cybersecurity challenges 2024: are your teams prepared?

The threat to businesses from cybercrime is ballooning, and the statistics are staggering. Over half a million new pieces of malware are detected every day, amounting to more than 1 billion pieces in circulation. And an astonishing four companies fall prey to ransomware attacks every single minute.

As organizations increasingly turn to cloud ops and hybrid work schedules, their attack surface grows, and with it, their security vulnerabilities. However, the number of experts with the right skills to tackle today’s cybersecurity challenges is struggling to keep up with demand.

Before tackling a problem, you need to know what you’re up against. Here are three cybersecurity challenges you’ll face in 2024:

data breaches

Companies are capturing more personal information than ever, which is highly valuable to hackers. Not only can a data breach put your business at risk of legal action, but it can have long-term impacts if customers lose trust in your organization. The average cost of a breach hit $4.45 million in 2023, an increase of 15 percent since 2020.

escalating complexity of attacks

A prime instance is social engineering. In these scenarios, attackers psychologically manipulate employees, posing as credible sources to extract confidential information. This breach of trust can lead to significant data compromises, seriously threatening your organization's security.

the rise of AI

Artificial intelligence enables malicious players to create and manipulate audio, video and images, allowing them to carry out schemes such as fraud through impersonation.

the risk of internal threats

Don’t assume threats come solely from outside your organization. Attacks from within can be accidental (such as an employee opening a phishing attachment) or negligent (such as an IT worker failing to install a security update).

But they can also be intentional and malicious, where an employee deliberately uses their authorized access to harm the company for personal benefit or to act on a grudge. It’s vital to be alert to these possibilities. To mitigate these risks, conduct regular security audits and employ monitoring tools to track unusual access patterns or data movements. Also, cultivate a transparent organizational culture where employees feel comfortable reporting potential security concerns or suspicious activities.

5 tips to hack-proof your workforce

So, what steps can you take to ensure your organization is safeguarding its systems and data?

offer continuous, tailored training to all employees

It’s not just your IT team that must keep up with 2024’s cybersecurity trends. Implement regular training sessions that are customized to different departments, ensuring that everyone is equipped with the knowledge and tools to recognize and respond effectively to cybersecurity threats specific to their roles.

practice (and preach) good cyber hygiene

Ensure strong password management, implement an automated backup system, regularly update hardware and software and restrict administrative privileges. Adopt a zero-trust security model, where verification is required from everyone trying to access resources in your network, regardless of whether they are inside or outside of your network perimeter. Also, remember to promptly remove an employee’s access to your systems as soon as they leave the company.

have your CFO play a central role

Cybersecurity should be integral to your company’s strategic plan and budget. The CFO is best placed to quantify the potential financial toll of a cyber attack, from regulatory fines to lost revenue.

invest in AI-powered cybersecurity solutions

By spotting behavioral patterns that a human might miss, AI-driven tools can rapidly identify threats, thus speeding up the response time and limiting damage. They can also offer automated monitoring of your systems, protecting your IT infrastructure around the clock.