Cybersecurity experts have sounded the alarm on the continued rise of cyberattacks and other online threats that are becoming more sophisticated than before. In particular, experts have identified 7 cyber risks that are expected to wreak the most havoc on various online systems across the globe.
As a means to ensure the security of your network, it is important to learn more about each of these cyber risk trends, how they affect online networks, and the means to be able to at least thwart these threats, if such measures are available.
1. AI-powered cyberattacks
Given the continued growth in the usage of artificial intelligence (AI), it should come as no surprise that cybercriminals are making use of AI at an alarming rate for their nefarious activities, such as:
Rapidly develop new malware and ransomware variants
Apply deep fake techs to phishing and impersonation attacks
Create automated malware that intelligently adapts to evade detection
Evade security measures
Personalize social engineering attacks
As things currently stand, AI-powered attacks have proven to be a challenge for traditional defense mechanisms to detect and prevent. However, with the rapid pace of technological advancements, there is reason to be hopeful that an effective defense mechanism against AI-based threats will be developed soon. Until then, users will have to remain vigilant and take extra precautions against such threats in the wild.
2. Quantum computing attacks
While quantum computing offers tremendous benefits for users in solving complex problems, it can also be a devastating tool in the hands of cybercriminals as it is capable of breaking classical encryption methods used by many enterprises.
To address this particular threat, the enterprise must do the following:
Adopt quantum-resistant cryptographic algorithms to protect sensitive data from future quantum-enabled attacks
Transition to post-quantum cryptography to protect data integrity and confidentiality
Develop and deploy quantum-resistant cryptographic methods
3. IoT vulnerabilities
Given the capabilities IoT devices provide in terms of connectivity, IoT unlocks a wealth of capabilities that ensure overall organizational efficiency. However, if left unsecured, IoT is a vulnerable area that cybercriminals can take advantage of such vulnerabilities include:
Attacks on facilities and building management software that can hold the entire city’s electricity, water, and power to ransom. Attackers can carry out extremely harmful ransomware attacks, making IoT apps vulnerable
Unsecured communications
Unsecured network protocols
Outdated, unencrypted, or poorly configured network protocols
IoT devices often require tailored solutions for each device type. So while securing each IoT device can be challenging, it is imperative still that all devices have solid cybersecurity protections in place, ensuring each device has the most secure authentication available. There is also a need to secure data transmission, storage, and lifecycle management of each IoT device.
4. Deepfake technology
Deepfake tech is a cybersecurity threat that uses AI to generate realistic-looking videos and images of people in order to spread disinformation, conduct social engineering attacks, and commit identity theft, among many other criminal acts.
Enterprises can secure themselves from falling victim to deep fakes by the following measures:
Tightening compliance procedures around the authorization of payments
Using multi-factor authentication
Raising awareness and providing training
5. 5G network vulnerabilities
Despite the data transmission speeds that they offer, 5G networks present security challenges if there is weak encryption or a lack of strong authentication measures. Some attacks carried over 5G networks include:
Network-based attacks
Theft of subscriber profile data
Impersonation attacks
Faking subscriber authentication
To safeguard against these risks, we must implement strong encryption, authentication, and network segmentation measures.
6. Supply chain attacks
As supply chains become digital more than physical, it is expected that supply chain attacks will increase in 2024. These attacks exploit vulnerabilities in the interconnected network of suppliers and service providers and can have far-reaching consequences, compromising updates and patches to infect many systems.
Considering the seriousness of the threat, cybersecurity professionals need to have a complete awareness of the sensitive data and how it has to be handled. This information should be available to the vendors, users, and teams that oversee the supply chain. Training sessions are also helpful in educating staff on all security aspects, including company policy, password security, and social engineering attack methods.
7. Automated malware
Users should be wary of automated malware that has adapted well enough to various network environments that they manage to evade detection.
AI and machine learning algorithms that can mimic human behavior and adapt in real-time have made it possible for cybercriminals to design such automated malware, enabling them to increase attack velocity and create more sophisticated social engineering campaigns.
To prevent automated malware from evading detection, firms can:
Check if brands have security software on the device
Download and update security software
Set up a firewall for their network
Summary
It is important for organizations to not only keep track of these developments but also adapt accordingly to deal effectively with these evolving cybersecurity threats. Vigilance, advanced encryption, and employee training remain the most powerful tools at their disposal in addressing these evolving threats. With cyber risks becoming more dangerous than before this year and into the future, organizations cannot afford to be complacent and must be proactive in their fight against these threats.