As the digital landscape evolves rapidly, organizations are confronted with various threats ranging from geo-political issues to natural disasters. However, one of the most formidable challenges is the proliferation of cybersecurity threats, which can inflict substantial impact and irreparable reputational damage if not handled correctly.
Cybersecurity threats encompass a spectrum of malicious activities perpetrated by individuals or groups with varied intentions, such as data theft, system disruption, and organizational sabotage.
The gravity of these threats is underscored by the World Economic Forum’s projection that the global cost of cybercrime could reach $23.84 trillion by 2027.
In this article, we’ll explore the top ten common cybersecurity threats of 2024, providing an in-depth analysis to arm cybersecurity teams with the knowledge necessary to defend against these dangers.
Top 10 Cybersecurity Threats of 2024
1. Malware
The most influential cyber threat in 2024 is malware, software designed to cause disruptions or act maliciously. Malware can compromise your computer, steal confidential data, infiltrate private networks, or inundate you with spam and advertisements.
Recent reports indicate that malware attacks are rising, with billions of incidents occurring annually. For example, in 2023, there were over 6 billion malware attacks globally, underscoring the ever-growing threat.
These are some typical malware kinds that businesses now have to deal with:
- RansomwareRansomware is a common type of malware widely used by hackers. It locks your data before hackers demand the money (ransom) to unlock it. Ransomware attacks are often initiated by clicking the wrong links in emails. On average, ransomware demands fall between $200,000 and $300,000, although some can surpass $10 million.
- SpywareSpyware is a type of malware that secretly watches what you do online without you knowing. According to Recorded Future’s March 2024 report, one spyware, Predator, linked to human rights violations, is still active in 11 countries, including Botswana and the Philippines.
- AdwareAnother famous malware is adware, which tracks what you do online to show ads. It is not usually harmful, but it can slow down your device. One famous adware, Vonteera, is an adware virus that displays annoying ads on infected computers. It often pretends to be genuine software and can be hard to eliminate.
- TrojanA Trojan, disguised as legitimate software, can steal information or turn your device into a part of a botnet, posing a serious threat to others.Examples of Trojans include:
- RootkitsRootkit is software that lets hackers take control of a computer network or application. Once it’s running, it creates a secret way for the hacker to get in and can also install other harmful software like ransomware, bots, keyloggers, or trojans. Rootkits are hard to find and can stay hidden for years because they can stop some antivirus programs and malware scanners from detecting them.
- Wiper AttackA wiper attack aims to irreversibly erase or damage data on specific systems. Such attacks are frequently encountered in geopolitical disputes and hacktivist activities. Fortinet researchers recently analyzed attack data from the latter half of 2022 and noted a significant 53% rise in the wiper attacks between the third and fourth quarters.
2. Denial-of-Service (DoS) Attacks
A Denial-of-Service (DoS) attack occurs when someone tries to disrupt a server, service, or network by flooding it with traffic. The overload makes it impossible for the system to handle actual requests, effectively blocking access for legitimate users.
Imagine a crowd blocking the entrance to a shop so real customers can’t get in. That’s what happens in a DoS attack.
Another term important to understand in the context of a DoS attack is DDoS, which stands for distributed denial-of-service.
A DDoS attack is a more advanced and potentially disruptive version of a DoS attack. While a DoS attack usually comes from one source, a DDoS attack is a more complex and severe threat.
It uses multiple compromised computers (often part of a botnet) to hit the target from various locations at once. When the attack is of this nature, it is significantly harder to defend against because blocking one IP address won’t stop the attack.
The number of DoS and DDoS attacks increases every year. In the fourth quarter of 2023, the number of DDoS attacks increased by 175% compared to last year and 25% compared to the previous quarter.
To get a clear picture of DoS and DDoS, let’s use an example:
In a DoS attack, a single computer might send many requests to overwhelm the site. However, in a DDoS attack, the scale is staggering. Thousands of computers worldwide (without their owners even knowing) could send traffic to the site, making it incredibly hard for the website to handle. The website could crash or slow down significantly due to the attack, leading to financial losses and reputational damage for the store.
3. Phishing
Next on our list of top 10 cybersecurity threats is phishing. It is a type of cyberattack that employs email, SMS, phone calls, social media, and social engineering tactics to trick individuals into divulging sensitive information, such as passwords or account numbers. It can also involve downloading malicious files that install viruses on their devices.
Typical phishing attacks use various tricks to steal personal or financial information.
Email phishing involves sending fake emails that look real, urging people to click links or download attachments that lead to malware or theft. Phishing emails often contain urgent or alarming language that tricks recipients into taking action without thinking.
Whaling is a type of spear phishing that specifically targets high-profile individuals, such as CEOs or government officials, in an attempt to gain sensitive information or funds. Whaling attacks often use sophisticated techniques and social engineering tactics to deceive their targets.
Smishing, which uses fake text messages to direct victims to harmful websites or request personal data, and vishing, which involves phone calls from attackers pretending to be banks or government agencies, are also phishing.
Lastly, social media phishing uses fake profiles or messages to trick users into clicking dangerous links or sharing personal information.
4. Spoofing
Spoofing is a tricky method where a cybercriminal pretends to be someone you know or trust, like a colleague, friend, or well-known company, to fool you. The attacker can interact with you and gain your trust by appearing legitimate. Once that trust is built, they can access your systems or devices to steal sensitive info, extort money, or install harmful software.
Imagine you get an email that seems to be from your bank. It has the bank’s logo and design, and the sender’s address looks real. The message says there’s a problem with your account and asks you to click a link to confirm your details.
Trusting the email, you click the link and enter your account info on a website that looks just like your bank’s site. But the email was actually from a cybercriminal, and the website is fake. By entering your information, you’ve accidentally given the attacker access to your bank account.
5. Identity-Based Attacks
Identity-based attacks are not just cyberattacks; they are serious threats where hackers exploit digital identities to gain unauthorized access, steal information, or commit fraud.
These attacks, which often involve manipulating or stealing credentials like usernames, passwords, or personal identifiers to impersonate the victim, can have devastating consequences.
Here are some common types of identity-based attacks:
- Credential Theft: Hackers use phishing, keylogging, or malware to steal login details. With these, they can access accounts to steal data, transfer money, or perform other harmful actions.
- Social Engineering: Attackers use psychological tricks to manipulate people into revealing confidential information. They might pretend to be a trusted colleague or authority figure to get access to sensitive data or systems.
- Account Takeover: Hackers gain control of an account by obtaining login credentials, which can lead to unauthorized transactions, data breaches, or further attacks using the compromised account.
- Identity Theft involves stealing personal information like Social Security numbers or credit card details to impersonate the victim. The results can include financial fraud, unauthorized purchases, or criminal activities in the victim’s name.
- Privilege Escalation: Attackers exploit system vulnerabilities or misconfigurations to gain higher access levels than initially granted. It allows them to access sensitive data or modify system settings.
- Man-in-the-Middle (MitM) Attacks: Hackers intercept and potentially alter communications between two parties without their knowledge. By posing as one of the parties, they can steal information, inject malicious content, or manipulate transactions.
- Impersonation: Creating fake profiles or using stolen identities to pose as someone else. These tactics help gain trust, access sensitive information, or conduct fraudulent activities.
6. Code Injection Attacks
Code Injection attacks happen when malicious code gets inserted into an application, which then runs this harmful code, changing how the app should behave. It usually happens because of weaknesses in the app that allow insufficient data to be processed. Often, it’s due to poor input or output data validation, letting attackers sneak harmful code into the program.
Unlike command injection, which exploits an app to run arbitrary commands on the operating system (often through a shell), code injection focuses on altering the app’s operations.
While command injection uses existing code to hijack an app’s functionality and execute unauthorized commands, code injection involves adding new, harmful code into the application itself.
7. Supply Chain Attacks
Supply chain attacks are becoming a big concern for software developers and vendors. These attacks target legitimate applications to spread malware through source code, build processes, or software updates.
Hackers use weak network protocols, vulnerable server infrastructures, and poor coding practices to break into build and update processes. They alter source code and embed harmful content.
The real danger of these attacks is that trusted vendors sign and certify compromised applications. Often, the software vendor doesn’t even know that their applications or updates are infected with malware. The malicious code runs with the same trust and privileges as the original application.
Types of supply chain attacks include:
- Pre-installing malicious code on physical devices.
- Compromising build tools or development pipelines.
- Compromising code signing procedures or developer accounts.
- Delivering malicious code through automated updates to hardware or firmware components.
8. Insider Threats
Insider threats are becoming a huge risk for companies. The idea is that your employees, contractors, or even business partners have access to sensitive data, and you want to ensure they don’t misuse it. And guess what? They handle it exactly as needed.
An insider threat occurs when employees use the company’s information and data to give to their competitors or sell them in the market. It can be intentional when proper thought and process are involved, and the employee knows it is a significant breach that can cost the company millions.
Sometimes, insider threats are unintentional, too. These usually happen when an employee is unaware, and they become a part of ransomware through any mistake or lack of attention. Still, both of these threats are common in companies worldwide.
In 2023, big companies like Tesla faced insider threats. Tesla had a major data breach caused by two ex-employees who leaked personal data to a foreign media outlet.
More than 75,000 current and former employees had their personal information exposed, including names, addresses, phone numbers, job histories, and social security numbers.
Additionally, sensitive customer bank details, production secrets, and complaints about Tesla’s self-driving features were leaked. Although the ex-employees faced legal action, Tesla’s security reputation took a hit.
9. DNS Tunneling
DNS tunneling occurs when the DNS protocol is misused. Instead of looking up IP addresses as intended, the malware uses DNS to create a command-and-control channel with its handler. While DNS can be an effective tool for sneaky data theft, it has some limitations.
Here are a few signs that DNS tunneling might be happening on your network:
- One sign of DNS tunneling is unusual domain requests. Malware can hide data in the domain names it requests, such as ‘DATA_HERE.baddomain.com. ‘ By scrutinizing these requests, you can distinguish between regular traffic and potential DNS tunneling.
- Requests for Strange Domains: Attackers need to own the domain they’re targeting so they can use their own DNS server. A sudden spike in requests for an odd domain, especially one newly created, could be a sign of DNS tunneling.
- High DNS Traffic Volume: A DNS request is limited to 253 characters. Attackers might send numerous requests to steal data or set up a command channel, causing a spike in DNS traffic. This unusual increase can be a clue pointing to DNS tunneling.
10. AI-Powered Attacks
AI and ML technology, in its rapid growth, has taken on a dual role in cybersecurity. While experts use these technologies to strengthen their systems, adversaries also use them to breach networks and steal sensitive data.
AI-powered cyberattacks use advanced methods. Adversarial AI/ML tricks AI systems by feeding them wrong data, causing mistakes and weakening security. Dark AI is when cybercriminals use AI to create smarter attacks and malware that adapts, making them hard to detect.
Deepfakes are incredibly realistic but fake audio, video, or images created by AI to impersonate people, spread false information, or bypass biometric security. AI-generated social engineering involves crafting convincing phishing emails, texts, or calls that trick people into sharing sensitive information or downloading malware.
How MDR Can Mitigate Them
Managed Detection and Response (MDR) services help reduce cybersecurity threats by providing strong, ongoing security measures. Unlike traditional methods that only react to problems, MDR uses advanced technology and expert analysis to spot and respond to threats in real-time.
By constantly watching network activity, MDR can find unusual patterns that might signal a cyberattack, allowing quick action to prevent damage. MDR experts also actively search for hidden threats and find known and new dangers.
The overall approach reduces the workload on in-house IT teams, letting them focus on primary business tasks while the MDR team handles security. With 24/7 monitoring and fast response, MDR helps businesses protect themselves from cyber threats efficiently and affordably, safeguarding their money and reputation.
Wrapping it Up
Cybersecurity threats keep evolving and pose big risks to businesses everywhere. We’ve looked at the top ten cybersecurity threats for 2024, and it’s clear that being vigilantis more important than ever.
Managed Detection and Response (MDR) services provide strong protection, helping your business quickly find and respond to threats. With MDR, you get 24/7 monitoring and expert threat detection, so your internal team can focus on main business tasks while the MDR experts take care of security.
Keep your business, data, and reputation safe by prioritizing cybersecurity.