2024 may not be close yet, but experts are already identifying new security threats that your business could face. Why is this important? That’s because the average cost of security or data breaches reached a record high of $4.3 million in 2022 alone, according to a data breach report by IBM.
Without the right prevention strategies, businesses can lose even more money to such threats or attacks next year. Even worse, these threats will become more sophisticated with time, and knowing what to expect can help businesses identify the best prevention strategies. Thankfully, experts have highlighted some areas worth looking at regarding new business security threats in 2024.
Cloud data insecurity
Reports suggest that about 94% of all companies worldwide use cloud services in their operations. It’s undeniable that cloud services have been, and will continue to be, of immense benefit to businesses.
However, it’s undeniable that the sheer quantity of workloads in the cloud is causing cloud costs or expenses to skyrocket. Some businesses are now considering moving away from cloud solutions. As if that’s not concerning enough, several unforeseen issues may emerge regarding cloud governance, security, compliance, resiliency, performance, and pricing. There’s also a growing fear of storage crashes or outages that might cost businesses billions in lost data.
Artificial intelligence (AI)
Artificial intelligence (AI) is another potential security threat businesses should pay close attention to. While AI is no longer a new phenomenon, it’s expected to pose some security threats if poorly managed. That’s because AI technologies, including cybersecurity, are now applied in many ways in the business world. Although AI has proven immensely important when protecting businesses in many ways, hackers or attackers can easily exploit it.
For example, people can use adversarial machine learning techniques to deceive multiple AI systems in ways that create false negatives and positives in threat detection. But that’s not all; people can use creative engineering attacks powered by AI to copy or manipulate how humans behave, making it difficult to detect. This way, it’s easier to deceive workers or individuals into parting away sensitive business information. And speaking about losing sensitive business information, it’s important to monitor and prevent insider threats, as experts predict this to be another potential security issue.
Insider business threats
As the term suggests, insider threats are cybersecurity risks within the establishment or company. That’s unlike other forms of security threats that are initiated from outside or external attackers. An insider threat typically occurs when a current or former employee, vendor, contractor, or business partner with authorized credentials misuses their access to sensitive business data.
This misuse can be deliberate or by accident, but it will compromise the company’s security. Malicious insiders can exploit their access privileges and steal sensitive data or disrupt business operations in ways that can cause any establishment millions. Unfortunately, insider threats are usually difficult to spot as the ‘intruder’ is already a part of the organization.
Therefore, businesses should implement stringent employee access controls, monitor user activities, and establish clear policies for reporting suspicious employee behavior. There should also be a reliable way of identifying workers. For example, you can provide all employees with photo badges to enhance security in a data-sensitive facility. These badges can be used to restrict access to specific spaces in the workplace. It also helps to invest in regular employee training and awareness programs to foster a security culture and deter potential insider threats.
5G technology represents the 5th generation mobile network. After 1, 2, 3, and 4G, 5G is the new kid on the block. It offers higher upload and download speeds, a more consistent connection, and improved network capacity. But its many benefits for businesses notwithstanding, 5G can pose some security threats. According to some experts, it could increase the attack surface for malicious actors or hackers by introducing new areas of vulnerability.
5G may come with implementing various untrusted and sometimes untested components. These could easily expose a business’s communication infrastructure to malicious software and hardware, significantly increasing security risks. Also, with more devices connected to a 5G network at high speed, businesses will be at higher risk of potential attacks on a larger scale.
Supply chain attacks on your business
From an insider job to an attack on a third-party supplier, supply chain attacks are becoming increasingly common. Some experts predict this worrying trend to continue in 2024. These attacks are mainly directed at trusted third-party vendors who offer vital services or products to businesses. In most cases, these are cyberattacks on supply chain software. According to available statistics, over the past year, more than 61% (three-fifths) of businesses in the US alone have been directly affected by a software supply chain attack.
Moreover, the attacks are becoming more sophisticated, making them a major concern for businesses next year. Some of the most common forms of supply chain attacks include stealing third-party or supplier certificates that vouch for the legitimacy or safety of a company’s product. In such attacks, the attacker can easily peddle malicious codes under the guise of an attacked party’s certificate. The only way to prevent this is for businesses to thoroughly vet their suppliers, examine their security practices, and draw out clear guidelines for security requirements.
Finally, there’s also the threat of quantum computing. In simple terms, it combines computer science, physics, and mathematics to solve problems faster than traditional computers. When applied to business, it will enable companies to optimize their investment strategies with more accurate market predictions, discover new products, and improve encryption, among other benefits.
However, despite its promise of many benefits, quantum computing is still in its early stages and can pose some cybersecurity threats. Many people expect quantum computing to advance next year, but not without some security worries.
For example, there’s an increased risk of compromised encryption algorithms, as traditional encryption methods may become obsolete. The best way to avoid this threat is to implement quantum-resistant cryptographic solutions with the help of industry experts to stay ahead of the curve regarding quantum computing threats.