Industry executives and experts share their predictions for 2024. Read them in this 16th annual VMblog.com series exclusive.
Cyber Pain Points in 2024 and Beyond
By Patrick Beggs, CISO, ConnectWise
2023 marked a transformative journey for various
industries and continued to highlight their complex challenges involving
cybersecurity. Undoubtedly, cybersecurity is a rapidly evolving field with new,
ever-changing threats appearing practically every day. In a
recent report from Apple, some
2.6 billion personal records have been exposed in data
breaches over the past two years, and that
number continues to grow. Additionally,
in the U.S., there
were nearly 20% more breaches in the first
nine months of 2023 than in any prior year, and data breaches at organizations
are at an all-time high, up 20% in the first nine months of 2023 compared to
all of last year.
Since cybersecurity threats have evolved
significantly in recent years, with hackers and cybercriminals developing more
sophisticated techniques to breach the security of even the most advanced
systems, companies of all sizes and industries are becoming increasingly more
vulnerable to cyberattacks. While cybersecurity capabilities and awareness are
largely improving across organizations, the threat and sophistication of
cyberattacks are not slowing down anytime soon. In fact, in 2024, organizations
will see a rise in Ransomware-as-a-Service (RaaS), cybercriminals using artificial intelligence
(AI) for cyberattacks, and malicious actors using deep fake technology to
exploit entire systems.
Ransomware-as-a-Service
The ransomware market is a key part of the
complicated world of cyber extortion. This tactic involves significantly
lowering the barrier to entry by enabling less technically savvy actors to
access sophisticated and dangerous ransomware tools and infrastructure. When
affiliates launch these attacks, people's data is often held hostage.
The rise of Ransomware-as-a-Service has
fundamentally transformed the landscape of cybercrime, and cybercriminals no
longer need to possess advanced coding skills; instead, they can simply rent
ransomware tools and infrastructure from underground marketplaces,
democratizing the capability to launch devastating attacks. This development
has led to a surge in the frequency and scale of ransomware incidents, as
individuals with varying levels of technical expertise can now participate,
significantly expanding the pool of potential threat actors. Similarly to
ransomware, AI will be another significant concern for cybersecurity.
Leveraging
AI in Cyber Attacks
The proliferation of AI has provided
cybercriminals with the tools needed to open new doors. Cybercriminals can now
hack computer networks through emails or campaigns that trick recipients into
sharing personal information or fabricating images or videos when, in reality,
they're used to extort victims.
The integration of AI in cyber threats marks a
paradigm shift in the capabilities of malicious actors. Cybercriminals are
increasingly leveraging AI to enhance the sophistication and efficiency of
their attacks. AI-powered tools can automate various stages of a cyber-attack,
from reconnaissance to exploitation and evasion, enabling attackers to adapt
and learn from their targets in real-time. Cyberattacks are also relying on
other, more traditional tactics to trick victims.
Deep Fake
Technology as a Threat
In an era where technology advances at
unprecedented levels, organizations are facing an evolving threat: deepfakes,
another extremely harmful and malicious tactic used by cybercriminals
worldwide.
The emergence of deep fake technology poses a
huge challenge in the realm of cyber threats, as malicious actors exploit its
capabilities to deceive, manipulate, and spread disinformation. Cybercriminals
may deploy deep fake techniques to create convincing impersonations of
individuals, such as corporate executives or government officials, facilitating
social engineering attacks and corporate espionage. These highly manipulative
and designed-to-be-persuasive attacks are a growing threat to all organizations'
cybersecurity.
Indisputably, cybersecurity has become a
paramount concern for organizations worldwide in today's digital age. With the
increasing number and severity of attacks, it's time for businesses to remain
vigilant with their cybersecurity practices. The effects of an attack can be
devastating, with organizations suffering from financial losses, damage to
reputation, impacts on goods and services, or even legal implications.
To better prevent and remain secure against
evolving cyber threats, businesses in 2024 must adopt advanced security
technologies that monitor and address the increase in Ransomware-as-a-Service
(RaaS), AI-based cyberattacks, and deep
fake technology. Only then will they be able to take the lessons learned from
2023 and harness them to prepare and build truly cyber-resilient systems.
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ABOUT THE AUTHOR
Patrick
Beggs, Chief Information Security Officer, ConnectWise
Patrick is a cybersecurity executive
focused on leading global cyber operations. Patrick has more than 20 years of
operational duties in information security, spanning the commercial, federal
civilian, defense, law enforcement, and intelligence communities. Most
recently, Patrick served as Cognizant Technology's Global Cyber Operations
Executive, where he led a team of more than 150 personnel operating across five
countries. Prior to Cognizant, Patrick led cyber operations for AIG, Booz Allen
Hamilton, Amazon Web Services, and Bank of America. In the public sector,
Patrick served as the first Deputy Director/Director of Operations at the
Department of Homeland Security's (DHS) National Cybersecurity and
Communications Integration Center (NCCIC).
Patrick is a former Army Infantry Non-Commissioned Officer and holds a B.S. in
Political Science from Radford University. He also holds a patent for his work
developing a new method of leveraging AI models for improving network security.