7 Biggest Cybersecurity Challenges in 2024

IOT Cyber Threats

The rise of Internet of Things (IoT) devices has significantly enhanced business operations, but it has also opened new opportunities for cyber threats. With over 64 billion IoT devices projected to be installed globally by 2026, cybercriminals are increasingly relying on these devices to gain and transmit sensitive data. Espionage, snooping, and theft of company secrets are just a few examples of the activities made possible by compromised IoT devices. As IoT gains traction, enterprises must prioritize securing their interconnected devices to mitigate potential cyber threats.

Ransomware Attacks

Ransomware attacks continue to be a prominent threat, with a staggering spike in costs reaching $449.1 million in the first half of 2023. Small and medium-sized businesses are particularly vulnerable, experiencing a 40% increase in daily ransomware attacks. The lack of enterprise-grade security leaves businesses exposed to these attacks, emphasizing the need for robust cybersecurity measures to protect themselves against ransomware threats.

Cybersecurity Skills Gap

The digital transformation of businesses has highlighted a significant challenge — the cybersecurity skills gap. As organisations evolve digitally, the limited availability of skilled cybersecurity professionals damages their ability to upkeep their cybersecurity. Recent studies indicate a staggering 3.5 million open positions in the field, emphasizing the urgency for addressing this skills gap to maximize cybersecurity investments.

AI-Based Threats

The deployment of cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) has not gone unnoticed by cybercriminals. AI-based tools, such as Fraud GPT, are easily available on the dark net, enabling hackers to orchestrate sophisticated attacks, even without extensive knowledge. The use of AI in cyberattacks poses a major threat to enterprises in 2024, requiring advanced defences to counteract these techniques.

Supply Chain Attacks and APTs

The reliance on third-party software, hardware, and services exposes organisations to supply chain attacks. Recent incidents like the 3CX, log4j, and MOVEit breaches emphasize the catastrophic impact of vulnerabilities in third-party components. Additionally, state-sponsored Advanced Persistent Threats (APTs) pose a long-term risk to enterprises, jeopardizing sensitive information and essential services.

Social Engineering

Human error remains a favourite vulnerability for cyberattackers, who exploit a lack of cybersecurity awareness among individuals and profit from it. Over 70% of data breaches result from human errors, and 98% of cyberattacks leverage social engineering techniques to deliver malicious payloads. Phishing, in particular, continues to be the tool for attackers, orchestrating various cyber threats such as ransomware attacks and data breaches.

Not Enough Funding = Not Enough Cyber Readiness

Surprisingly, in 2024, cybersecurity still isn't a top priority for many organisations. Despite increased awareness, some still treat cybersecurity as a secondary concern, leaving themselves open to cyber threats. Adequate budget allocation is crucial for implementing robust cybersecurity measures and navigating the cyber world effectively.

In light of these challenges, businesses must prioritize cybersecurity to safeguard their operations and sensitive data. CDeX offers a comprehensive training platform that provides visibility, precision, and a proactive defence against the cyber threats, enabling enterprises to operate safely and invest in the skills of their current and future cybersecurity specialists.