Cybercrime Trends in 2024

Ransomware attacks continue to dominate the cybercrime landscape, but in 2024, we are seeing a significant evolution in the way these attacks are carried out.

The rise of Ransomware as a Service (RaaS) has made it easier for less tech-savvy criminals to launch highly effective attacks. RaaS platforms, much like legitimate Software as a Service (SaaS) businesses, offer ransomware kits to cybercriminals on a subscription basis. This democratisation of cybercrime has led to an increase in the number and complexity of ransomware attacks.

In 2024, ransomware attacks are not just about encrypting data. Cybercriminals are increasingly using double extortion tactics, where they not only encrypt a victim’s data, but also threaten to release sensitive information publicly unless a ransom is paid.

This trend has put organisations under immense pressure, as data breaches can result in regulatory penalties, reputational damage and loss of customer trust.

As artificial intelligence (AI) becomes more integrated into legitimate business practices, it is also being weaponised by cybercriminals.

In 2024, AI-powered cyber-attacks are on the rise, with AI being used to automate and scale cyberattacks, identify vulnerabilities and even evade detection by security systems.

One emerging trend is the use of deepfakes in social engineering attacks. Cybercriminals are creating realistic fake audio and video content that impersonates high-profile executives or employees, tricking victims into transferring funds or sharing sensitive information. This level of deception makes it harder for businesses to detect and defend against such attacks.

AI is also being used to enhance phishing attacks, where cybercriminals use machine learning to craft highly personalised emails that are much more convincing, increasing the likelihood of success.

In 2024, critical infrastructure—such as energy grids, transportation systems and healthcare facilities—remains a prime target for cybercriminals and nation-state actors.

The Internet of Things (IoT) has expanded connectivity across critical infrastructure, but it has also introduced new vulnerabilities. IoT devices are often not built with security in mind, making them easy targets for hackers.

Cyberattacks on critical infrastructure can have devastating consequences, including power outages, supply chain disruptions and even loss of life in the case of healthcare attacks. Ransomware and DDoS (Distributed Denial of Service) attacks are being used to disrupt essential services and extort governments and corporations.

The increasing digitalisation of these sectors means that protecting critical infrastructure is more important than ever.

Governments and private companies must work together to strengthen cybersecurity defences and ensure the resilience of these systems.

Supply chain attacks have become a significant threat to businesses in 2024.

These attacks occur when cybercriminals target a third-party supplier or partner to infiltrate a larger organisation. Since many businesses rely on complex supply chains with multiple vendors, a vulnerability in any part of the chain can expose the entire network to cyber threats.

Recent high-profile supply chain attacks, such as the SolarWinds hack, have highlighted how a breach in a third-party vendor can have far-reaching consequences.

Cybercriminals are now focusing on suppliers with weaker security postures, using them as entry points to attack larger organisations.

In 2024, businesses must take a proactive approach to supply chain security by thoroughly vetting their vendors, requiring compliance with cybersecurity standards and monitoring for suspicious activity across the supply chain.

As businesses continue to migrate to the cloud, cybercriminals are shifting their focus to exploiting vulnerabilities in cloud infrastructure.

In 2024, we are seeing more cloud-based attacks, particularly targeting misconfigured cloud services, which leave sensitive data exposed.

Cloud environments are attractive to cybercriminals because they often house large amounts of valuable data, including financial information, intellectual property and customer data.

Data breaches and ransomware attacks on cloud platforms have increased in frequency, as more businesses move critical operations to the cloud, without adequate security.

To defend against cloud-based cyber threats, organisations must implement robust security measures, including encryption, multi-factor authentication and regular audits to ensure cloud configurations are secure.

Phishing remains one of the most common and effective methods of cybercrime in 2024, but the tactics used by cybercriminals have become more advanced.

Gone are the days of poorly written, generic phishing emails. Today’s phishing attacks are highly targeted (known as spear-phishing) and often involve social engineering techniques that exploit human psychology.

Cybercriminals are also using smishing (SMS phishing) and vishing (voice phishing) to target individuals via text messages and phone calls. These attacks can bypass traditional email security measures, making them harder to detect and prevent.

In response to these evolving threats, businesses must invest in employee training and awareness programs to ensure staff can identify and report phishing attempts.

Additionally, deploying AI-driven threat detection tools can help organisations detect phishing attempts in real-time.

As cyber threats become more frequent and costly, cyber insurance is gaining traction as a crucial component of risk management strategies in 2024.

Companies are recognising that even the most advanced security measures may not be enough to prevent every attack and cyber insurance provides a financial safety net in the event of a breach.

However, as the demand for cyber insurance grows, so do the requirements for obtaining it. Insurers are becoming more selective, requiring businesses to demonstrate strong cybersecurity practices before issuing policies.

This trend is driving businesses to adopt higher security standards, which can improve overall resilience to cyber threats.

In the face of these evolving cybercrime trends, businesses must take a proactive approach to cybersecurity.

Here are some key steps organisations can take to safeguard themselves:

Adopt a Zero Trust Model: Zero Trust architecture assumes that threats can come from anywhere, inside or outside the network.

Implementing a Zero Trust model ensures that all users, devices and applications are continuously verified before being granted access to critical resources.

Enhance Endpoint Security: With remote work and mobile devices becoming the norm, endpoint security is critical.

Deploy robust endpoint detection and response (EDR) solutions to monitor and protect all devices connected to your network.

Conduct Regular Security Audits: Regularly auditing your systems, cloud configurations and third-party vendors helps identify vulnerabilities, before they can be exploited by attackers.

Invest in Employee Training: Human error remains one of the leading causes of data breaches.

Regular cybersecurity training programs can help employees recognise and avoid phishing attempts and other cyber threats.

Collaborate Across Industries: Cybercrime is a global threat that requires collaboration.

Businesses should share threat intelligence, participate in industry groups and work with law enforcement agencies to stay informed about the latest cyber risks.

As we look ahead, the cybercrime landscape is more complex and dynamic than ever. From AI-driven attacks to the growing threat of ransomware and supply chain vulnerabilities, businesses must stay vigilant and proactive to protect themselves.

By adopting advanced cybersecurity measures, educating employees and staying informed about emerging threats, companies can better navigate the challenges of the digital age and safeguard their future.