Cybersecurity experts and hackers have been locked in a global conflict since 1988, when the first computer virus was launched. The so-called Morris worm, unleashed from a computer at the prestigious Massachusetts Institute of Technology (MIT), infected upwards of 6,000 computers within 24 hours, resulting in millions of dollars in damages. Since that pivotal moment, cybersecurity professionals have diligently worked to create ways to protect the digital assets in business networks, while cybercriminals have devised insidious schemes to exploit the creativity and hard work of others. As cybercriminals continue to sharpen their technological tools, businesses should remain vigilant for these threats in 2024.
Biggest Cybersecurity Threats for Small Businesses
Ransomware-as-a-Service
Ranked among the most significant threats in the cybersecurity landscape, ransomware-as-a-service has changed the playing field. Prior to criminal software developers essentially renting out their malicious creations, ransomware was generally reserved for relatively highly skilled digital thieves. But now that garden variety hackers can trade cryptocurrency for a ransomware subscription, businesses should anticipate an unprecedented wave of ransomware attacks. These attacks have the potential to cripple businesses, as seen in the case of the Colonial Pipeline cyberattack in 2024. A gang of Gen Zers, known as Scattered Spiders, received a reported $15 million crypto payment to restore Caesars’ systems and put MGM in manual mode, highlighting just how serious ransomware-as-a-service has become. This means that low-level hackers now have access to tools and technologies previously reserved for the most notorious threat actors.
Social Engineering Expected to Escalate
As the popularity of social media and professional networking platforms continues to rise, hackers are presented with a unique opportunity for social engineering attacks. By identifying company executives and staff members on social media, online scammers can use the information gathered to gain trust and deceive employees into providing login information or other sensitive data. This method was evident in the MGM and Caesars casino hacks, where a help desk employee, thinking they were speaking to a legitimate employee, gave hackers a one-time password. The vast amount of personal information available on social media provides cybercriminals with ample ammunition to carry out social engineering attacks.
Internet of Things (IoT) Threats to Expand
As everyday people add popular technology gadgets to their lives, an increased number of hacker entry points are being created. Smartphones, kitchen gadgets, internet-linked televisions, and thermostats use advanced technologies and are often synced with the same devices staff members use to log into business networks. This expansion of an organization’s threat surface invites cybercriminals to leverage IoT products to infiltrate organizations digitally. Companies would be well-served to create IoT device policies and ensure they do not make an entry point for hackers.
Zero-Day Vulnerabilities
Zero-day attacks involve exploiting a flaw in a software application to breach a system. In 2023 alone, there were over 29,000 vulnerabilities, making patch management a significant challenge for organizations. As businesses diversify their technologies, tools, and software, emphasis on maintaining, patching, and eliminating outdated applications will prove to be crucial in protecting against zero-day vulnerabilities.
Human Error Continues to Plague Businesses
A study conducted by Stanford researchers discovered that 88% of data breaches are the result of human error. This highlights the need for businesses to educate their workforce about ongoing and emerging threats. Regular cybersecurity awareness training is critical to equip employees with the knowledge to identify scam emails and social engineering schemes.
In summary, businesses should remain on high alert for cybersecurity threats in 2024. From ransomware-as-a-service and social engineering attacks to IoT vulnerabilities, zero-day vulnerabilities, and human error, the landscape is fraught with potential risks. Proactive measures such as creating IoT device policies, enforcing regular cybersecurity training, and maintaining patch management will be essential in safeguarding business networks.
About the Author
John Funk is the inbound marketing manager for SevenAtoms, a digital marketing agency based out of the Bay Area. A lifelong storyteller, he relishes finding new ways to communicate in the digital medium and can often be found playing Dungeons & Dragons. SevenAtoms website: www.sevenatoms.com. Connect with John on LinkedIn.
