February 21, 2024

What cyber threats are likely to entail in 2024

According to the South African Banking Risk Information Centre (SABRIC), South Africa has seen a 22% increase in cyber attacks in 2023, with small companies being the most vulnerable. However, enterprises remain a high-value target due to the volume of valuable data that they store and process on a daily basis.

This emphasises the importance of cyber security in the country and with shifting threats, businesses must stay current on the developments that are likely to arise in the cyber security sphere in 2024.

The present cyber threat landscape is defined by sophisticated attacks on individuals, businesses and governments. Among the most common are ransomware attacks, phishing and social engineering attempts, and digitally enabled fraud. The sophistication of attacks has recently increased, with cyber criminals employing AI technologies to plan and execute attacks.

DeepLocker AI-based malware, for example, is designed to avoid detection by releasing payloads only when certain circumstances are satisfied. Understanding current risks and vulnerabilities is critical for remaining proactive and up-to-date in the face of developing dangers.

Predictions for cyber security in 2024

According to experts, the use of chatbots will boost malware and phishing threats in 2024. Chatbots are widely utilised in a variety of industries, so their hijacking poses serious risks to businesses. They can be used to deploy phishing attacks and malware to unsuspecting employees.

Another threat that we’re likely to encounter in 2024 is increased attacks on the software supply chain, including third-party technology companies. These businesses are also high-value targets for cyber criminals. Furthermore, AI and machine learning algorithms will become more integrated into these activities, allowing them to build and deploy large-scale attacks on the supply chain.

How to mitigate these threats

The 2024 cyber threat landscape is likely to be dominated by social engineering and AI-driven phishing attacks. This means that companies need to invest in user awareness training for their employees and ensure that they are able to spot the warning signs of potential phishing attacks early.

A proactive approach to cyber security is required to mitigate cyber risks. Companies should implement rigorous security measures, conduct third-party risk assessments and plan for supply chain disruptions to mitigate these risks. Deploying security technologies that use AI and machine learning will assist businesses in detecting and preventing growing threats.

SEACOM is a leading South African ICT and cyber security services provider. We are ready to help enterprises mitigate and manage cyber risks. Our cyber security professionals will collaborate with South African businesses to create customised programmes that meet their specific needs and give bespoke solutions to secure digital assets.

Understanding the cyber threats that South African businesses may face in 2024 is critical for firms to remain cautious and proactive. Companies can implement the required measures to prevent and minimise cyber threats by staying up to date on evolving technology and trends.

SEACOM is committed to aiding South African businesses in securing their digital assets as a trusted partner in ICT and cyber security. For more information about our cyber security services or to get a quote, email us at marketing@seacom.com or leave us a message.

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