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In a recent article on Tech Wire Asia, writer Aaron Raj details the key cybersecurity threats that are expected to wreak havoc in 2024. While cybersecurity spending is projected to reach $215 billion in 2024, cybercriminals continue to get smarter, making it crucial for organizations to stay ahead of the game. According to Raj, two main threats to watch out for in 2024 are AI-generated phishing attacks and the increasing bypassing of multi-factor authentication (MFA) by cybercriminals.
Ransomware attacks are expected to remain a major concern in 2024. These attacks have dominated most cybersecurity incidents in 2023 and are likely to continue. Although some businesses have opted to pay the ransom to recover their data, this practice is not recommended by cybersecurity experts. Countries like Australia and Singapore are also enhancing their regulations to ensure that businesses take data security more seriously and are accountable for any cybersecurity incidents.
Generative AI is another technology that Raj highlights as a potential cybersecurity threat in 2024. While AI can be beneficial in finding vulnerabilities in software, cybercriminals are also using generative AI to improve their attacks. For example, cybercriminals can now use generative AI to launch phishing attacks in different languages, including Mandarin, Japanese, Korean, and Hindi. Email security solutions trained to detect phishing attacks in English may miss phishing attempts in local languages, putting employees at risk.
MFA, which has been successful in preventing certain types of attacks, is also being bypassed by cybercriminals. Attackers have developed methods to bypass MFA, ranging from simple tactics like bombarding victims with MFA push notifications to more complex techniques like SIM swapping. As cybercriminals find new ways to bypass MFA, organizations will need to be more attuned to unusual activity and consider using AI or ML to learn patterns of life.
In conclusion, Raj notes that businesses need to prepare themselves for cybersecurity threats in 2024 by staying ahead with the latest technologies and a deep understanding of cybersecurity practices. With the rapidly evolving nature of cyber threats, it is crucial for organizations to allocate sufficient resources to protect themselves and their users.
