2024 Cyber Reality: Perils for Businesses in the Digital World

January 12, 2024
2 mins read

TLDR:

The last 12 months have been difficult for businesses from a cyber perspective, and it is predicted that 2024 will become even more dangerous. Cyberattacks carried out by criminal groups have caused significant damage to businesses in various sectors. Cybercrime has become a lucrative endeavor for these groups, and the global cost of cybercrime is expected to reach $10.5 trillion by 2025. As technology advances, businesses face new threats such as AI adoption by cybercriminals and the use of deepfake technology. Additionally, state-sponsored cyber activity is causing disruption to businesses, with conflicts in Europe and the Middle East leading to a “cold cyber war” between various nations. Businesses need to take the rising cyber threat seriously and work proactively to understand their risk and improve their cyber posture.

Key Points:

  • The global cost of cybercrime is projected to reach $10.5 trillion by 2025.
  • Advancements in technology like AI and deepfake are making it more difficult for businesses to defend against cyberattacks.
  • AI adoption by cybercriminals allows for automated email campaigns and easier execution of phishing attacks.
  • Deepfake technology enables cybercriminals to create fake images, audio, or videos, increasing the risk of social engineering attacks.
  • State-sponsored cyber activity between nations has created a “cold cyber war,” leading to targeted cyberattacks on businesses.

In 2023, cybersecurity became a huge focus for businesses as cyberattacks caused havoc, damage, and disruption across all sectors. Cybercrime has become a highly profitable crime, with the global cost projected to be $10.5 trillion by 2025, making it the most costly crime globally. However, the situation is expected to worsen in 2024 due to advancements in technology and deteriorating global relations.

AI adoption by cybercriminals is one of the biggest threats businesses will face. AI allows cybercriminals to automate attacks, making phishing campaigns more effective. Criminal groups can send thousands of malicious links to potential victims and export stolen or encrypted data from networks. The lowering bar of entry for cybercriminals poses a significant risk to businesses.

Deepfake technology, powered by AI, allows cybercriminals to create fake media of individuals’ likeness, including faces and voices. This presents a major problem for businesses as cybercriminals can use deepfakes to trick employees into revealing sensitive information or performing actions that compromise security. Human behavior plays a critical role in cybersecurity, and the rise of deepfake technology is likely to increase data breaches caused by human mistakes.

State-sponsored cyber activity is another danger for businesses. Conflicts in Europe and the Middle East have led to a “cold cyber war” between nations. Countries like Russia, North Korea, and Iran target western regions to cause disruption and damage. Private criminal gangs are often commissioned to carry out cyberattacks on specific targets. Even businesses that may not seem like obvious targets can be disrupted to cause confusion for a country’s population.

To navigate this worsening cyber threat landscape, businesses must understand their risk, take proactive steps to mitigate threats, and continuously monitor and improve their cyber posture. It is crucial for businesses to prioritize cybersecurity to ensure their operations and sensitive data remain secure in the face of evolving cyber threats.

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