The trends for cyber attacks in 2024

Cyber security is a hot topic. Not surprisingly, the annual Allianz Risk Barometer survey shows that cyber risk is the biggest concern for companies. Last year there was a worrying trend of large losses due to ransomware and extortion. What are the trends for 2024, and how can Compete help you?

Hackers are increasingly targeting IT and physical supply chains (such as SMEs), launching massive cyber attacks and finding new ways to extort money from large and small businesses. Cybercriminals are now exploring ways to use artificial intelligence (AI) to automate and accelerate attacks. Combined with the explosive growth in the number of connected mobile devices and a fast 5G network, it seems the potential for cyber attacks will only increase in the future.

Cyber attacks through artificial intelligence

Cyber criminals are already using AI-driven language models such as ChatGPT to write code. AI can also help less skilled criminals create variations of existing ransomware, potentially increasing the number of attacks they can carry out. Allianz’s expectation is an increasing use of AI by malicious actors will require even stronger cyber security measures. But AI also offers opportunities, as the technology can help detect incidents.

Compete offers various security measures that help protect you from cyber attacks. Check out our offerings here.

Mobile devices expose personal and corporate data

Criminals are increasingly targeting mobile devices. They do this with specific malware to gain remote access, steal login credentials or deploy ransomware. Personal devices often have less stringent security measures and are often also used for work. Using public wi-fi on such devices can increase vulnerability, including exposure to phishing attacks via social media. According to the insurer, a growing number of incidents caused by poor cybersecurity around mobile devices can therefore be seen. However, multi factor authentication (MFA) and a VPN connection can eliminate much of the threat. We are happy to help you set up these security measures for your SMB.

Early detection is key in the fight against emerging cyber threats

Preventing a cyberattack is becoming increasingly difficult and the stakes are rising. Therefore, early detection and response capabilities and tools are becoming increasingly important. If you have an undetected loophole in your network, it’s a potential danger. And if you don’t have effective early detection tools, it can lead to longer unplanned downtime, higher costs and have a greater impact on customers, revenue, profitability and your reputation.

Going forward, detection tools will be the next logical step for most companies to invest in. Ultimately, early detection and effective response capabilities will be key to mitigating the impact of cyber attacks and ensuring a sustainable cyber insurance market.

That’s why it makes sense to engage an IT partner. They can help you protect your SMB from cyber attacks without having to delve into this and constantly worry about it.

When you purchase cyber security measures from Compete, we constantly monitor your network and devices. As a result, we are quickly aware of any leaks and attacks. Wondering what we can do for you? Contact us for a free consultation or read about what Compete does to keep your business secure.