4 Key Cyber Risk Trends to Watch Out for In 2024

There is no denying that cybersecurity has done a lot for the tech space, but it comes with serious issues that affect everyone, including businesses. The widespread use of technology and its need for connection give way to certain risks. There have been many security vulnerabilities since the internet came to fruition. 

These malicious assaults can vary in severity from simple annoyances to devastating, and they will undoubtedly persist as long as the internet continues to churn. However, despite how frightening it may seem, many typical security dangers can be identified and avoided. This article examines the many security threats and vulnerabilities modern businesses must contend with and how to gain assurance.

Cyber Risks Trends

Here are some key cyber risks that businesses should look out for in 2024:

AI

As artificial intelligence (AI) technology continues to advance in sophistication, so do security issues and potential misuse. Hackers can carry out criminal actions like fraud using the same AI technologies intended for human benefit. 

While most businesses' reliance on AI for operations is growing, they need to be aware of potential security risks and take precautions to avoid them. The dangers associated with AI security include data poisoning, manipulation, and automated malware. They may also be subjected to impersonation and hallucinations.

Quantum Computing, 5G, & Other New Tech 

The development of cutting-edge technologies like 5G networks and quantum computing is happening very quickly. While these innovations have many benefits, they also come with cyber security issues associated with business safety. Quantum computing threatens widely used encryption techniques like RSA and ECC, endangering critical data integrity and privacy. 

Hackers could manipulate data using quantum capabilities, jeopardising the security of companies' systems and perhaps causing catastrophic breaches. Conversely, the widespread rollout of 5G networks has increased the surface of malware attacks by introducing more devices and greater data transfer rates.

Disinformation as a Service 

Disinformation is a growing cyber threat that is affecting many businesses. Its ability to originate from anywhere makes it one of the main threats. The fact that it is not against the law is another factor contributing to its serious risk to businesses. There is no legal framework that governs the dissemination of incorrect information.

Also, social media sites and search engines are not required to modify their algorithms to lessen the likelihood of false content. Furthermore, pursuing the perpetrators of misinformation campaigns is sometimes an expensive and fruitless endeavour. The bottom line is that the business will suffer financially and in terms of reputation.

Cyber Crime Becoming a Profitable Business Model 

Cybercriminals have developed a business model targeting several victims in a single campaign. Due to its numerous financial benefits, the cybercrime business model has quickly turned some hackers into multimillionaires. The emergence of a new "dark industry" and increased return on investment have made the distributed model the most popular type of cybercrime.

Nowadays, most organised crime groups that target businesses create malware using this distributed model. Then, they attack them using expert platforms, distribution services, and infection specialists. They can take tiny sums of money from several victims rather than focusing all their efforts on breaking into high-quality targets. 

How to Gain Assurance from Cyber Risks

There are various ways businesses can protect themselves from the aforementioned cyber risks. We’ll provide some of the most popular options below.

GRC

GRC (governance, risk management, and compliance) software provides solutions that link compliance with current legislation and corporate objectives. This assists businesses in navigating complicated cybersecurity environments. It guarantees that compliance initiatives are not compartmentalized but rather included in the overarching company plan.

The aspects of GRC software that deal with risk assessment and management are crucial in achieving alignment. These assess cybersecurity threats based on their significance from a strategic and operational standpoint. Businesses can efficiently allocate resources and create compliance plans that minimise various risks without compromising company growth.

Data Privacy

Data privacy often pertains to the management of sensitive personal data. This may include credit card and bank account details, social security numbers, medical records, and financial information. It involves keeping information private from third parties looking to use it for bad things. Businesses can reduce their risk of fraud and identity theft by keeping control over their personal data.

Data Protection

A business owner understands the importance of protecting their personal information. Preventing data theft is the goal of data protection since it protects a company from the expensive fallout of a successful hack.

Data protection includes any efforts to safeguard data, whether they be administrative, technological, physical, or legal. It employs mechanisms or encryptions to guard against unauthorised access, use, change, and destruction of computer software, systems, and networks.

Business Continuity & Crisis Management

Resilient businesses are known to handle difficult situations. To achieve this reliance, they had to understand, develop, implement, and validate effective crisis management within the framework of several disciplines.

Businesses that practice crisis management are better equipped to handle unforeseen circumstances and occurrences. It facilitates employees' smooth transition to unexpected organisational changes. With the right training, they can understand and assess the crisis's underlying causes and choose the most effective strategy to address them. It also allows managers to recognise early signs of a crisis, alert staff members to the potential implications, and take all required safety measures.

Conclusion

In summary, while these technological advancements offer numerous advantages, they also involve some risks. Stay updated on the latest and most common cyber threats and how to protect your business against them.