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Closing Cybersecurity Gaps in 2024: AI, RaaS and Application Security
By Grayson Milbourne, Security Intelligence Director, OpenText Cybersecurity
As we stand on the brink of 2024, the cybersecurity landscape finds itself at a crossroads where innovation converges with new vulnerabilities. The coming year promises a significant leap in the sophistication of phishing techniques, driven by the remarkable strides in artificial intelligence (AI). Simultaneously, the persistence of Ransomware-as-a-Service (RaaS) attacks, evident in the surge witnessed last year, propels these threats to the forefront, and emphasizes the need for widespread adoption of Software Bill of Materials (SBOMs) to uncover software vulnerabilities. In this ever-evolving landscape, fostering a proactive and informed defense is paramount to successfully navigate the challenges of the next era of cybersecurity threats.
The Bad Guys Harness AI
The rapid advancement of AI technology is reshaping the cyber threat landscape, particularly targeting small and medium-sized businesses (SMBs). AI has become a significant tool for bad actors to leverage, elevating the sophistication and efficacy of cyber tactics. It helps refine previously manual tasks, such as the development of convincing phishing emails. At the same time, traditional indicators of phishing attacks are becoming increasingly elusive, posing a substantial challenge to the security capabilities of many SMBs.
Mitigating the risk associated with these AI-driven threats requires proactive security measures. Robust identity verification procedures, coupled with heightened security awareness, serve as a shield against evolving phishing techniques. As technology continues to advance, businesses must intensify their efforts to protect against emerging threats. Investments in security awareness training are imperative, ensuring that employees understand their pivotal role as the first line of defense against phishing attacks.
SMBs Brace for Impact as RaaS Surges
OpenText Cybersecurity’s Nastiest Malware of 2023 report underscores the escalating prominence of Ransomware-as-a-Service (RaaS), solidifying its status as the primary operating model for ransomware gangs. Within this model, ransomware gangs or operators create the necessary tools for attacks, such as phishing kits and encryption tools, and provide them to affiliates who pay to use these solutions and share in the profits. The accessibility of RaaS lowers the barrier for entry, allowing affiliates without technical expertise to engage in ransomware attacks with unprecedented ease.
As RaaS gains momentum and demonstrates its potential business impacts, SMBs are urged to bolster their defenses against evolving ransomware delivery methods in 2024. A proactive cybersecurity approach becomes indispensable, including using multi-layered security solutions to fortify cyber resilience. This includes the development of ransomware response playbooks tailored to different attack scenarios, rigorously tested to ensure critical steps are not overlooked. Time is of the essence during a ransomware attack, and a well-rehearsed response plan is essential to identify and rectify any gaps before an attack occurs.
SBOMs: A Standard Practice for Enhanced Cybersecurity
SMBs must also embrace the adoption of Software Bill of Materials (SBOMs) as a standard practice this year. This proactive step enables organizations to gain insights into potential vulnerabilities within their code, thereby enhancing their cybersecurity posture. Open-source software components, often targeted by cybercriminals, can render any sized organization vulnerable. Understanding the software used and its associated risks becomes imperative.
Misconfiguration of software consistently ranks among the top 10 cited attack vectors and is anticipated to grow into 2024. Hence, SBOMs become an indispensable tool for SMBs. This form of code inventory not only provides transparency into the software supply chain but also serves as a deterrent against poor development and security practices. It fosters the creation of more secure software, contributing to overall cybersecurity enhancement.
In the coming year, the convergence of sophisticated AI-driven phishing techniques and the pervasive rise of Ransomware-as-a-Service (RaaS) underscores the pressing need for SMBs to fortify their cybersecurity posture. The adoption of SBOMs also emerges as a critical component in the cybersecurity arsenal, aiding in the identification of potential software risks and vulnerabilities before they manifest into a full-blown attack. As organizations brace for the challenges ahead, a holistic and proactive approach is essential to navigate the evolving cybersecurity threat landscape in 2024 and beyond.
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ABOUT THE AUTHOR
Grayson Milbourne is the Security Intelligence Director at OpenText Cybersecurity, a division of OpenText. Grayson’s nearly two decades of security intelligence expertise include malware analysis, data science, and security education. In his current role, Grayson is focused on efficacy development to ensure the company’s security management products (which include the Webroot portfolio) are able to defend against the most cutting-edge threats.
Grayson is a longtime advocate for better 3rd party testing of security products and represents OpenText Cybersecurity at the Anti-Malware Testing and Standards organization, AMTSO. Through his efforts, AMTSO released testing standards that greatly improved testing quality when followed. Grayson is an avid participant in the security community and drives awareness of current threats by speaking at major events such as RSAC and Virus Bulletin. He is a frequent guest on local NBC affiliates and several cybersecurity podcasts. Beyond his passion for protecting people from cyberthreats, Grayson loves aviation and holds a private pilot license. His other passions include strategic boards games, skiing and playing golf. He lives in Louisville, Colorado with his wife, Danielle and their two cats, Theodore and Aiden.
