The cybersecurity landscape has changed a lot. No longer are we relying on simple firewalls and reactive antivirus software. Today, forward-thinking cybersecurity service providers can help industry leaders fight a much more sophisticated battle.
Unfortunately, this is necessary. Every year, there are new threats and advanced attack strategies.
How is the cybersecurity landscape adapting to keep you and your data safe?
Great question. Let’s peek into the future to determine what trends in cybersecurity your team needs to know going forward.
Constantly Changing Attack Patterns: More Sophisticated Cyber Threats
Those familiar with today’s cybersecurity landscape know attackers are getting creative. Some of the slyest, most concerning threats involve attackers using common tools or targeting new-normal paradigm shifts to exploit vulnerabilities and operate undetected.
For example, where yesterday’s cybercriminals may have focused on circumventing relatively simple encryption, today we’re seeing:
- Advanced extortion tactics, or schemes that involve stealing sensitive data and threatening public exposure.
- Cryptojacking, which occurs when attackers secretly use victims’ computing resources to mine cryptocurrency.
- AI-powered dynamic attacks, such as adaptable malware and eerily convincing phishing attempts.
- Deepfake technology, or the creation of realistic video and audio forgery to trick victims into divulging sensitive information.
- Internet of Things device vulnerabilities, as many IoT devices lack robust security.
- Remote work setups, which may allow cybercriminals to take advantage of insecure Wi-Fi to pose phishing attacks or pursue confidential information.
In today’s cybersecurity landscape, these threats pose distinct challenges. In 2023, the number of new multi-point extortion ransomware groups grew at a concerning rate. And, according to the 2023 SonicWall Cyber Threat Report, cryptojacking incidents spiked by an alarming 399 percent compared to 2022, marking 2023 as “The Year of Cryptojacking.”
Unfortunately, we don’t see these threats going away anytime soon. As tech and AI continue to evolve, the upcoming years will only bring more security challenges.
To meet these challenges, the cybersecurity industry will need to invest in continuous innovation and maintain constant vigilance.
Shining a Spotlight on Business Email Compromise
Business email compromise, or BEC, exploits authentication fatigue.
It’s understandable—dealing with multi-factor authentication takes time. But when attackers take advantage of user weariness with constant password changes to collect their data, monitor communication patterns, and otherwise gain unauthorized access, it’s clear that there’s a problem.
And the problem is more pervasive than you may think.
“Business email compromise is on the rise in ‘23. It’s this idea that our account password got nailed, our MFA was tricked. Stolen credentials and MFA fatigue are very common. Eighty-four percent of businesses have experienced some type of email compromise.” — Keith Johnson, Chief Operating Officer, Logically, Innovations Unveiled: Reflecting on 2023 and Previewing the Future Landscape
The solution? Modern cybersecurity strategies that could help combat BEC include increased employee training, email filtering, endpoint protection, behavioral analytics (to detect compromised accounts), and constant security assessments.
What’s Coming in 2024?
There are several key developments on the horizon of the 2024 cybersecurity landscape, including:
- Software-as-a-service (SaaS) security posture management, or a growing focus on managing SaaS applications to support a more efficient threat response.
- Adoption of AI for operations (AIOps) in security to enhance threat detection and response.
- Automation within cybersecurity to help security solutions run through previously overwhelming amounts of data.
As the industry changes and businesses grow more aware of automated and AI-fueled threats, we expect to see upgrades in threat education and privacy-preserving technology. There may also be growth in the cyber insurance market as corporations seek to mitigate financial risks from cyberattacks. This is an incredible time to be involved in the cybersecurity landscape—as long as you have a finger on the pulse of everything that is happening. Which, of course, can be a lot to take in.
Fortunately, that’s where we come in.
Your Cybersecurity Solutions Can Be Two Steps Ahead of Emerging Threats
As we navigate the continuously changing cybersecurity landscape, businesses must adopt a proactive stance. To stay two steps ahead of emerging threats, consider these key strategies:
- Regular security assessments: Regularly evaluate and update your security measures to address new vulnerabilities.
- Advanced threat detection: Implement cutting-edge solutions for early detection and response to potential threats.
- Employee training and awareness: Foster a security-conscious culture through ongoing training and awareness programs.
As we look forward to 2024 and beyond, investing in secure solutions means investing in agility, resilience, and constant improvement in our cybersecurity strategies. If you’re interested in elevating your knowledge about the future of cybersecurity, join us for an in-depth exploration in our LogicON-Demand session, “Innovations Unveiled: Reflecting on 2023 and Previewing the Future Landscape.”
In the meantime, call your cybersecurity team at Logically to schedule a security assessment so you can begin 2024 with confidence.