Top 10 Emerging Cybersecurity Challenges to Watch Out for in 2024

Cyberattacks are increasing day by day, and so are the security concerns for businesses. It’s well-known that digital platforms and the internet have become a part of everyone’s life, but they also have a lot of sensitive information that can get people into trouble.

Cyberattacks are a common problem, and many big companies have already faced them, leading to big losses and reputational damage. According to Cost of a Data Breach Report 2023 by IBM, the global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years.

Cybersecurity helps businesses protect themselves from malicious attacks, ransomware, breaches, and more, keeping their confidential information safe at any hour of the day. In today’s world, firms face multiple cybersecurity challenges, and we’ll discuss them now.

What Are The Current Challenges in Cyber Security?

Here Are The 10 Cybersecurity Challenges Faced by Businesses in 2024:

#1. Social Engineering

Social engineering is a method for obtaining employee data and credentials. Social Engineering is one of the most dangerous hacking techniques a cybercriminal uses. It is a technique that works on human errors rather than technical vulnerabilities. It is dangerous because it is easier to trick a human than to breach a security system.

Cybercriminals also use a variety of means (both online and offline) to fool users into compromising their security or giving away sensitive information.

#2. Third-Party Exposure

A third party is an external organization not directly involved in the agreements or transactions between two parties. Cybercriminals can get around security systems by hacking less-protected networks belonging to third parties with privileged access to the hacker’s primary target. Some examples of such parties include vendors, suppliers, partners, contractors, or service providers with access to internal company or customer data, systems, processes, or other information.

Many organizations still need to manage third-party risks by doing risk assessments, clearly defining the T&C of the contract, monitoring systems, and communication just like intra-organization work. If these risks are not controlled or focused on, they can expose organizations to regulatory action, financial action, litigation, and reputational damage.

#3. Configuration Mistakes

Configuration mistakes are like making errors when adjusting the settings on a computer, software, or device. Default usernames and passwords are some of the most common and easy errors because it is easy for the hacker to hack them.

That is why having a solid and unique password is essential. Also, it is imperative to have different passwords because if the hacker gets access to one, it can have access to the ability to pivot across every machine.

Any device connected to the Internet should have layers of protection to avoid simple methods of attack like a brute-force attack. Hackers look for low-hanging fruit. It may not happen immediately, but they’ll discover these misconfigurations eventually and gain unauthorized access to your data.

#4. Poor Cyber Hygiene

Organizations practice cyber hygiene to maintain the health and security of users, devices, networks, and data. Cyber hygiene is a practice to secure sensitive data and prepare the organization to deal with any attacks.

It is similar to personal hygiene; in the same way, an individual maintains personal hygiene to keep their health in good condition, cyber hygiene also supports the organization’s health.

A good cyber hygiene can improve an organization’s security and minimize the risk of data compromise and data loss. An enterprise’s security refers to the overall strength of its cybersecurity program. That is why it is vital to maintain cyber hygiene.

#5. Cloud Vulnerabilities

Cloud vulnerabilities are weaknesses in a cloud computing environment. Attackers exploit this information to gain unauthorized access or steal data. Examples of cloud vulnerabilities are misconfiguration, data loss, and poor data management.

Some techniques to avoid cloud vulnerabilities are to perform regular vulnerability scans, check best cloud security practices, regularly update policies and many more.

It is essential to manage cloud vulnerabilities because organizations get better security, it is cost-effective, highly preventive and timesaving.

#6. Mobile Device Vulnerabilities

Mobile Wallets, Apple Pay, PayPal, and touchless payment technology have become a part of people’s lives. By this, a large population becomes a target for cybercriminals. There are different types of security threats, such as application-based, web-based, network-based, and physical threats.

Application-based threats spread through mobile applications and can infect your device if installed. That is why you should use authentic platforms like Apple’s AppStore or Google’s Play Store.

On the other hand, web-based threats spread only through browsing a website that can infect your whole device, so avoid clicking on unwanted links; network-based threats are associated with Wi-Fi or public networks. Lastly, physical threat refers to losing a device that can directly access all your data. That is why it is essential to stay protected.

#7. IoT Attacks

IoT attacks refer to cyber attacks specifically targeting devices connected to the Internet. IoT is the collective network of connected devices that processes communication between devices and the cloud. This means that even everyday devices like smartwatches, vacuums, cars, etc., can use sensors to collect data and respond to the users smartly.

An IoT attack involves hacking your internet-connected devices, such as smart home devices, industrial control systems, and medical devices. Attackers can steal data from these devices easily. Awareness of these risks and taking necessary security measures can help you avoid these attacks.

#8. Ransomware Attack

Ransomware attack is malicious software designed to block access to computer systems or files until some money or ransom is paid. This type of cyber-attack encrypts the victims’ files and locks them out of the system. After the victims’ files are closed, the attackers demand payment. You can receive ransomware in your device through various means, such as email attachments, malicious links, or hacking systems and software.

An organization should stay aware of this malware and stay protected and educate its team by providing them with security awareness training to know about such cyberattacks.

#9. Poor Data Management

The most common risk of poor data management is data breach. Poor data management arises from flawed data migration, integration challenges, and data duplication. Data quality can also affect your business, leading to accurate analytics and bad decisions.

When there is insufficient data management, it is possible that the necessary and unimportant data can get mixed up, and you need to learn about it.

Sensitive information cannot be breached if it is managed correctly, and it can prevent you from missing out on opportunities. If the data used for business is inaccurate, it can cause serious problems. It can ruin the organization’s image in the market. That is why it is essential to have proper and managed data.

#10. AI Attacks

AI attacks are malicious activities or strategies that involve the exploitation or misuse of artificial intelligence. Attackers aim to manipulate AI models for financial gain, compromising data privacy, evading security measures, and spreading misinformation. It enables the attackers to exploit organizations on a much larger scale.

AI helps attackers create convincing phishing and social engineering schemes, making people fall for this scam. Where AI is helping people, on the other hand, it is also misused to fool people. The main dangers of AI are consumer privacy, biased programming, danger to humans, and unclear legal regulation.

How to Avoid These Challenges

1. Check the source of the email or message and where it is coming from; don’t trust blindly.
2. Rather than clicking on a link or giving out information on the phone, go through the official website or ring the official number to verify.
3. Use good spam filters to avoid these kinds of situations.
4. Regularly update your operating system, software system, and antivirus programs.
5. Create a complex and unique password, and don’t use the same password for every account.
6. Enable Two-factor Authentication.
7. Use Managed Security Service for your business.
8. Regularly monitor logs and network sign-in for any unusual activity.
9. Use firewalls to protect your networks.
10. Keep up to date with the latest cybersecurity threats and trends.

Conclusion

You must stay protected from cyber-attacks to protect your data, financial security, reputation, and business. To avoid getting attacked by cybercriminals, businesses can use managed cloud computing solutions, as the service provider can help you protect your data from theft, corruption, or unauthorized access.

Organizations must move their workloads to the cloud as it brings security in the form of endpoint protection, anti-malware, firewall, MFA, and more security protocols.

As a business owner, you should educate your employees by giving them security awareness training. Test them by sending them phishing emails to see what they will do. Safeguard yourself from cyber threats and prevent financial loss, reputational damage, legal troubles, or identity theft.

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