Cybersecurity threats in 2024

Cybersecurity threats in 2024


The global average cost of a data breach in 2023 was USD 4.45 million.
That is a 15% increase over three years.

(IBM - Cost of a Data Breach Report 2023)

It’s also a LOT of money and would spell disaster for most small to medium size organisations.

As we stride ahead into 2024, it's crucial to be aware of emerging technology threats.

Technology is evolving at a rapid pace and providing exciting new opportunities for businesses and individuals alike.

However, not all technology is being used as a force for good. Some innovations can pose serious threats to our digital security, privacy, and safety.

In this article, we’ll briefly highlight some emerging technology threats to be aware of in 2024 and beyond.

Data Poisoning Attacks

This type of attack involves corrupting datasets used to train AI models by injecting malicious data to skew outcomes. This inaccurate data could lead to bad decisions which is especially dangerous in critical sectors like healthcare and finance.

What can you do about it?

  • Protect training data integrity and implement robust validation mechanisms.
  • Use AI-generated data cautiously. It should be complemented by human intelligence and data from other sources.

5G Network Vulnerabilities

The increasing popularity of 5G technology introduces new attack surfaces. With an increased number of connected devices, the attack vector broadens. IoT devices, reliant on 5G networks, can become targets for cyberattacks.

What can you do about it?

  • Secure these devices and implement strong network protocols, especially to prevent large-scale attacks.
  • Ensure your business has a robust mobile device management strategy.
  • Properly track and manage how these devices access business data.

Quantum Computing Vulnerabilities

Quantum computing, the herald of unprecedented computational power, also poses a threat. Although still in development for real-world applications, its potentially immense processing capabilities could crack currently secure encryption methods. Hackers will no doubt exploit this power to access previously unreachable data.

What can you do about it?

  • Businesses need quantum-resistant encryption techniques to safeguard digital information.

AI Manipulation

AI, while transformative, can be manipulated. Cybercriminals might exploit AI algorithms to spread misinformation. They are already creating convincing deepfakes and automating phishing attacks.

What can you do about it?

  • Vigilance is essential. Don’t believe everything you see or hear.
  • Businesses need robust detection mechanisms to discern genuine from malicious AI-generated content.

Augmented Reality (AR) and Virtual Reality (VR) Exploits

These technologies offer incredible immersive experiences. But they also present new vulnerabilities. Cybercriminals might exploit these platforms to deceive users, leading to real-world consequences.

What can you do about it?

  • To prevent user manipulation and privacy breaches, ensure the security of AR and VR applications.
  • This is especially vital in sectors like gaming, education, and healthcare.

Ransomware Evolves

Ransomware attacks have evolved beyond simple data encryption. Threat actors now use double extortion tactics. They steal sensitive data before encrypting files. If victims refuse to pay, hackers leak or sell this data, causing reputational damage.

What can you do about it?

  • Robust backup solutions
  • Regular cybersecurity training of your team
  • Proactive threat hunting

Supply Chain Attacks Persist

Supply chain attacks remain a threat. Cybercriminals infiltrate third-party vendors or software providers to compromise larger targets.

What can you do about it?

  • Strengthen supply chain cybersecurity to prevent cascading cyber incidents.
  • Do rigorous vendor assessments
  • Implement multi-factor authentication (MFA) and continuous monitoring.

Biometric Data Vulnerability

Biometric authentication methods, such as fingerprints or facial recognition, are becoming commonplace. But users can't change biometric data once compromised, like they can passwords.

What can you do about it?

  • Protect biometric data through secure encryption.
  • Ensure all service providers follow strict privacy regulations.

Advanced Phishing Attacks

We are familiar with phishing in all its nefarious forms. Now, these attacks are becoming more sophisticated and targeted thanks to AI. Hackers can customise spear phishing attacks to a specific individual or organisation based on personal information gleaned online.

Another example is vishing attacks which use voice calls or voice assistants to impersonate legitimate entities. They convincingly persuade victims to take certain actions.

What can you do about it?

  • Ongoing employee phishing training is vital.
  • Utilise automated solutions to detect and defend against phishing threats.

Top Tips for Defence

  • Educate yourself and your team about the latest technology threats.
  • Use strong passwords and MFA for all online accounts.
  • Avoid clicking on links or attachments in emails or messages.
  • Verify the identity and legitimacy of any callers or senders before providing any sensitive information or taking any actions.
  • Back up your data regularly to prevent data loss in case of a cyberattack.
  • Invest in a reliable cyber insurance policy. One that covers your specific needs and risks.
  • Report any suspicious or malicious activity to the relevant authorities in your organisation/country/state.

Don’t Leave your Cybersecurity to Chance

Last year’s solutions might not be enough. We can help you with a thorough cybersecurity assessment, to ascertain any gaps that may exist.

Contact us today to schedule a chat 1300 002 001