With the rise of AI-driven threats to the advances of ransomware attacks, 2024 highlighted the need for businesses to strengthen their security strategies. Organizations that adapted quickly to these changes were able to mitigate risks, while some others faced significant breaches, financial losses, and other damages.
In 2024, cybercriminals leveraged artificial intelligence to create highly convincing phishing scams, deepfake frauds, and automated hacking tools. These AI-driven attacks bypassed traditional security defenses, targeting businesses of all sizes with alarming efficiency. On top of the complexity of these attacks, there are more attacks happening than years prior. Amazon tracks hundreds of millions more potential cyber threats daily, going from 100 million to 750 million threats per day in just over six months.
Ransomware attacks grew more targeted in 2024, focusing on critical infrastructure, healthcare, and financial sectors. Attackers not only encrypted data but also threatened to leak sensitive information, amplifying the damage and increasing ransom demands. In 2011, there were five big attacks a year. In 2024, there are 20 to 25 major ransomware attacks every day. The surge in attacks suggests that more organizations in different industries are being targeted at a faster pace.
In 2024, some big security breaches showed that third-party vendor connections had some serious issues. Hackers started targeting supply chains, using these weak spots to break into bigger networks. This made it harder for companies to protect themselves, so they really need to check out their third-party vendors and the security steps they’re taking.
Despite advancements in cybersecurity throughout the 2024 and years before, human error remained a leading cause of security breaches. Cybercriminals leveraged more sophisticated phishing attacks, often powered by AI, to create highly convincing emails, deepfake videos, and voice scams that easily bypassed traditional security filters. Weak password practices also persisted, with many breaches linked to reused credentials and the lack of multi-factor authentication. Additionally, social engineering tactics like pretexting and business email compromise (BEC) scams surged, exploiting human trust and urgency to gain unauthorized access to sensitive data.
Is your organization prepared for the cybersecurity challenges ahead? Contact us today to learn more.