As corporate cyber incidents continue to rise, companies across the nation are looking for advice on cybersecurity solutions to help keep their data and networks safe. In a recent interview with the Los Angeles Times, three cybersecurity industry experts, Kim Klinsport (Partner, Foley & Lardner LLP), Kamran Salour (Data Privacy & Cybersecurity Practice Co-Chair, Lewis Brisbois Bisgaard & Smith LLP), and Gene Yoo (CEO, Resecurity) gave their input and predictions for the trajectory of the cybersecurity landscape throughout 2024. Here is a comprehensive overview of some of the most important points addressed in the interview.
A Rise in Cybercrime
Gene Yoo, CEO of Resecurity, anticipates a surge in cybercrime throughout 2024, attributing it to the sustained effectiveness of existing threats and the strategic leveraging of new technologies like AI. Threats such as NextGen Phishing, targeting software developers, ransomware, supply chain breaches, cybercrime-as-a-service, and attacks on cloud infrastructure are expected to grow in popularity. One example of a NextGen Phishing attack is a technique called Laser Phishing, where sophisticated bots use AI to impersonate individuals. This is aimed to extract sensitive information from victims, such as Personally Identifiable Information (PII), and is especially dangerous as AI realism continues to advance. This underscores the critical need for enhanced security awareness and education among individuals and organizations, as knowledge is often the best line of defense against phishing techniques. Companies should utilize robust Security Awareness Training and the implementation of Multi-Factor Authentication (MFA) as they are invaluable tools in fortifying defenses against evolving phishing tactics. SWK’s 360 Cyber Guard program is a bundled Security Awareness Training service that helps organizations train end users on IT Security to safeguard PII and sensitive company data through simulated attacks, personalized instruction, and more. MFA can be seen as having an extra lock that comes with its own key for your front door – someone would need to uncover both sets of keys to get in. This buys you time to change the locks if a bad actor gets their hands on only one.
Some of the Most Targeted Industries & How to Respond
Kim Klinsport, sheds light on the fact that certain industries are targeted more often than others. Notably, financial services and healthcare companies remain more susceptible to cybercrime, due to the nature of the information they handle or the potential impact of a breach on critical infrastructure. Additionally, the industry professionals emphasized the paramount importance of a practical and actionable incident response plan. Kamra Salor specifically outlines the key elements of such a plan, which includes defining incidents, detecting them, containing the situation, and escalating when necessary. As the cybersecurity landscape continues to evolve, businesses must adopt the latest technologies to stay ahead of malicious actors. However, many organizations do not have the time, or budget, to constantly stay on top of updates and upgrades. Economic challenges as of late have led to budget cuts, impacting organizations’ ability to invest in essential security measures. To analyze and fortify their current cybersecurity measures, businesses are advised to leverage the expertise of third-party cybersecurity professionals, from companies like SWK. SWK Cybersecurity Solutions are a collection of tools, policy guidance, and managed services designed to help you protect your business from a variety of cyber threats. Whether your systems live on-premise or in the cloud, and no matter if your teams are working onsite, remotely or in a hybrid workforce, we are here to help you secure your mission-critical IT infrastructure.
The Dual Nature of AI
Overall, the biggest prediction for 2024 is the utilization of AI on both sides of the aisle, between both hackers and defenders. The dual nature of AI unfolds as it plays a significant role in safeguarding against and launching cyber threats. Generative AI introduces challenges by allowing threat actors to analyze systems for vulnerabilities and develop exploits, like the introduction of Laser Phishing. This innovation poses new challenges for defenders, necessitating enhanced security considerations. Hackers can utilize AI and impersonate family members in an attempt to dupe you into giving them your log-in information. Additionally, hardware hacking emerges as a serious threat, providing threat actors with access to hardware for probing and discovering vulnerabilities. Fortunately, organizations can run a Penetration Test or Vulnerability Assessments to find their network weak points in a controlled environment. While there still is a need for robust physical security measures to mitigate certain cyber risks, the rise of Internet of Things (IoT) devices increases exposure to vulnerabilities, demanding comprehensive cloud strategies to secure interconnected environments.
Learn From the Cybersecurity Experts
Small businesses face unique challenges in the cybersecurity landscape, being more vulnerable to sophisticated attacks. The reliance on outdated measures like antivirus software can leave them exposed, particularly as popular targets within larger supply chains. Handling IT entirely in-house can be costly, emphasizing the need for third-party solutions. SWK, equipped with top-tier cybersecurity knowledge, offers cost-effective solutions. These experts advise entrusting cybersecurity requirements to a dedicated third-party team, so make sure to contact SWK today and gain access to an experienced team and a plethora of cybersecurity resources, ensuring robust protection in the ever-evolving digital landscape.