The Cyber Threat Landscape In A Glance: 2024

DMARC Report
DMARC Report
The Cyber Threat Landscape In A Glance: 2024

The last couple of years have seen a significant surge in the number of cybercrimes. Be it instances of extortion or ransomware, these fraudulent activities have resulted in huge financial losses across the globe. Both the corporate and the business world are facing cybercrime risks

Physical supply chains, health, and the IT sector are the worst hit. Threat actors are matching the pace with scientific advancement to stay ahead of cybersecurity tactics.

Ransomware Threats On The Rise!

According to the Allianz Risk Barometer 2024 report, ransomware attacks can cost as much as $265bn annually by the beginning of the next decade. In 2023 alone, ransomware activity rose by 50%. Also, the latest technology and ease of access enable these threat actors to carry out ransomware activities more easily and swiftly. 

With time, the impact of these ransomware attacks is increasing at a steep rate. By gaining access to supersensitive commercial information or personal data, phishing actors impart huge reputational damage and financial harm to the victims. As per Allianz’s report, instances of data exfiltration increased by almost 80% in 2022

With generative AI being so easily available, threat actors are now leveraging AI tools to facilitate ransomware attacks with a higher degree of precision

Cyber Exposure Concerns In The Upcoming Time 

Data breach risk is the top concern for companies and businesses in 2024. Cyberattacks that affect physical assets and critical infrastructure can also pose a big threat. Excessive digital reliance and confusion in the geopolitical arena further increase the risk of ransomware threats

Artificial Intelligence- A Boon for Threat Actors!

AI or artificial intelligence has ushered in endless advantages, especially in the digital sphere. However, just like the two sides of a coin, AI also has its fair share of cons. Artificial intelligence is being used by threat actors on a global scale to facilitate phishing activities seamlessly

For instance, phishing actors prefer using ChatGPT and similar generative AI tools to generate malicious emails, text messages, and other scripts that look much more professional and convincing. AI also enables scamsters to carry out these fraud activities quickly. It allows them to bypass the system of naive users by sounding authentic and real. 

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Cybersecurity experts have already witnessed a surge in the number of polished, precise, and error-free emails and messages being sent out in bulk by threat actors.

Another major cause of concern is voice simulation, which is primarily used by phishing actors to emotionally blackmail the victims to share personal details or even their hard-earned money. Equally traumatizing is the increase in instances of deepfake videos, which are used to blackmail people for monetary and other similar gains.

Mobile Devices- A Treasure Trove of Data for Threat Actors

With more and more smartphones being easily accessible and storing personal and work data on the same device, these smartphones are slowly becoming the top favorites among phishing actors. The remote work culture also has contributed significantly to cyberattacks as more and more employees and team members have been using the same device to access their corporate as well as personal networks. 

Mobile devices are more prone to cyber threats than laptops because of weak and penetrable security features. Since these are personal gadgets and do not come equipped with high-end security features, it gets relatively easier for threat actors to install malware through downloads. Using public Wi-Fi is another major cause of concern as it can be hacked easily by threat actors to gain access to all the sensitive details on your smartphone.

Cybersecurity is Lagging Behind!

Firstly, the threat actors always stay on their toes to maintain an upper hand when it comes to learning and misusing the latest technology. They never miss an opportunity to stay ahead of the security measures.

On top of that, the demand for cybersecurity professionals is way higher as compared to the current supply. According to the report of Allianz Risk Barometer 2024, the global cybersecurity workforce is facing a shortage of whopping 4 million experts

Due to lack of cybersecurity engineers and other skilled personnel, it gets increasingly difficult to match pace with cybercriminals. 

In a Nutshell

Cyber threats are real and the attackers are not in a mood to stop anytime soon. The best thing to do is to integrate cybersecurity measures and keep a vigilant watch on day-to-day digital activities. Leveraging early detection tools is another smart move to keep cyber threats at bay.

Also, staying in tune with the latest trends in the cybersecurity industry can minimize the chances of cybercrime.  Particularly, implementing robust email authentication protocols such as SPF, DKIM, and DMARC can greatly reduce the risk of phishing attacks. This involves practices such as two-factor authentication and secure email gateways that verify the sender’s identity before the recipient can open the email. These strategies are vital in protecting both individual and corporate information from unauthorized and malicious access.

Concerned authorities should run programs and take initiatives to spread awareness and promote digital literacy.

As we all know, prevention is better than cure, so it is better to be agile and stay well-informed to fight against the increasing menace of cyberattacks.

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