In 2024, there is no one target for cybersecurity threats. From individuals browsing on social media, to laptops in small businesses and multinational corporations relying on tech to run their operations, everyone is at risk.
Essentially, every time we log on, we’re accessing a huge interconnected digital network, which harbours malicious threats. And although developers and cybersecurity experts are continually working to combat these threats, hackers are always evolving. So, regardless of how and where devices are used, we will always experience some data security risk.
Beaming reported that approximately 1.5 million UK businesses experienced some form of cybercrime in 2023. And, if you believe your business hasn’t got anything worth stealing, you would be wrong. Despite the latest headlines about large company breaches, these are not as predominant small business attacks. This is typically due to small businesses having fewer cybersecurity resources to defend their systems. In fact, the same study indicated that cybercrime in small-to-medium sized enterprises (SMEs) is on the rise.
So, to help keep your business alert, we’re going to share some of the top cybersecurity threats out there. As we’ve mentioned, threats are continually evolving, so your first line of cyber defence is to know your enemy.
Cybersecurity threat predictions
In its annual Threat Horizon study titled The Disintegration of Trust, the Information Security Forum released some cybersecurity threat predictions. Here are just a few examples of their predictions which we can already see unravelling today:
- Triple extortion ransomware – in the current double extortion model, hackers encrypt and make data unavailable for the victim. The newest addition to this attack is threatening to publish sensitive information, worsening the impact on affected businesses.
- Attackers damaging data integrity – after businesses have adapted their protections against ransomware attacks, threat actors will soon manipulate data. This means information relied upon for business outcomes will be distorted and real data indistinguishable from false.
- Disruption to cloud infrastructure – moving data to the cloud is anticipated to have not only rising costs but cause massive regional and global internet outages.
The key cybersecurity threats for 2024 and beyond
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Phishing attacks as cybersecurity threats
A phishing attack is where a threat actors send carefully targeted messages to fool people into clicking on a malicious link or downloading a malware-ridden document. The ultimate goal of phishing can vary, but often it leads to ransomware and data breaches.
Phishing is typically considered the biggest cybersecurity threat out there, due to the sheer number of attacks. In 2023 alone, the UK government reported that 79% of businesses experienced a phishing attack. Approximately half of surveyed businesses also claimed they suffered no other type of cyberattack alongside phishing.
In addition, phishing attack campaigns are so successful as they’re largely reliant on human error. However, now that businesses are aware of the dangers and liaise with cybersecurity companies, phishing is evolving with sophistication.
In fact, spearfishing – a more targeted type of phishing – is hugely developing as an attack technique. This tactic aims to steal specific data from selectively chosen victims, such as intellectual property. Alongside this, hackers are using machine learning to rapidly craft and distribute ever more convincing fake messages. This helps entice recipients to “take action” and increase their success rate.
The negative impacts of phishing include anything from stolen user logins and credit card credentials to compromised networks and systems and unauthorised access to private databases. These can lead to long term repercussions such as increased downtime, loss of revenue, and lost customer trust.
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Ransomware as cybersecurity threats
Ransomware is a type of malware deployed by hackers which locks and/or kidnaps databases and holds them for ransom. The victim is then contacted and given instructions on how to retrieve their data.
These attacks are numerous and commonplace for businesses, and a common cause of calls to cybersecurity companies in London. As mentioned, ransomware may be delivered via a phishing attack, as it is sometimes easier to rely on the victim’s mistake. The cost of such attacks – affecting anywhere between small businesses and high-net-worth individuals – rack up billions of dollars annually.
With the increase in Internet of Things (IoT) devices, cloud services and remote workplaces, the attack surface has substantially grown. This means hackers have more entry points available and multiple possibilities to leverage at their disposal. And considering the lucrative reward from a ransomware attack, targeting all kinds of businesses is tempting for hackers.
The rise in Ransomware-as-a-service (RaaS) also fuels the number of ransomware attacks on businesses. This is where cybercriminals put their malware up for auction on the dark web, allowing non-expert hackers to utilise sophisticated code. As a result, cybercriminal activity becomes more accessible, and the pool of potential attackers widens.
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Cryptojacking as cybersecurity threats
Cryptojacking involves cybercriminals hijacking third-party home or work computers to ‘mine’ or search for cryptocurrency. Hackers choose to exploit business systems as they benefit from your greater processing power. Therefore, the more powerful your system is, the more successful hackers can be at generating cryptocurrency.
If hackers manage to bypass your cybersecurity system, they can take control of your infrastructure without your knowledge. This means your business can suffer from higher energy costs, hardware malfunctions, slowed performance and operational inefficiencies. For example, if you rely on tech for customer services and data analysis and your business suffers from cryptojacking, your operations could experience impactful delays.
Moreover, a big difficulty lies in identifying this type of cybersecurity threat. Cryptojacking can be timely and costly for even an IT expert to track and rectify. This makes it harder to spot and report cybercriminal activity and implement protective countermeasures.
In addition, if your business is caught as a victim of cryptojacking, it’s possible you’ve violated security standards. This could lead to significant fines, sanctions and possible legal action threatening the closure of your organisation.
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Cyber-physical attacks as cybersecurity threats
Today, just about everything we rely on to live and run our businesses have been computerised and networked. From banking, power and water to transport and broadcasting, technology is a fundamental aspect of our everyday. This creates a huge vulnerability for critical and national operations.
The most vulnerable cyber-physical systems are present in hospitals, building security and smart grids. Our business dependency on tech which controls the physical world can have huge consequences for not only operations but our safety. Many hackers aim to disrupt or take control of cyber-physical systems, at the expense of medical treatments, building security and surveillance.
Unfortunately, it’s not hard to imagine these cybersecurity threats erupting, as we continually hear of new attacks on hospitals, commercial buildings and industrial systems. Therefore, it is imperative that any cyber-physical infrastructure is strongly authenticated, regularly patched and monitored. Depending on your operations, you may also want to consider encryption, network segmentation and imposing strict access controls.
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State-sponsored attacks as cybersecurity threats
You may think it only happens in espionage movies, but state-sponsored attacks are becoming an increasing risk. This is where nation states leverage their cyber skills to infiltrate other governments and attack critical infrastructure. Such attacks are expected to increase in as we make our way through the mid 2020s and beyond.
And despite the assumption, these attacks affect not only government organisations but private sector organisations. Small, medium and large businesses are at risk for the following key reasons:
- Intellectual property – any data can be valuable in the hands of a business competitor or worse an entire state. Private customer information and above all, intellectual property can be stolen to aid domestic industries. For example, highly sought after trade secrets may be targeted.
- Geopolitical grievances – businesses may also be convenient targets for settling negotiations or fuelling political tensions between states. By attacking privately own critical infrastructure such as energy grids, transportation systems or telecommunications, a country can be threatened to submit to external demands.
- Technological advancements – a cyberattack may allow another state to acquire new technology which can further their own goals. Tech or pharmaceutical companies with emerging innovations may be targeted in the hopes of delaying public rollout and getting ahead.
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IoT attacks as cybersecurity threats
The Internet of Things is rapidly moving from a technological vision to an everyday reality. In fact, GSMA Intelligence predicts that IoT connections will reach more than 38 billion by 2030.
IoT encompass many common workplace devices such as laptops, tablets, routers and webcams. But the range of IoT devices we are incorporating into business settings are almost endless. Other connected devices include smart watches, medical technology, manufacturing equipment, vehicles and even security systems.
However, more connected devices mean greater risk to your business, as IoT networks are particularly vulnerable to cyberattacks. This is partially due to their limited processing power. This means there is often less storage and capability to implement advanced security protections such as firewalls and encryption. The other huge vulnerability lies in the huge attack surface, as we previously mentioned, allowing for numerous cybersecurity threats.
Again, you can imagine the dangers posed to both consumer and business users, if an IoT network is controlled by hackers. In a typical IoT cyberattack, your essential infrastructures and equipment could be locked down and data held for ransom. More severely, your business could face a mass data breach, where your customers’ sensitive data is held for auction.
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Smart medical devices and electronic medical records (EMRs)
Healthcare continues to evolve with digital transformation across all aspects of the sector. From robot-controlled operations and high-tech devices to digitised medical records being shared via online. Undoubtedly, this raises many concerns surrounding privacy, safety and vulnerability to cybersecurity threats.
As the healthcare industry adapts to the digital age, medical data stored expands the network and the potential for harm. Electronically stored medical data is oftentimes not robustly authenticated, making it easier for hackers to bypass systems to steal, control and manipulate data. In fact, compliance and regulations for medical devices currently lack a focus on cybersecurity, instead prioritising logistical aspects of safety and efficacy.
With the expanding potential for remote diagnostics and digitally controlled hospital machine, comes a dangerous threat to the landscape of secure healthcare. Does this mean hackers could remotely compromise a device directly connected to a patient to change dosages or disable vital sign monitoring? In theory, yes.
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Third parties, such as contractors, vendors and partners
Any third party that has access to your business or your IT infrastructure is a risk to your cybersecurity. This is because cybercriminals can target their cyberattacks to more users in an effort to access your organisation’s system.
Therefore, in your IT security plan, maintain a strict eye on how access controls are loosened and restricted. Authorised access should be reassessed and policies adapted whenever key parties or partnerships join or dissolve.
Shockingly, a recent report by SecurityScorecard indicates that third-party attacks have led to 29% of breaches. Healthcare, telecommunications and tech were also reported as the most targeted business sectors for third-party breaches due to their connections.
This is the kind of practical problem you might consider talking to cybersecurity companies or your IT partner about.
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Connected and semi-autonomous vehicles
Driverless cars haven’t exactly gone commercial yet, but our day-to-day vehicles are still deeply network connected. For one thing, onboard sensors are a normal feature, used to optimise vehicle operation and the comfort of passengers. This is typically done through embedded, tethered or smartphone integration.
This progression to a new era of digitally connected cars has skyrocketed in recent years. Currently, approximately 67% of new, registered UK cars are ‘connected’. In fact, it is projected that 100% of UK cars introduced to the market in 2026 will be ‘connected’.
For hackers, this evolution in automobile manufacturing and design means yet another opportunity to exploit vulnerabilities. Whether these attacks are based in theft, harming drivers or threatening to expose private data, hackers are finding new routes to disruption.
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Social engineering as cybersecurity threats
Hacking is evolving faster than we can keep up and cybercriminals are becoming more sophisticated. A key tactic in exploiting users is not simply through technology but also psychology. If a hacker can get the victim to do all the work for them, the work is less.
With these tools they exploit a weakness found in each and every organisation: employees. Using a variety of media, including phone calls, messages, email and social media platforms, these attackers trick individuals into offering them access to sensitive information. That may be through directly giving up sensitive information on what looks like a reputable site from a seemingly legitimate authority. Or it may be through downloading destructive malware which in turn locks away or leaks business data.
Whatever the action, their strategy is the same – drawing your employees to inflict the damage on themselves. The frustrating part is that the clear signs are usually hidden in plain sight:
- Tone of voice – immediate urgency, or an authoritative-sounding voice calling you to act is the first red flag. The hacker may offer an unrealistic punishment or enticing reward to compel you to respond.
- Quality – mass phishing attacks and social engineering tactic often compromise on language, grammar and spelling. These can be the most obvious indicators that a message is not from a reputable or legitimate organisation.
Why we have a people problem
People aren’t simply criminals or weak links in any cybersecurity chain. Many people also exist to provide expert help. Digital savvy, cybersecurity professionals in tech support companies work to protect you in your home, job and business from becoming a victim of cybercrime.
Unfortunately, we’re not producing enough qualified professionals to staff security companies in London. Some estimates indicate that there are now one million unfilled cybersecurity positions worldwide.
This worrying fact gives you all the more reason to educate yourself and your staff about the cybersecurity threats facing your London-based business.
Cyber Essentials could be a good place to start
Cyber Essentials is a UK government information assurance scheme operated by the National Cyber Security Centre (NCSC). It encourages organisations to adopt good practice in data security through a simple and effective approach. By gaining Cyber Essentials accreditation, you gain a clear set of security controls and an assurance framework. These tools function to protect your IT and information from a whole range of common online threats.
There are two levels of certification, depending on your needs, Cyber Essentials and Cyber Essentials Plus, the latter adding a hands-on technical verification.
Gaining a Cyber Essentials certification isn’t just a positive move for defending your business, it’s data and the peace of mind for you and your people. Additionally, it can also reassure your customers, suppliers and partners, proving that you take cybersecurity threats seriously and are working to secure your IT against cyberattacks. Some cybersecurity companies in London can help you to gain Cyber Essentials certification.
When to leave it to the experts
If you’d prefer to run your business while one of London’s highly experienced data security and IT support companies run your cybersecurity, why not reach out to the totality services team today?
Since our launch in 2008, we’ve become one of the most trusted cybersecurity companies in London, with no less than two consecutive Feefo Gold Trusted Service Awards, Five Star ratings from both Trustpilot and Google and a 98% client retention rate.