack of visibility and control - that expose organizations to major risk. That’s because lack of visibility and control makes these apps attractive targets for cybercriminals.

    Vulnerabilities in consumer-grade messaging apps and unsecure collaboration tools are well known to bad actors who are tailoring their attack mechanisms to these channels. Findings from a Check Point Research report show that cyberattack numbers increased 38% in 2022 compared to 2021 as more “agile hacker and ransomware gangs widened their aim to target business collaboration tools”.

    In 2024, organizations can eliminate this cyber risk by adopting NetSfere’s all-in-one mobile messaging platform. Built for the enterprise and designed to enable secure business communication, NetSfere’s industry leading end-to-end encryption and robust administrative controls embed data security, privacy, and compliance into business communication across every channel.

In 2024, cybersecurity challenges and issues will impact enterprises in every sector. To survive and thrive in this environment, organizations must prioritize business critical investments in zero trust architecture, AI security controls, employee training and secure and private by design mobile messaging technology. Taking these steps will protect enterprises from cyberthreats, build resilience and help them navigate an increasingly complex cybersecurity landscape in 2024.