Leading Cyber Security Trends and Statistics in 2024

21-Apr-2023

In our ever-growing digital world today, every organization, down to every individual with internet access, is a potential victim of cyber threat. Companies and organizations of all sizes, their operations, reputation, and their proceeds, are all at risk of being attacked or breached. This trend is poised to scale higher with the expansion of the Internet of Things (IoT), which eventually will result in the need for securing devices and networks connected to the Internet. Let's look at the top Cyber Security trends that will transform the security landscape in the next few years.

The Growing Cyber Security Trend

With the elevated use of artificial intelligence (AI) and Machine Learning (ML), detecting threats and implementing responses have become more automated and accurate. Additionally, the increasing adoption of cloud-based security solutions has empowered the security landscape with enhanced scalability and flexibility. The arrival of blockchain and cryptocurrency has also made a massive impact on the Cyber Security trend by offering enhanced security and transaction transparency, further necessitating the development of more advanced cybersecurity regulations and standards. 

Given all these massive revolutions surfacing, the cyber security trend is going to optimize and diversify further in numerous areas. This also implies the incoming of more sophisticated threats and attacks as cybercriminals are equally growing and advancing in parallel dynamics. Let us find out what the possible cyber security trends 2024 that experts, as well as companies, must watch out for. 

Top Cyber Security Trends 2024

Accelerated Automotive Hacking

AI-powered technologies are making a booming entrance in today's age. Modern automobiles come with inbuilt automated software powered to provide seamless connectivity for drivers in an array of areas, including cruise control, engine timing, airbags, door locks, and an advanced system of driver aid. However, the increased connectivity and interactivity of Bluetooth and WiFi technology serve as an entry point for a number of vulnerabilities and threats for hackers. One of the top Cyber Security Trends in 2024 predicted to surface is cybercrime actors gaining control of the vehicle or employing microphones for eavesdropping. These new trends require more robust and stringent security measures to be employed for automated vehicles like self-driving cars. 

Rise in Mobile Viruses and Malware

With digitalized financial services operations and transactions, malware and attacks in mobile banking have been one of the riskiest Cyber Security Trends. Our handheld devices like Smartphones and tablets could as well give way to a potential target for hackers. Our photographs, emails, text messages, and financial transactions, all pose massive risks. Viruses in smart devices and smartphones along with malware will also list as the top cyber security trend in 2024. 

The Arrival of IoT and 5G Network: Transforming Technology and Risks

The arrival of the 5G network implies transforming the landscape of interconnectivity. These amplified services will also result in greater exposure to manipulation, threats, and even the detection of unknown software. The architecture that makes up 5G is relatively new requiring extensive analysis to identify flaws and secure the system from external assaults and targets.  It is feared that the 5G network will usher in a slew of network threats that the world is not prepared for.

Integration and Automation 

The daily proliferation of data has made it necessary for incorporating automation to provide more sophisticated control over the information. Automation has become a vital element in the modern work setting as often work demands result in pressure on professionals. For designing and developing more secure software in every element, all through the agile process, security metrics are embedded. Yet larger and more complicated web applications are challenged with the difficulty of securing safely, hence it is mandatory for integrating automation even in the cyber security field during the software development process. And given the size of data expanding daily, automation should be incorporated to provide more sophisticated control over data and information. 

Cloud Services: A Potential Target

The increasing adoption of cloud services by more and more organizations requires continuous monitoring for security measures and ensuring updated safeguarding of data from breaches, leaks, and theft from cybercriminals. Cloud services are one of the top Cyber Security Trends  2024 will foresee.  Major cloud applications like Microsoft or Google are well-equipped at their end, but the users-end are still at risk of errors, malicious software as well phishing attacks. 

Data Breach: The Number One Priority

With data becoming the driving force of every organization, businesses across the globe will harness their data aggregation and leverage it to the fullest. This also details protecting their data as their fundamental priority. Any tiny fault or error in your system browser or software can allow hackers to obtain personal information. Nations all over are enforcing data security regulations to ensure a safe digital environment. In Europe, to ensure data protection and privacy for the people a  General Data Protection Regulation (GDPR) was introduced on May 25th, 2018. Similarly, in California, in a bit to protect consumer rights,  the California Consumer Privacy Act (CCPA) was implemented after January 1st, 2020. 

Targeted Ransomware

Another top Cyber Security Trend 2024 is going to see inevitably is a rise in Targeted ransomware. Largely industrialized countries are heavily reliant on specialized and sophisticated software to manage their daily operations. Targeted ransomware mostly focuses on large organizations and sets ups. For instance, the Wanna Cry attack on NHS Hospitals in England and Scotland, infected over 70,000 medical devices.  

Typically, in Targeted ransomware, the cyber criminals identify and target their plans toward a large corporation, or government agency, and exploit their tactics in order to gain access to networks and systems.  As soon as they gain access to the data or information, they cipher the files and use them to coerce victims to pay a ransom. In some cases, they even threaten to use the stolen against them for malicious purposes unless a ransom is paid. The impact of targeted ransomware can be disruptive not just for the individual and single entity but for the whole organization and the whole country leading to lost productivity and revenue, reputational damage, and legal and regulatory consequences.

Modern Cyber Warfare Supported by the Government

The world's superpowers are at constant loggerheads battling for domination over one another. It is not uncommon to hear of tensions between the US and Iran or Chinese hackers and such news frequently makes global headlines. Such news makes a major impact on major events like Elections. This has become a growing concern for governments and nations given the potential consequences of cyber warfare. It has become a major initiative of every nation to prioritize cyber security as the key component of national security and defense strategies.

Threats from Organization Internal

Human error is among the highest causal factor for cyber security threats. In the absence of robust training and awareness within the organization, the workers become a significant channel for cyber crimes. It is crucial for organizations to mitigate and prevent insider threats by developing a multi-faceted approach. Setting up a strong protocol like access controls and monitoring systems, designing policies, and regular training for the staff are some of the significant initiatives organizations must guarantee. 

Remote Work Culture

The world post-pandemic has witnessed a paradigm shift in the way organizations operate. Businesses have significantly shifted to remote working which consequently has resulted in more cyber security challenges. Generally, in a remote work setting employees are exposed to more vulnerable cyber attacks as their gadgets and networks are less secure. Hence, implementing proper security measures for securing workers is another key priority for organizations. Making use of multi-factor authentication, automated patching, and securing VPNs are a few of the methods that organizations can employ to ensure the security of their work in the remote working system. 

Identity and Access Management

One of the most popular Cyber Security trends includes the implementation of Identity and Access Management. This technique helps organizations in monitoring and control access to their critical and confidential data and networks. The execution of the IAM  procedure entails guaranteeing the implementation of user authentication, authorization policies, and access control lists.

Those are the top Cyber Security Trends that will surface in 2024 and the coming years. The rate at which technologies grow entails the invention and development of more robust cybersecurity techniques and strategies. 

Overview of Cyber Security Statistics over the Years

Let's take a quick look at how cybersecurity threats are increasing over the years. Below are the cyber security statistics across different industries. These statistics highlight how cyber security has become a critical element for every organization requiring them to be proactive in their approach to managing cyber risks. 

Cyber Security Statistics

• As per the report of Microsoft, Government Institutions, Non-Government Organizations, and Think Tanks accounts for 80 percent of the targets for nation-state attackers.
• About 58 percent of nation-state Cyber attacks come from Russia as per Microsoft. 
• The Internet Crime Complaint Center (ICCC) of the US FBI recorded a total of Internet crime complaints 800,944  registered in 2022 alone.
• The US is the most targeted nation with a record of 46 percent of worldwide attacks targeted against Americans.
• According to IBM, the Healthcare Sector records a loss of $10.1 million per data breach. 
• As per Purplesec's report, the success of cybercrime is largely made possible by social engineering at a rate of 98 percent. 

Highest Data Breaches and Cyber Security Statistics 

Let us get into the top cyber security statistics concerning data or information breaches:

• The Twitter data breach in 2022 affected millions of people in Europe and the United States. 
• Releasing of the credit card details of 1.2 Million credit cards by the Carding Marketplace Biden Cash on October 12, 2022. 
• A severe data breach of the Australian telecoms - Optus exposed the personal information of 11 million users on 22 September 2022. 
• Releasing of threat by a Hacker in BreachForums on November 16, 2022, claiming to have current personal information for 487 million WhatsApp users.
• The Australian healthcare and insurance firm Medibank suffered a data leak on October 13, 2022, resulting in the theft of  97 million people's information. 

The cyber security statistics are poised to grow even higher and it has become an urgent need for organizations to up their security mechanisms to ensure a safe and secure digital environment.  We have thoroughly covered the top cyber security trends 2024 is projected to witness. Gear up with a more sophisticated protocol and awareness and ensure your organization is a safe working zone.

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