With the cyber threat landscape evolving in sophistication and complexity, businesses are leaning toward adopting network security measures. Shielding your network has never been this direr than this year as cyber threats continue to grow in frequency and severity.
In this article, we will dig deeper into the most serious network security threats in 2024.
Network Security Threats
In 2023, the occurrence of network incidents upsurged and made security challenges even more intensified.
Case in point: In 2023, a staggering 3205 cases of security incidents were filed only in the USA. More than 353 million people reported facing data compromise that includes data exfiltration, leakage, and breaches.
2024 is expected to see a boom in network breaches as the world is getting even more interconnected. Let’s see the most prevalent network security issues predicted to reign in the cyber threat landscape.
Ransomware Attack
Ransomware – malware devised to restrict the authentic user or organisation from accessing files on their computer – has been a common cyber threat in recent years. In this attack, scammers inject malware into their target network system to hold sway over the files stored there. Scammers encrypt these files and demand a ransom in exchange for control over them.
This year, ransomware attacks are getting “more brutal” than ever, showing a trend of sharp increase. 42% of respondents participating in a survey have ranked ransomware attacks as the fastest growing of all cyberattacks. This year, scammers are targeting cloud services and mission-critical infrastructure.
Phishing and Social Engineering
The fight against social engineering techniques slogs on; however, it still plays popular among scammers this year. In it, scammers impersonate real users and send emails or messages containing malicious links or files to their targets.
The aim is to trick the target users into handing over confidential information. Scammers are increasingly using artificial intelligence to execute sophisticated phishing and spoofing attacks on networks. According to GreatHorn, 57% of businesses partaking in a study have reported falling prey to phishing attempts weekly or even worse, daily.
IoT Vulnerabilities
The rapid proliferation of advanced IoT systems poses a significant vulnerability to the security posture of business networks. That said, the wide use of these smart devices also increases the possibility of insecure configuration, using weak passwords, outdated software, etc. These security loopholes are often exploited by cyberattackers to execute cyberattacks.
Vulnerable Cloud Environments
Cloud deployments are fast gaining momentum among businesses striving to drive agility in their operations. However, network servers in cloud environments are being frequently attacked by scammers compared to those running on traditional on-premise servers.
One of the key reasons behind cloud environments falling prey to security attacks is the shared responsibility model between the customer and the cloud service provider (CSP). Any misconfiguration at the customer end can make the system vulnerable to cyber-attacks.
Again, the data sharing and multi-tenancy model with the cloud infrastructure make it prone to unauthorized access, data exfiltration, and cross-tenant attacks. Furthermore, the decentralised nature and lack of visibility with cloud environments make ensuring high-end security challenging, especially with hybrid and multi-cloud models.
Mobile device vulnerabilities
The use of mobile devices is increasing, and so is the risk of cyberattacks such as DDoS attacks, malware injection, phishing, spoofing, etc. The dynamic nature of mobile devices and users’ tendency to connect their devices with public/unprotected Wi-Fi make them more susceptible to security threats.
Trends in Network Security Landscape
We can see the network security landscape undergoing a transformative shift this year, driven by advanced technologies, regulatory changes, and evolving cyber threats. Let’s go through the leading trends shaping the network security landscape.
Increased Focus on AI and ML
Advanced AI and ML algorithms have been playing a pivotal role in augmenting the security posture of business networks this year. The use of AI-powered automation solutions and predictive analytics tools are being widely used for real-time network monitoring, responding to incidents in near real-time, detecting anomalies, and improving systems’ threat detection.
However, while AI and ML can help augment your network security posture, they are also leveraged by scammers to execute high-profile cyber attacks.
Use of Zero-Trust Architecture on Rise
The fast transition to a zero-trust architecture this year shows a paradigm shift in cybersecurity. More businesses are adopting this framework due to its “zero-tolerance” approach to network threats.
They capitalise on this technique to eliminate implicit trust and validate each attempt to access their network resources at each stage of digital interaction.
In this process, rigorous and continuous authentication/verification is performed with every attempt to access the network resources. Thus, you can reduce security loopholes within your network and augment your overall security posture.
Cybersecurity Skills Gap and Education
Concerns are looming shrouding the network security landscape; however, the world is still facing a crisis of expert security professionals. This prevailing gap between the demand and supply of skilled professionals poses a significant challenge to businesses as well as the global cyberinfrastructure.
However, significant emphasis is being placed on bridging this gap and cultivating expert cybersecurity professionals. As part of this effort, educational institutions are providing specialised courses on cybersecurity to equip students with the latest advancements and techniques in the cybersecurity sector.
In addition, businesses are increasingly investing in training their employees on cybersecurity best practices. They are fast recognising the critical role of employees in addressing network security risks, thereby cashing in on skill development initiatives.
Use of Blockchain in Network Security on Rise
2024 is witnessing a sharp rise in the use of blockchain technology in the network security landscape. This decentralised digital ledger technology by enabling immutable, transparent, and tamper-proof transactions, ensures no unauthorised access can breach your network.
The immutability of blockchain ensures no data is altered without the consent of all participants once it’s stored in the blockchain system. This feature is specially used by businesses that need to secure mission-critical business data.
This year is set to see blockchain technology to reshape the security of IoT devices. When you equip an IoT network with blockchain technology, each device works as a separate node that makes the entire system highly resilient to cyberattacks that exploit centralised security holes.
How to Deal with Network Security Threats
With the drive to digitisation getting a push, the attack vectors of businesses are getting wider. As a result, cybercriminals, by exploiting security holes in a network, are executing security incidents at a much higher scale than ever. The use of advanced AI and automation has made the cyber threat landscape even more complex.
That said, a well-devised and multi-faceted approach is required to effectively deal with these sophisticated network security threats. The key steps to mitigate the challenges with network security include:
- Risk assessment: Ensure assessing the risk factors of your network, applications, and systems periodically. Thus, you can track down potential security holes and mitigate them before they escalate into expensive operational disruptions.
- Implement Security policies: Create and implement thought-out security policies that clearly define the guidelines for data protection, incident response, access control, and staff training. Having comprehensive security policies and procedures is critical to ensuring the security posture of your network is always maintained, thereby securing your digital assets from cybercrimes.
- Network Monitoring: Capitalise on advanced network monitoring systems to track down and mitigate security holes, patches, and any anomalies in your network in real time. Continuous monitoring allows businesses to respond to any emerging security threat and evade any escalating issue.
- Patch management: Apply security patches to ensure the systems, applications, and software connected to your network are always updated. Unpatched vulnerabilities are the most exploited entry points for cybercriminals.
- Implement Encryption: Add an extra layer of security to your mission-critical business data by implementing encryption technologies. Data at rest and in transit – both can be protected by encrypting it.
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