Top 16 cybersecurity threats in 2024

As the technology we use advances and progresses, the enormous potential for cybercrime also grows. Not only is the number of cyberattacks growing, but incidents are becoming more sophisticated and dangerous.

Cybercrime costs are on the rise, and it is expected to cost the world more than $24 trillion by 2027.

Wondering what the most significant cybersecurity threats are and how you can protect yourself? You have come to the right place.

In this post, we will dive into 16 of the most pressing cybersecurity threats in 2024 and give you some advice on how to shield yourself from the risks.

Top 16 cybersecurity threats in 2024

Cybercrime is one of the most significant rising risks that businesses face in 2024, and cybercriminals do not discriminate when targeting businesses. That said, in many cases, the bigger or more successful your business is, the more at risk of receiving a cyber threat you’ll be. For example, only 40% of seed and pre-seed startups believe they will face a cyber threat, but 72% of Series C startups expect an attack.

1. Social engineering

Social engineering remains one of the most dangerous hacking techniques employed by cybercriminals, largely because it relies on human error rather than technical vulnerabilities. This makes these attacks all the more dangerous because it’s a lot easier to trick a human than it is to breach a security system. And it’s clear that hackers know this: according to Verizon’s 2023 Data Breach Investigations report, 74% of all data breaches involve some form of human interaction, and somewhere between 75% and 91% of targeted cyberattacks start with an email.

In 2023, social engineering tactics were a key method for obtaining employee data and credentials. In recent years, social engineering attacks have become more sophisticated and harmful due to technological advances such as deepfakes and Generative AI. Attacks are becoming more difficult to identify and cybersecurity companies are being forced to quickly improve their systems.

Common types of social engineering

Here are a few of the most frequent types of social engineering attacks:

• Phishing: Criminals send messages through email, text, or social media, pretending to be a reputable source with the goal of getting individuals to reveal sensitive information and data such as bank account info, social security numbers, and passwords.
• Spoofing: Similar to phishing, but the attacker “spoofs” an email address or even an entire website to deceive individuals. For example, they may change a single letter in an email and create a landing page that is nearly identical to the original.
• Whaling: A highly strategized phishing attack that personally targets high-ranking executives and officers within a company with the goal of getting access to incredibly sensitive information or sending large sums of money.
• Baiting: Scammers will lure individuals into clicking on fake advertisements with attractive offers and promotions, such as free products and discounts. The links may either install malware onto the device or ask individuals to input personal information.

2. Third-party exposure

Cybercriminals can get around security systems by hacking less-protected networks belonging to third parties that have privileged access to the hacker’s primary target. 

One major example of a third-party breach occurred at the beginning of 2024 when AT&T addressed a massive third-party data breach that affected more than 70 million customers, exposing call and text data, passwords, and more.

This type of cyberattack is especially dangerous as many third parties tend to be much less secure than the major companies they work with. Third-party threats have become increasingly more common, and in 2023, 29% of all data breaches occurred due to a third-party attack.

3. Configuration mistakes

Even professional security systems more than likely contain at least one error in how the software is installed and set up. A small error when configuring a cybersecurity system can lead to a massive vulnerability. According to a 2023 report from security company Censys, more than 8,000 servers were vulnerable to data breaches due to misconfigurations. This essentially leaves the “door” open for cybercriminals to steal sensitive information and exploit vulnerable security systems.

A configuration issue can be as simple as using weak passwords or a more complex problem, such as improperly set up firewalls. Here are some of the most common configuration issues that lead to cyberattacks:

• Failure to change device default configuration: Printers, fax machines, and other devices that may have privileged access to your business network come with default security settings that are quite easy to hack. You must make sure that the IT team properly sets up the passwords and security settings.
• Network segmentation: In order to separate more sensitive information from the standard network, your company should use network segmentation to limit and control company data on different networks.
• Not updating/patching computer software: Software updates are one of the best ways to ensure your devices are protected against cyberattacks. So, it is vital to frequently update computer software, retire outdated systems, and patch operating issues.
• Using Weak Passwords: You should set strict password restrictions and complex criteria for all employees, especially executives and employees with high-level access.

4. Artificial intelligence cyber threats

Without a doubt, AI has changed the game when it comes to cyber threats. AI-driven attacks use machine learning to quickly analyze security systems, identify and penetrate weak spots.

Additionally, cybercriminals are now able to automate attack processes, so not only have the attacks become more sophisticated, but also more frequent. According to a 2023 survey from CFO.com, 85% of cybersecurity professionals believe that the rise in cyberattacks is due to AI tactics.

Additionally, in our 2023 cyber risk index report, we found that 90% of startup founders are concerned about the dangerous potential of AI cyberattacks.

This has caused a shift towards a more proactive approach to improve systems and increase security. 

As mentioned above, AI has also really pushed the boundaries of phishing, with 95% of businesses agreeing that phishing attempts have gotten more sophisticated and personalized in the last year.

With all this said, artificial intelligence hasn’t been all bad news for cybersecurity; it has actually improved capabilities in recent years. Security systems that utilize AI have improved threat detection, are more automated, and can even point out weak points in your system.

New technology, such as IBM’s AI threat detection systems, helps businesses stay ahead of the curve by fighting AI-powered attacks with AI-powered security.

5. DNS tunneling

Domain name system (DNS) is one of the foundational protocols on the internet that is used to translate a website’s domain name (e.g., Embroker.com) into an IP address. Without DNS, perusing the web would simply not be possible. Due to the importance of DNS, companies with firewalls tend to allow DNS to pass through the firewall, but this can open up the door to cyber threats, including DNS tunneling.

DNS tunneling is a way to secretly send and receive data over the internet by hiding it inside normal-looking website address requests. This technique tricks networks into allowing the encoding data inside DNS queries so that it looks like regular internet traffic. This tricks networks into allowing malicious data through firewalls.

DNS tunneling is one of the most common cyberattack vectors due to its relatively low learning curve and effectiveness.

6. Insider threats

An insider cyber threat occurs when a person within a business or organization, such as an employee or contractor, is the culprit of a cyberattack. There are two types of insider threats: intentional and non-intentional.

• Intentional insider threat: Insider deliberately uses their access to cause harm or steal sensitive information, such as leaking confidential data or sabotaging systems.
• Non-intentional insider threat: Insider accidentally causes a security breach, such as by falling for a phishing scam or improperly handling sensitive data.

Since insiders already have been granted access to internal systems, intentional insider threats are more difficult to detect and can cause a lot of harm.

In 2018, a Telsa employee who was denied a promotion intentionally sent extensive and damaging sensitive company data to third parties.

7. State sponsored attacks

One of the most serious types of cybersecurity threats is sponsored attacks which are perpetrated by other nations against another government or organization. State-sponsored attacks (SSAs) have become more prevalent in recent years due to rising tensions and wars. 

For example, the NSA, FBI, and CISA have issued an advisory that China-sponsored cyber hacking group Volt Typhoon has targeted IT networks critical American infrastructure.

Additionally, state-sponsored cyberattacks have played a key role on both sides during the Russian invasion of Ukraine.

SSAs can be carried out for a number of different reasons, the most common being:

• Stealing information from military organizations, major businesses, and government officials
• Spreading propaganda or misinformation
• Disrupting government or military operations and targeting important digital infrastructure

8. Ransomware

One of the most financially burdensome cyberattacks is ransomware. Ransomware is a type of malware that blocks access to software or files in a computer system until a specific sum of money is paid. While ransomware attacks are by no means a new threat, they are becoming significantly more expensive and more frequent.

Between 2023 and 2024, the average ransom fee skyrocketed more than 500% from $400,000 to $2 million.

Similar to legitimate software companies, cybercriminal groups are continually developing their tool kit for themselves and their customers – for example, to make the process of data exfiltration quicker and easier. Another trick that threat actors sometimes pull off is rebranding their ransomware, changing bits and pieces in the process. This makes ransomware attacks harder to identify before it is too late.

Ransomware attacks also cost companies in the form of income lost while hackers hold system access for ransom. In 2023, the average length of system downtime after a ransomware attack is 136 hours or 17 business days.

9. Trojan horses

Similar to the famed Trojan horse legend from Greek mythology, a Trojan Horse cyberattack is malicious software disguised as legitimate code. Cybercriminals will create Trojan viruses in an attempt to get users to download them onto computers without knowing the threat even exists. Trojan Horses were one of the first types of cyberattacks carried out in the early computer days, but that doesn’t mean they still aren’t a common threat. In fact, this type of attack is very common in modern war and espionage, such as in the Israel-Hamas war.

A Trojan Horse is simply the method in which the attacker infiltrates a network or computer, but there are many different types of Trojan viruses:

• Backdoor trojans: Allows the attacker to control a computer or device from a remote location.
• Downloader trojan: A virus that, once connected to the internet, will automatically download malicious software and files.
• Ransom trojan: A Trojan attack that installs ransomware, blocking access to systems and files on a device.
• Mailfinder trojan: Steals email information from your device and then uses the emails to send out mass, spammy messages.

10. Drive by cyberattack

Another significant cybersecurity threat is “drive by” attacks. These occur when you navigate to a compromised webpage that silently downloads malicious software onto your device. Hackers can do this by compromising weak security in sites and introducing malware code. The malware is downloaded without the user’s knowledge, and generally, the user won’t need to authorize anything for the download to occur. That said, some drive by cyberattacks will disguise themselves in fake advertisement pop-ups. When a user attempts to click on the x to close the pop-up, this will actually authorize the malware to download onto the device.

One of the best ways to prevent this type of attack is to install an ad or pop-up blocker on all company devices and prevent access to suspicious websites.

11. Poor cyber hygiene

The best way to avoid a cyber threat is through education and prevention. It is important for any company to have good “cyber hygiene”, which are regular habits and practices regarding technology use. Here are some examples of good cyber hygiene practices:

• Avoiding unprotected WiFi networks
• Using VPNs
• Implementing multi-factor authentication
• Creating company-wide criteria for passwords
• Encrypting data
• Optimizing and properly configuring a firewall
• Updating software on a regular basis
• Limiting employee access to data
• Using password managers to store password data

Unfortunately, research shows that American cyber hygiene habits leave a lot to be desired. 

Nearly 41% of organizations rely on human memory to manage passwords, and 30% write down passwords on paper. And around two-thirds of American companies do not use password managers to store password data.

Additionally, more than half (54%) of IT professionals do not require the use of two-factor authentication for access to company accounts, and only 5% of companies have a cyber expert on their board of directors.

Thanks to an uptick in remote working, systems protected by weak passwords are now being accessed from unprotected home networks or even open networks at coffee shops. Remote workers may also use their personal devices for work, which do not have the same security measures and encryption in place.

What is clear is that improving cyber hygiene should be at the forefront of company strategy for preventing cyber threats. Companies and individuals that don’t improve their cyber practices are at much greater risk now than ever before.

12. Cloud vulnerabilities

The “cloud” has drastically changed and improved the digital world, and in many ways, cloud data can be more secure than an on-premise server. That said, oftentimes the opposite is true: Check Point reports that cloud vulnerabilities have increased 154% in the last year alone.

So, while theoretically, cloud computing is extremely secure, one small misconfiguration or vulnerability can lead to a major data breach.

For example, in 2023, Toyota experienced a massive data breach that affected 260,000 customers due to cloud misconfiguration.

Another example of a cloud breach affected millions of AT&T customers when hackers accessed a vulnerability in third-party cloud service Snowflake. This attack affected almost all AT&T customers, making it one of the largest data breaches ever.

13. Mobile device vulnerabilities

Two decades ago, a cell phone wasn’t as much of a risk, but nowadays, these “miniature computers” pose a major cyber threat. 

Mobile devices add an entirely new layer to security due to the sheer amount of sensitive data we carry on them. In many cases, multi-factor authentication is linked directly to mobile devices, which opens the door to cybercriminals. In the most serious mobile device attacks, a criminal may hijack your phone’s SIM, which can give them access to a ton of sensitive information such as banking information, cryptocurrency accounts, Google/Apple Pay, and more.

97% of American adults own a smartphone, which translates to around 252 million people. Just let that number sink in for a moment… After all, a larger population of users presents a larger target for cybercriminals.

Mobile devices don’t tend to have the same security measures as other devices, such as firewalls, encryption, and VPNs, which means mobile phones are more vulnerable to cyberattacks.

Cybercriminals have also begun to target Mobile Device Management systems which, ironically, are designed to allow companies to manage company devices in a way that keeps corporate data secure. Since MDMs are connected to the entire network of mobile devices, hackers can use them to attack every employee at the company simultaneously.

14. Internet of things

The Internet of Things (IoT) is one of the major technological revolutions of the 21st century. It is essentially a network of interconnected “things,” including appliances, vehicles, devices, and sensors.

While the connectivity of IoT allows for unthinkable automation and control of these devices, it also opens the door to new unforeseen cyber threats.

During the COVID-19 pandemic, people rapidly started adopting IoT devices, and as a result, attacks on smart devices spiked. In 2022, there were more than 112 million cyberattacks on IoT devices, up from only 32 million in 2018.

While this increase can partially be credited to the rapid adoption of the technology, it is also due to the fact that IoT devices are more vulnerable to attacks and tend to lack the same security measures as other devices.

15. Poor data management

Data management is about more than just keeping your storage and organization systems tidy. There is an insanely large amount of data stored online, and the amount is growing exponentially. To put things in perspective, the amount of data consumers create doubles every two years. Piles of surplus data lead to confusion, which not only can cause your business to miss out on opportunities but can also leave sensitive data vulnerable to cyberattacks.

Companies should form strategic data management plans to ensure they don’t lose customer data or leave it vulnerable to cybercrime.

In fact, the FTC regulates data security and may penalize businesses that fail to safeguard sensitive information.

16. Inadequate post-attack procedures

When a breach occurs, cybercriminals are exploiting a weakness in your system. So, one of the first things you should do after a cyberattack is patch up any holes in your security to prevent another attack.

A study by Cymulate found that 67% of companies that experience a breach are attacked a second time within the year. Furthermore, 10% of these companies receive at least ten cyberattacks in the year!

The primary reason for ongoing cyber incidents is due to companies failing to update and patch their security systems.

One increasingly popular solution is the adoption of the subscription model for patch management software. “Patching-as-a-Service” products provide continuous updates and patches, increasing patch speed and efficiency. Automated patching also reduces the likelihood of patch vulnerabilities created due to human error.

Staying on Top of It All

It can be overwhelming. With millions of hackers working around the clock to develop new attack strategies more quickly than companies can update their defenses, even the most well-fortified cybersecurity system can’t provide guaranteed protection against attacks.

That’s why it’s important to supplement your cybersecurity strategy with adequate insurance to ensure that, even if you are the victim of a successful attack, the damages won’t cripple your organization.

With comprehensive cybersecurity defenses and the safety net that insurance provides, you can rest easy knowing you’re as protected as you can possibly be.