Cyber security threats continue to evolve as we near the end of 2024, posing significant challenges to businesses worldwide. Let's take a closer look at the biggest threats that have emerged this year, along with some strategies to help strengthen your organization’s security posture through the end of the year.
Major Cyber Security Threats of 2024
The cost of cybercrime is expected to reach $9.5 trillion by the end of this year, so staying up to date on the latest trends in cyber security threats is essential for mitigating attacks – and the financial losses associated with them. The biggest cyber security threats businesses faced in 2024 were:
Ransomware
Ransomware attacks increased by 21.5% in the second quarter of 2024. These are a specific type of malware designed to block access to your network or data until a ransom is paid to the attacks. Ransomware can disrupt business operations, lead to data loss, and result in financial damage, both from the ransom itself and the cost of system recovery.
IoT Vulnerabilities
As of June 2024, IoT vulnerabilities have increased by 136% compared to last year. More companies are embracing IoT devices, which can be vulnerable to attacks due to factors such as:
- Weak default passwords: Many IoT devices come with factory-set passwords that are easily guessable.
- Lack of updates: Unlike computers and smartphones, many IoT devices don't receive regular security updates.
- Limited processing power: Some IoT devices lack the computational resources to run security measures.
- Insecure communication: Data transmitted between IoT devices and their control systems may not be encrypted.
Attacks on IoT devices can lead to unauthorized access to your networks, data theft, or even physical security breaches in the case of smart locks or surveillance systems.
Phishing
The non-profit organization APWG observed more than 877,000 phishing attacks in Q2 2024. Phishing attacks work by tricking an email recipient into believing the message is something they want or need, like a message from someone in their company, with the goal of stealing sensitive data or installing malware. Phishing attacks are becoming increasingly sophisticated, often mimicking legitimate communications from trusted sources with alarming accuracy.
Strategies To Mitigate Cyber Security Risks
Businesses need to adopt proactive strategies to protect against these evolving cyber threats, including:
- Strengthening Network Security: Implement advanced firewalls, intrusion detection systems, and regular software updates.
- Employee Training and Awareness: Educate staff to recognize phishing attempts and suspicious activities.
- Data Backup and Recovery Plans: Maintain secure, regular backups of critical data stored separately from the main network.
Implementing these strategies can help you enhance your company’s resilience against cyber attacks and minimize potential damage.
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