According to government figures, half of businesses (50%) report having some form of cyber security breach or attack in the last 12 months.
These figures are much higher for medium businesses (70%) or large businesses (74%). With this in mind, it’s clear that businesses of all sizes need to prepare for and prevent cyberattacks in 2024.
Common cyber threats to be aware of in 2024
Emerging cyberattacks to be aware of in 2024 include
AI-assisted cyber attacks
AI has enabled cybercriminals to mount more sophisticated and powerful attacks with fewer skills and less organisational power.
Examples include
- Phishing attacks that are multi-lingual and grammatically correct are delivered in a much greater volume.
- Deepfakes in the form of AI-generated voice and video that can be used in spear-phishing attacks.
- Malicious disinformation spreading – often used during elections and other important events.
A wider variety of targets
No business is safe from cyber threats in 2024, with small businesses, healthcare organisations, charities, and even individuals all on the firing line. Last year, around a third of charities (32%) reported experiencing a cybersecurity breach, increasing to 66% of charities with £500,000 more in annual income.
IoT attacks
IoT, or Internet of Things, attacks are expected to increase in 2024 and beyond due to the rising use of IoT within business operations. An increase in connected devices means more opportunities for attackers to strike.
How to protect your business in 2024
While the risk of cyberattack is high in 2024, there are steps you can take to protect your business.
Cyber Insurance
It is essential to have the right cover in place to protect your business if a cyberattack is successful.
As business insurance brokers, The Bateman Group provides comprehensive cyber cover for up to £10 million across breach response cybercrime, business loss, and cyber liability – protecting your business against a wide range of first and third-party losses.
Proactively protect your business
Don’t wait to become a victim of cybercrime, you must proactively protect your business the way you would for any other threat. We suggest developing a strategy that includes a cybersecurity risk analysis so you can plug any gaps that might allow attackers to sneak through.
Failure to prevent data breaches can put your business at risk of fines and penalties. The Information Commissioner’s Office (ICO) can issue fines of up to £175 million or 4% of global annual turnover in the event of a severe data breach.
Incident response planning
One of the best ways to protect your business continuity in the event of a data breach or cyberattack is by planning for it. The faster you can respond to a breach, the easier you can limit the damage and get back to business as normal.
Your incident response planning should include training and simulations for employees so they can spot and avoid common cyber threats. As well as backup protection services and response processes.
