Cybersecurity has become an integral part of our lives as we rely on technology for work, communication, and entertainment. With the increasing sophistication of cyber threats, it is essential to stay up-to-date with the latest cybersecurity predictions for 2024.
As we move further into this year, it is crucial to be aware of the emerging trends and potential risks to protect our personal and business data. From artificial intelligence (AI) to the Internet of Things (IoT), the digital world is constantly evolving, and so are the cybersecurity challenges.
We’ll delve into the top cybersecurity predictions for 2024 and provide insights on how to prepare for the changing landscape of cybersecurity. Whether you are an individual or a business owner, these predictions will offer valuable information to help you stay ahead of potential cyber threats.
Top Eight Significant Cybersecurity Predictions for 2024
The year 2022 saw a surge in cyber attacks, making it more critical than ever to prepare for the potential risks in 2024. Here are eight significant cybersecurity predictions to keep in mind.
1. The Risk to Critical Infrastructure Will Increase
Experts predict that critical infrastructure sectors will be at an increased risk of cyber attacks in 2024. With cybercriminals known to target crucial sectors, such as education and healthcare to demand ransom, ongoing geopolitical conflicts and economic pressures are expected to fuel this trend.
SonicWall reports a 328% YoY increase in healthcare ransomware attacks in 2022, and healthcare and education are expected to be among the most targeted sectors in 2024. The expanding IoT footprint in these sectors is predicted to make them more vulnerable to digital attacks, increasing the risk to critical infrastructure.
2. Cybersecurity Risks Will Increase Because of the Economy
According to cybersecurity experts, economic issues are likely to increase cybersecurity risks in 2024. The tech sector was hard hit by signs of a looming recession in 2022, with the continued impact this year.
As cybercriminals ramp up their attacks, IT teams will struggle with budget cuts and unfunded IT mandates, leading to difficulties in prioritizing projects. Rising inflation could also lead to employees assisting ransomware criminals, as financial problems may make staff vulnerable to bribe offers.
Despite these concerns, the CEO of Malwarebytes predicts significant growth in the endpoint protection market in 2024 as cybercriminals continue to pose a potential threat.
3. Remote Work Will Make It Easier for Criminals to Attack
Experts warn that shifting to remote work and hybrid working models will increase many businesses’ attack surfaces in 2024. As the standard business perimeter dissolves, cloud adoption and remote work will expand the attack surface, according to Kelly Ahuja, CEO of Versa Networks.
Companies are only as secure as the “most vulnerable link” in the supply chain, and danger players will continue to use “island hopping” in 2024, warns VMware’s global security technologist, Chad Skipper.
To disguise themselves as system administrators, criminals regularly use remote desktop protocol during an island hopping campaign, with sensitive industries, such as healthcare, particularly at risk.
4. Growth of Targeted Ransomware
Ransomware attacks have become frequent, with targeted attacks increasing in sophistication and specificity. Custom ransomware has been launched against technology stacks of multi-national organizations that cannot withstand prolonged outages.
The rise in targeted ransomware poses a significant threat to businesses, municipalities, and core service providers. Comprehensive protection is essential, and companies must secure their environment, develop a plan for recovery from a breach, and implement ongoing security and compliance measures.
With the growing risk of targeted ransomware attacks, it’s critical to be vigilant and adequately prepared to avoid devastating losses.
5. The AI Will Help Both Attackers and Defenders
The rise of AI technology poses both benefits and risks to the cybersecurity industry. Experts predict that AI and machine learning will strengthen social engineering-based attacks, making gathering data on employees and businesses simpler and faster.
However, AI-powered systems, such as SaaS security capabilities, can strengthen cybersecurity by enabling faster threat detection and incident response.
AI technology is constantly evolving, and new innovations like those provided by companies like Spin Technology can help businesses stay ahead of the curve in cybersecurity. Check the company out at https://spin.ai/ website.
To mitigate these risks, individuals should monitor their accounts regularly, especially for financial services, and security professionals should carefully select biometric authentication methods.
6. The Impact of Cyber Regulations on Cyber Insurance
The impact of cyber regulations on the cyber insurance industry is expected to grow in 2024. With cyber insurance companies taking a beating due to ransomware and incident recovery costs, premiums are set to skyrocket, and pre-policy cybersecurity compliance standards will become the norm.
Additionally, the federal government’s executive branch is keeping a close eye on cybersecurity activities, and we anticipate new regulations to emerge this year on ransomware payments.
This will likely result in more reporting requirements, changes in cyber insurance conditions, and new pre-compliance standards. While we hope for good legislation, preparing for the potential impact of these emerging initiatives is essential.
7. Hacks in Space and Airlines
The space age has entered a new era, with computer technology and networking at its core. With high-profile companies like SpaceX making headlines – space and airline hacks have become a growing concern.
As less capable competitors launch satellites into space, there is a likelihood of major space tech breaches this year, with hackers targeting satellites, launch centers, networks, and communications.
That could result in a new horizon for hacking, breaking free from Earth, and adversely impacting satellite technology or even commercial airplanes. It’s essential to remain vigilant and prepared for potential cyber threats as the world watches and participates in this new space age.
8. Crypto Exchange Cyberattacks: Threatening the Future of Cryptocurrency
Crypto exchanges have experienced high-profile cyberattacks, such as the $100 million loss experienced by Binance, as well as various token breaches and the FTX cryptocurrency exchange and hedge fund debacle.
These incidents have created uncertainty around the security of the crypto space, and another breach could undermine the future of cryptocurrency as a viable financial alternative.
The negative press surrounding these events has impacted the industry’s reputation, with investors increasingly wary of the risks involved in crypto investments. As the crypto industry grows, it’s critical to prioritize security measures to prevent further breaches and maintain investors’ trust.
Final Thoughts
The importance of technology predictions in the field of cybersecurity cannot be overstated. With the ever-evolving nature of cyber threats, it’s crucial to stay informed and prepare for potential attacks.
These predictions for 2024 provide a framework for planning our security posture and readiness, allowing us to counteract the most nefarious cybercriminals.
By using comprehensive security tools, services, and practices, we can ensure that we’re well-equipped to tackle any threat that comes our way. As cybersecurity professionals, it’s our responsibility to remain vigilant and prioritize cybersecurity to keep ourselves and our businesses safe in the face of evolving cyber threats.
