Top Cybersecurity Threats for Businesses in 2024

Top Cybersecurity Threats for Businesses in 2024

In the UK, businesses of just about every type contain some kind of digital component. In many cases, that digital component is considerable. Your operations might rely on data, and the computers that deal with them. These systems might help you to generate value – but they can also represent a security vulnerability.

Fail to take adequate cybersecurity measures, and you risk an attack. This might result in the loss of valuable data, and render your business unable to operate. This might lead to further, knock-on costs in the form of legal and reputational harm.

If you’re going to effectively protect yourself against these threats, it’s worth knowing exactly what you’re facing – and what you’re likely to face in the future. Let’s take a look at a few of the more common kinds of threat.

Rise of AI-Powered Cyber Attacks

Using artificial intelligence, fraudsters have access to an entirely new kind of phishing attack. An attacker might use a clone of someone’s voice or a procedurally generated email to persuade someone on the inside of a business to reveal compromising details.

These attacks tend to be more persuasive than their traditional, human-driven counterparts. But even when they’re not, they are much more cost-effective for attackers. According to one recent survey, there has been a 1,265% surge in AI-powered phishing emails. Staying on top of the problem means, among other things, training a workforce to look out for the warning signs, and maintaining a culture of constant vigilance.

Increased Ransomware Incidents

Ransomware is a popular form of attack, which affected around two thirds of organisations in 2023. It works by installing malicious code into a target firm’s system. This code then proceeds to encrypt sensitive data, or render a service inoperable. The group that generated the code will then demand a ransom to solve the problem.

This ransom can be significant. But also damaging are the reputational consequences. When customers perceive that their data might not be safe in your hands, they might hesitate before trusting you with it.

In the UK, perhaps the most famous example is the WannaCry attack that took place in May 2017, affecting the NHS.

Compliance Challenges with Evolving Data Privacy Laws

The modern world is saturated in data. In many cases, organisations, including businesses, end up having to safeguard data that belongs to other parties, like consumers. Safeguarding this data isn’t just an ethical responsibility, but a legal one, too. In the UK, the Data Protection Act 2018, itself an extension of the EU’s General Data Protection Regulation, empowers individuals to take action when their data is misused. Having a good grasp of data privacy law is often essential, and there exist many specialist law firms that can help you in this area before problems emerge.

Exploitation of Internet of Things (IoT) Vulnerabilities

Nowadays, modern homes and businesses are filled with small devices with wireless connectivity capability. This has led to productivity gains – but it’s also opened a backdoor into sensitive systems, which cybercriminals have been happy to walk through.