Cyber security attacks are an escalating risk to the safe storage and efficient running of your business. The global cost of security breaches is anticipated to reach $105 trillion by 2025, increasing from $3 trillion in under 10 years. Identifying emerging methods of attack and how they could impact you is key to ensuring your business is prepared and protected against the latest cyber threats.
Top 6 emerging cybersecurity threats of 2024
Some cyber security threats have grown to become more prevalent in 2024. Though this is by no means an exhaustive list, these top 6 emerging cyber security threats are a good place to begin building your awareness of potential attacks. By building your understanding of emerging challenges in cyber security, you can ensure you have the necessary preventive and proactive measures in place to stop your business from being seriously compromised.
Ransomware
Ransomware may be the threat that you are most familiar with, as they have been around for a long time. However, in recent years the average ransom fee has skyrocketed from $5,000 to $200,000. On average, it takes 21 days for a system to recover from a ransomware attack. As a result of this period of extended turmoil and operational disruption, many companies are impacted with significant revenue loss, as well as a spike in staff dismissals and resignations.
Social engineering
Social engineering is considered to be one of the most dangerous techniques utilised by cybercriminals. As social engineering relies on human error and interaction, which makes up over 85% of all data breaches, it is particularly prevalent. Techniques like email impersonation and phishing are continuously evolving, finding new ways to target vulnerable people and businesses. As well as more recognised modes of cyber attacks, the continuous rise of cryptocurrency has led to an increase in attacks across block-chain based currencies. Individuals and businesses who are in the early stage of utilising cryptocurrency may not be aware of the vulnerabilities, increasing the risk of them accidentally divulging confidential information or falling victim to fraudulent crypto schemes.
Email compromise
With so much of our lives and businesses linked to email accounts, email compromise can give hackers unlimited access to sensitive information. Cyberattackers use a variety of techniques, with the most prevalent including phishing emails. Designed to trick employees into disclosing information (including login details, financial information, etc.) these emails mimic those sent by legitimate sources, often working hand-in-hand with social engineering techniques.
IoT device hacking
The Internet of Things (IoT) refers to the network of physical objects that are embedded with sensors and software that connect and exchange data over the internet. Some examples of devices that you may find in your home or office include kitchen appliances, thermostats or security systems. IoT devices often have insufficient security capabilities that leave them particularly vulnerable to cyberattacks. With 70% of homes having at least one IoT, this heightens the vulnerability of devices on the same network, especially when working remotely. As there is no sign that the integration of IoT devices into our homes will slow anytime soon, experts predict that over 25% of cyberattacks on businesses will be IoT based by 2025.
Configuration mistakes
Even professionally installed security systems are likely to have at least one mistake created when their software was installed or set up. Misconfigurations of settings result in exploitable errors that allow attackers to penetrate internal systems. Configuration mistakes are also a result of human error, the likelihood of which increases during periods of ongoing stress, leaving businesses vulnerable to opportunistic cyber attackers.
Cloud vulnerabilities
As more and more businesses adapt to using cloud-based networks, it’s not surprising that hackers seek to utilise vulnerabilities to commit cyber attacks. Even though cloud providers implement security protocols, they are still vulnerable to user-based errors, targeted phishing and malicious software. If you’re unsure of how best to protect your business against cloud-based attacks, take a look at our Cloud IT Services which offer preventative measures and emergency response.
How to protect your business from current IT security threats
The best way to protect your business against ever-evolving cyber security threats is to ensure that you have established IT security solutions in place. By implementing security solutions before an attack happens, you will decrease the likelihood of attackers exploiting vulnerabilities and be better equipped to respond to new threats in the future. At Cheeky Munkey, our IT Security Solutions include everything from IT backup to disaster recovery. Our team can help you to identify your vulnerable systems and data and create a customised plan to respond to potential threats, minimising downtime and saving you money.
Previous
