In terms of cybersecurity, we're entering a new age in 2024, with advanced AI capabilities and intricate social engineering efforts (particularly during election seasons) changing the game. Businesses, governments, and individuals must understand these growing patterns in order to avoid potential cyber risks.
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Rise Of Cybersecurity AI
AI's involvement in cybersecurity will extend to include automated responses and predictive analytics by 2024. It is about anticipating future cyber dangers by evaluating historical data and current patterns and taking preventive measures in advance.
Integrating artificial intelligence (AI) into cybersecurity systems helps improve threat detection and incident response. For example, artificial intelligence can detect anomalies or deviations that may suggest potential security issues. Attacks that were previously unnoticed can now be detected.
With the sophistication of cyberattacks increasing, AI's capacity to scan large databases and discover trends will be critical. AI is predicted to become a cornerstone in cybersecurity solutions as it has become an important part of cybercriminals' toolkit.
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Election Year Disinformation
Election years are ideal for social engineering and disinformation operations, and there's no reason to think 2024 would be any different. As political tensions rise, so do attempts to sway public opinion and undermine democratic processes.
Cybercriminals use sophisticated social engineering strategies to propagate misinformation by exploiting societal tensions. During the previous election season, the FBI also issued a warning about cybercrime targeting election officials.
In 2022, Americans lost $10.3 billion to online scammers, emphasizing the importance of regular staff security awareness training, which includes exercises to assist identify social engineering strategies and phishing efforts. As a preventive strategy against threat actors, the use of open-source intelligence technologies (OSINT) to identify network vulnerabilities is advocated.
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Escalation Of Ransomware Attacks
In 2024, ransomware remains a severe threat, with methods becoming more complex and negotiations becoming more aggressive. According to Cybersecurity Ventures, global cybercrime damages are expected to top $10.5 trillion by 2025.
This worrying escalation necessitates strong backup measures, personnel training, cyber insurance, negotiation skills, and incident response plans. Companies can emulate external threat hunters by doing duties such as penetration testing, network integrity validation, detecting illegal activity, and monitoring for suspicious behavior.
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AI-Based Predictive Social Engineering
In 2024, there will most certainly be an increase in AI-based predictive social engineering, as well as a troubling merging of AI and social manipulation tactics.
Using AI, fraudsters can exploit human flaws like impulsiveness, avarice, and curiosity to develop more convincing tailored phishing campaigns at scale. The FTC has received reports of AI-enabled social engineering attacks.
This new trend highlights the importance of conducting AI risk assessments and outsourcing knowledge to a virtual AI officer who can step into the role and manage AI-resistant security policies.
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National U.S. Data Privacy Act
Beginning with the European Union's General Data Protection Regulation (GDPR) and extending to California's Consumer Privacy Act (CCPA), the progression of data privacy regulations is paving the way for the establishment of a national data privacy act in the United States known as the American Data Privacy and Protection Act.
With five states' privacy legislation going into force in 2024 and additional data breaches costing businesses an average of $4.45 million, enacting a national data privacy standard is more important than ever.
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Cyberattacks On Cannabis Retailers
As it transitions to digital platforms, the booming cannabis business, particularly retailers, is becoming increasingly exposed to cyberattacks. Because of forthcoming legislation in Congress, banks and credit card firms may begin to accept electronic payments and ACH transfers from cannabis businesses, and the distance between point of sale (PoS) systems and potential data breaches narrows dramatically.
Human error and complacency pose significant risks, and the industry's embryonic embrace of digital technologies makes it an appealing target for cybercrime. Retail dispensaries must emphasize cybersecurity in order to protect their customers' data and financial transactions, as the industry's so-called "green rush" attracts the unwanted attention of threat actors.
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Zero Trust Elevates To Boardroom Status
The concept of zero trust in cybersecurity, similar to the advent of anti-virus software in the 1990s, is expected to become a common issue in boardroom conversations by 2024. The implementation of zero trust is no longer a technological nicety, but rather a commercial imperative.
The widespread adoption of zero-trust architectures, which are based on the idea of "never trust, always verify," represents a paradigm shift in security tactics, emphasizing constant verification of every user and device, independent of location or network.
This strategy shift raises cybersecurity from a technical problem to a critical business function critical to the protection of organizational assets.
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FEMACyber Insurance
To make a bold and unusual prediction, FEMA, the federal agency recognized for last-resort flood insurance, may be called upon to serve as a model and backstop for cyber insurance policies not covered by commercial carriers in the future.
With traditional insurance carriers pulling out of high-risk areas like Florida as a result of catastrophic weather disasters, there is an increasing demand for federal action. As commercial insurance alternatives become restricted, a FEMA initiative could potentially underwrite key services such as airports, hospitals, energy and water treatment plants.
The increasing complexity of cyber threats, which underscores 2024 security trends, emphasizes the necessity for improved mitigation techniques. To traverse the security landscape and maintain a comprehensive, future-ready cyber defense, organizations will need to grasp these trends, ensure they enable best practices, and consider partnering with outsourced cybersecurity expertise.
