What Are the Biggest Cybersecurity Threats of 2024 and How Can Businesses Prepare?

By John Funk

Cybersecurity professionals and hackers have effectively been engaged in a global conflict since 1988, when the first computer virus was launched. The so-called Morris worm was unleashed from a computer at the prestigious Massachusetts Institute of Technology (MIT). It infected upwards of 6,000 computers within 24 hours, resulting in damage that some estimate in the millions.

Since that watershed moment, cybersecurity experts have worked tirelessly to create ways to protect the digital assets in business networks, while their criminal counterparts devised insidious schemes to profit from the creativity and honest labor of others. Cybercriminals are again sharpening their technological knives, so to speak, and businesses should remain on high alert for these threats in 2024.

Biggest cybersecurity threats for small businesses

1. Ransomware-as-a-service

Ranked among the greatest threats in the cybersecurity landscape, ransomware-as-a-service has changed the playing field. Prior to criminal software developers essentially renting out their malicious creations, ransomware was generally reserved for relatively highly skilled digital thieves. But now that garden variety hackers can trade cryptocurrency for a ransomware subscription, businesses should anticipate an unprecedented wave of ransomware attacks like the one that crippled Colonial Pipeline in 2024 and beyond.

A case that highlights just how serious ransomware-as-a-service has become, the MGM and Caesars casinos were attacked by a gang of Gen Zers. Known as Scattered Spiders, the 17- to 22-year-olds received a reported $15 million crypto payment to restore Caesars’ systems and put MGM in manual mode. The rub is that they got malicious software from more sophisticated criminal organizations. That means low-level hackers will be brandishing tools and technologies previously reserved for the most notorious threat actors.

2. Social engineering expected to escalate

It may not surprise you, but the average American has about six to seven social media profiles. Globally, 5 billion people engage in social media, and that figure is expected to reach 5.85 billion by 2027. The popularity of social media, as well as professional networking platforms, presents a uniquely effective opportunity for hackers.

After online scammers identify company executives and staff members, they patiently troll the internet to find these sites. Then, they create a file that includes things like dates of birth, friends, family members, places of residency, phone numbers, and personalized information. This data is packaged and leveraged as a way to gain trust. Believing an electronic message or caller is a reliable and legitimate network user, someone hands over login information. In the case of the MGM and Caesars hacks, a help desk employee thinking they were speaking to a legitimate employee, apparently gave hackers a one-time password.

If you’re curious about how easily someone can find personal information, consider taking a first name and town. Plug them into Facebook’s people search and you’ll get a lengthy list of possible matches. Look for the correct profile picture, and you have locked in on a mark. Send a friend request from a phony account and you have access to a great deal of personal information. If the average person with zero hacking skills can get that far, imagine what a sophisticated cybercriminal can find.

3. Internet of things (IoT) threats to expand

As everyday people add popular technology gadgets to their lives, an increased number of hacker entry points are being created. Smartphones, kitchen gadgets, internet-linked televisions, and thermostats use advanced technologies. But an unanticipated IoT vulnerability stems from the fact many are synced with the same devices staff members use to log into business networks. That also means an organization’s threat surface expands with the integration of internet-linked devices.

Adding insult to injury, little consensus exists regarding how to best secure these gadgets. Some manufacturers may take the time to establish cybersecurity parameters. But lack of regulation also invites others to put profits ahead of security and not bother. These rank among the common reasons IoT devices pose a growing threat heading into 2024:

• Faulty hardware: When a device’s capabilities are limited, it may not have the bandwidth to feature critical safety features. Protections such as multi-factor authentication and data encryption are typically absent. This cracks the door for hackers to make a run at business networks through IoT devices.

• Lack of updates: The average internet user experiences what seems like annoying software updates. Truth be told, these upgrades often patch vulnerabilities that help secure your digital assets. Because too many clever gadgets do not undergo maintenance and updates, they are weak links.

• IoT botnets: When malicious software infects a fitness tracker or other popular gadget, it can spread to your smartphone, laptop, or devices used for business. Botnets are most commonly used in distributed denial-of-service (DDoS) attacks that overwhelm a system.

There are numerous ways that cunning cybercriminals can leverage IoT products to infiltrate organizations digitally. Companies would be well-served to create IoT device policies and ensure they do not make an entry point for hackers.

4. Zero-day vulnerabilities

When a hacker identifies a flaw in a software application, the next step involves exploiting it to breach a system. This attack method earns its name because “zero day” is when an online thief gains access using the vulnerability, and software engineers have yet to craft a patch or another way to close the gap.

Because of the high volume of IT common vulnerabilities and exposures (CVEs)—in 2023 there were over 29,000 CVEs—patch management is a huge problem for organizations. According to Security Intelligence, "It’s an area that often gets overlooked or given little attention in security awareness training."

Because millions of internet users employ many of the same popular programs, zero-day attacks can be carried out on a massive scale. But as businesses diversify their technologies, tools, and software, increased emphasis on maintaining, patching, and eliminating outdated applications will prove necessary.

5. Human error continues to plague businesses

A study conducted by Stanford researchers discovered that 88% of data breaches are the result of human error. Businesses can anticipate hackers will continue to deploy thousands of phishing emails in hopes an otherwise valuable employee will mistakenly click on a malicious link or download a malware-laced file.

Staff members routinely cite distraction as a reason for their error. By that same token, too many frontline employees do not receive the cybersecurity awareness training needed to identify scam emails and social engineering schemes. That’s why it’s mission-critical for industry leaders to educate their workforce about ongoing and emerging threats. The ISACA recommends organizations hold cybersecurity awareness training every four to six months.

Cybersecurity threat FAQs

About the Author

Post by: John Funk

A lifelong writer and storyteller, John Funk is a creative consultant specializing in helping tech and cybersecurity businesses like Red River craft engaging narratives about the importance of their work. When he’s not found enjoying craft beer or playing Dungeons & Dragons, John can be often found spending time with his cats. John can be reached online at sevenatoms.com.

Company: SevenAtoms
Website: www.sevenatoms.com
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