Types of cyber attacks to look out for in 2024

As we progress through 2024, the importance of staying ahead of the numerous types of cyber attacks becomes paramount. The digital domain faces constant threats as cybercriminals develop progressively sophisticated methods to breach defences.

Phishing Attacks

One of the primary threats demanding our attention is the evolution of phishing schemes. These deceptive attacks have become more sophisticated, presenting a notable threat to both individuals and organisations. Cybercriminals are employing advanced tactics, such as spear-phishing, to tailor their approach and increase the likelihood of success.

In 2023, phishing emerged as a prominent threat, constituting 36% of all data breaches in the US. The fourth quarter alone saw 1339 brands targeted by these malicious schemes, with the total number of unique phishing sites reaching a staggering 5 million. Notably, phishing attacks ranked as the second most expensive source of compromised credentials for the year. Meanwhile, healthcare sustained its long-standing position as the most financially burdensome sector for data breaches, maintaining its lead for 13 consecutive years. However, other industries witnessed a shifting momentum, indicating evolving cybersecurity landscapes across various sectors.

Ransomware Attacks

Ransomware attacks, once predominantly targeting large corporations, have now diversified their scope. Small businesses and individuals are increasingly falling victim to these malicious campaigns. The attackers’ motives extend beyond financial gain, often aiming to disrupt critical services and compromise sensitive data.

Ransomware continues to target critical sectors in 2023, notably education, construction, government, media, and local government. Schools, both K-12 and higher education, reported significant attack rates, with notable incidents including the Los Angeles Unified School District breach. Construction and property businesses saw a sharp rise in attacks, while central and federal governments globally faced a 70% attack rate. Media and entertainment industries also experienced substantial threats alongside local and state governments, prompting considerations of ransom payment bans in certain states.

Deepfake Technology

The rise of deepfake technology adds a new dimension to the cybersecurity landscape, especially concerning identity theft. As these artificial intelligence-generated impersonations become more convincing, individuals should be cautious when disclosing personal information online.

In January 2024, a deepfake robocall impersonated President Joe Biden, urging New Hampshire voters to skip the state’s primary election. This incident underscores concerns about AI’s potential for spreading misinformation. Globally, AI-generated audio recordings have influenced elections, while in finance, a worker was duped into paying $25 million after a deepfake video call impersonated the company’s CFO.

Internet of Things (IoT)

The rise of Internet of Things or IoT devices has created a breeding ground for cyber threats. Attack vectors are expanding as these interconnected devices become more integral to daily life. Securing IoT devices is vital, and individuals and businesses alike must prioritise regular updates, strong passwords, and network segmentation to mitigate potential vulnerabilities.

In the initial months of 2023, there has been a significant surge in cyber attacks targeting Internet of Things (IoT) devices, with a striking 41% increase in the average weekly attacks per organisation compared to the previous year. A staggering 54% of organisations encounter attempted cyber attacks on their IoT devices every week on average. European organisations also suffered from these attacks, being the primary targets, followed closely by those in the Asia-Pacific (APAC) and Latin America regions.

Cryptojacking

Cryptojacking, another rising threat, entails attackers covertly utilising victims’ computing power for cryptocurrency mining. This sly exploitation can lead to compromised system performance and increased energy consumption. Maintaining vigilant cybersecurity hygiene, including the use of reputable security software, can help prevent falling victim to cryptojacking schemes.

A recent breach in Korea’s Daejeon City administrative system revealed cybercriminals accessing administrator passwords to implant malware for crypto mining. Discovered during a government audit on June 2, 2023, the incident prompted action from Daejeon City’s cyber department, which alerted South Korea’s National Intelligence Services.

These cryptojacking attacks exploit victims’ devices for cryptocurrency mining. In 2023, cybersecurity researchers reported a significant rise in cryptojacking attacks, exceeding 332 million, nearly tripling from the previous year’s volume.

State-sponsored cyber attacks

State-sponsored cyber attacks, carrying the potential to compromise both national security and commercial enterprises, continue to be a prevailing concern. Governments and organisations must collaborate to enhance cybersecurity measures, share threat intelligence, and fortify critical infrastructure to counter these highly sophisticated attacks effectively.

For instance, the Philippines faces significant challenges from elusive state-sponsored foreign actors, necessitating a recalibration of its cyber defence strategy. Recent years have seen numerous Philippine government agencies targeted by cyber attacks, including law enforcement and health pension systems. More recently, China-based hackers targeted the Philippine Coast Guard.

 

A proactive cybersecurity stance is crucial to defend against various types of cyber attacks.

 

In navigating the cybersecurity landscape of 2024, embracing an adaptive and proactive stance is essential to thwart various types of cyber attacks. Consistently updating security protocols, investing in advanced cybersecurity solutions, and promoting a culture of awareness and education are crucial elements for a resilient defence against the ever-growing cyber threats on the horizon.

By staying informed and embracing a proactive approach, individuals and organisations can fortify their digital resilience and thwart cybercriminals in their tracks.