Top 5 cyber risks for 2024

In the ever-evolving technology landscape, companies must remain vigilant to safeguard their digital assets and sensitive information. As we enter 2024, we have compiled a list of five cybersecurity risks organisations should be aware of.

1. Ransomware Attacks

Ransomware continues to be a major threat to businesses of all sizes. In the turn of the year, we are expecting to see attackers employ even more sophisticated tactics, making it crucial for companies to regularly update and patch their systems. Phishing is known to be one of the leading attack vectors that can lead to ransomware attacks and with the continued development of AI comes the increasing sophistication of phishing attacks. Therefore, employee education on recognising phishing attempts and suspicious links is also paramount in preventing these malicious attacks.

2. Supply Chain Vulnerabilities

The increasing reliance on interconnected supply chains can bring about new avenues for cyber threats. Organisations should thus increase the scrutiny when reviewing and assessing the cybersecurity measures of their partners and suppliers This is to ensure that everyone in the supply chain maintains robust security protocols as a breach in one link can have cascading effects throughout the entire chain.

3. Cloud Security Challenges

The widespread adoption of cloud services brings about new cybersecurity challenges. Prioritising the security of data stored in the cloud and, as mentioned above regarding interconnected supply chains, ensuring that cloud service providers have robust security measures in place. This can include implementing multi-factor authentication, encrypting sensitive data, and regularly auditing access permissions.

4. AI

With the application of AI becoming more widespread, so do the associated risks. As well as the protections it can afford, there is no doubt that threat actors can look to benefit from AI. The ability to create advanced malware the threat of impersonation in phishing attacks, and the ability to evade security systems should be a high priority as AI continues to develop and finds itself more embedded in day to day operations.

5. IoT (Internet of Things) Vulnerabilities

As more devices become interconnected, the attack surface for cyber threats expands. Companies should carefully assess and secure IoT devices, ensuring they are not weak links that could be exploited. Regular updates and patches for IoT devices are essential to mitigate potential vulnerabilities.

Whilst we are focusing on the 5 emerging risks for 2024, below is a highlight of one risk that is often overlooked but you should always remain vigilant of:

Insider Threats

This might be surprising but, while external threats often take the spotlight, insider threats remain a significant concern. Malicious or negligent actions by employees can compromise sensitive data and companies should implement robust access controls, conduct regular employee training on cybersecurity best practices, and monitor user activities to detect and prevent insider threats.

In conclusion, as we step into 2024, the digital landscape presents both opportunities and challenges for businesses. By staying informed about these top cybersecurity risks and proactively implementing measures to address them, companies can better protect their valuable assets, ensuring a resilient digital future.