The global cost of a data breach last year was $4.45 million, an increase of 15% over three years. As we enter 2024, we must be aware of emerging technology threats that could potentially disrupt and harm businesses.
Technology is evolving rapidly, bringing new opportunities and challenges for businesses and individuals alike. However, not all technology is benign. Some innovations can threaten our digital security, privacy, and safety.
For over 25 years, WEBIT Services has built effective cybersecurity procedures for hundreds of clients in the Chicago area. It is passionate about using strategy and education to protect its clients.
By reading this article, you will learn about emerging technology threats to be aware of in 2024 and how to combat them.
9 IT Security Threats to Watch in 2024
1. Data Poisoning Attacks
Data poisoning involves corrupting datasets used to train AI models.
By injecting malicious data, attackers can skew algorithms’ outcomes, leading to incorrect decisions in critical sectors like healthcare or finance.
Some actions in countering this threat include protecting training data integrity and implementing robust validation mechanisms.
Businesses should use AI-generated data cautiously. It should be heavily augmented by human intelligence and data from other sources.
2. 5G Network Vulnerabilities
The attack vector broadens with the widespread adoption of 5G technology and an increased number of connected devices.
IoT devices, reliant on 5G networks, might become targets for cyberattacks. Securing these devices and implementing robust network protocols is imperative to prevent large-scale attacks.
To combat this risk, ensure your business has a robust mobile device management strategy. Organizations should properly track and manage how these devices access business data.
3. Quantum Computing Vulnerabilities
Quantum computing, the herald of unprecedented computational power, also poses a threat. Its immense processing capabilities could crack currently secure encryption methods.
Hackers might exploit this power to access sensitive data. This risk emphasizes the need for quantum-resistant encryption techniques to safeguard digital information.
4. Artificial Intelligence (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.
Vigilance is essential as AI-driven threats become more sophisticated. It demands robust detection mechanisms to discern genuine from malicious AI-generated content.
5. Augmented Reality (AR) and Virtual Reality (VR) Exploits
AR and VR technologies offer immersive experiences but present new vulnerabilities. Cybercriminals might exploit these platforms to deceive users, leading to real-world consequences.
Ensuring the security of AR and VR applications is crucial to prevent user manipulation and privacy breaches. This is especially true in sectors like gaming, education, and healthcare.
6. Evolved Ransomware
Ransomware attacks have evolved beyond simple data encryption.
Cybercriminals now use double extortion tactics. They steal sensitive data before encrypting files. Hackers leak or sell this data if victims refuse to pay, causing reputational damage.
Some defenses against this evolved ransomware threat include:
- Robust backup solutions
- Regular cybersecurity training
- Proactive threat hunting
7. Supply Chain Attacks
Supply chain attacks remain a persistent threat.
Cybercriminals infiltrate third-party vendors or software providers to compromise larger targets.
Strengthening supply chain cybersecurity is critical in preventing cascading cyber incidents. Businesses can do this through rigorous vendor assessments, multi-factor authentication, and continuous monitoring.
8. Biometric Data Vulnerability
Biometric authentication methods, such as fingerprints or facial recognition, are now commonplace. However, unlike passwords, users can’t change biometric data once compromised.
Protect biometric data through secure encryption. Ensure that service providers follow strict privacy regulations. These are paramount to preventing identity theft and fraud.
9. Advanced Phishing Attacks
Phishing attacks are one of the oldest and most common forms of cyberattacks.
These attacks are becoming more sophisticated and targeted thanks to AI. For example, hackers customize spear phishing attacks to a specific individual or organization. They do this based on online personal or professional information.
Another example is vishing attacks. These use voice calls or voice assistants to impersonate legitimate entities. They convincingly persuade victims to take specific actions.
Ongoing employee phishing training and automated solutions to detect and defend against phishing threats are vital.
Tips for Defending Against These Threats
As technology evolves, so do the threats that we face. Thus, it’s essential to be vigilant and proactive. Here are some tips that can help:
- Educate yourself and others about the latest technology threats.
- Use strong passwords and multi-factor authentication for all online accounts.
- Update your software and devices regularly to fix any security vulnerabilities.
- Avoid clicking on suspicious links or attachments in emails or messages.
- Verify the identity and legitimacy of any callers or senders. Do this before providing any information or taking any actions.
- Back up your data regularly to prevent data loss in a cyberattack.
- Invest in a reliable cyber insurance policy that covers your specific needs and risks.
- Report any suspicious or malicious activity to the relevant authorities.
Next Steps to Increase Your IT Security in 2024
Technology advancements show no sign of slowing as we enter a new year. In fact, it’s become even more critical to practice solid, effective IT security.
In 2024, we may experience new attack trends, including:
- Data Poisoning Attacks
- 5G Network Vulnerabilities
- Quantum Computing Vulnerabilities
- Artificial Intelligence (AI) Manipulation
- Augmented Reality (AR) and Virtual Reality (VR) Exploits
- Evolved Ransomware
- Supply Chain Attacks
- Biometric Data Vulnerability
- Advanced Phishing Attacks
As you move into the new year, consider evaluating your current IT risk level and risk appetite. If your current risk levels aren’t where you want them, it may be time to reevaluate your cybersecurity practices or IT Provider.
Now is a perfect time to perform a risk assessment if you’ve never had one or if it’s been more than three months since your last assessment.
When it comes to cybersecurity, knowledge is power. Risk assessments should be performed regularly to identify and address undesirable risks.
WEBIT Services is passionate about helping clients define their acceptable risk levels and reach their cybersecurity goals. We believe education and knowledge are the first steps in building effective cybersecurity practices.
If you’re looking for a new IT provider, schedule a 30-minute consultation to see if WEBIT Services might fit your company.
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