The Biggest Security Threats to You and Your Customers in 2024

Identify the most serious risks to your business and clients and build an effective defence strategy.

Cyberattacks are a pervasive and growing threat. In November 2023 alone, over 111 million records were breached in Europe. Your clients across all industries – and your own team – must take steps to protect data and infrastructure from actors with malicious intent.

The Biggest Threats

Understanding the most likely cyberthreats that can impact your clients and your business is the first step in finding ways to defend against them. The most popular types of attacks follow. However, keep in mind that there are multiple variants and ever-evolving attack vectors that you must consider.

• Ransomware has been a favourite of cybercriminals for quite some time and will continue to be so in 2024. In these attacks, actors hold systems or data for ransom. Sometimes, the malware encrypts data, so it's unusable until the victim pays for the decryption key. In other cases, ransomware locks the user's system so they can't access it unless they pay before a countdown clock runs down. Another tactic is to steal data and hold it for ransom, threatening to release it on the dark web or another public forum. Healthcare and government infrastructure systems will continue to be primary targets of these attacks.
• OT/IT system attacks will increase as manufacturers, service providers, and others merge operational technology (OT) with information technology (IT). Malware targeting OT can infect systems to corrupt data, disrupt operations and damage equipment. Actors can also target OT in distributed denial of service (DDoS) attacks, using equipment's computing power to wage attacks that shut down services or third parties. Actors can use various techniques to infect OT, from infected USB drives to using vulnerabilities in Internet of Things (IoT) devices to gain access to systems.
• Supply Chain Attacks involve attacking an organization, like a TSP or a Software as a Service (SaaS) vendor, to gain access to its clients to steal data or infect their systems with malware. In November 2023, 61% of European cyber-attacks came through a third party.

Counter Those Threats with Best Practices

The best way to defend against cyberthreats is to adopt an in-depth, multilayered strategy that does not rely on a single point of failure but has many fallback security systems. A comprehensive plan should include:

• Network Mapping

Network mapping entails identifying every device's physical and digital location on your network. When a potential threat arises, this knowledge enables network managers to act quickly to isolate the threat and limit any potential damage during an attack.

• Early Detection

You must be able to detect potentially malicious activity but limit false alarms quickly so they don't interfere with responding to critical issues. Tools like security information and event management (SIEM) systems and next-generation firewalls (NGFWs) can help security teams sift through activity to identify the threats that require response.

• Securing Mobile Devices

Mobile device management with strong security capabilities is essential with the ever-increasing volume of devices businesses must use. Companies must enforce strong passwords and multifactor authentication to ensure that only verified users can access their systems.

• IoT Security Tools can protect businesses as they blend OT and IT. Devices that collect invaluable data and connect to organisations' networks via the IoT can be vulnerable unless the necessary precautions are taken to protect against device takeover.

Strengthen Defences – And Your Revenues

Cyberattacks are constantly growing and changing, and round-the-clock vigilance is required to limit the damage attackers can do. No one can completely prevent attacks, but a "defence in depth" strategy can limit the potential damage to your clients and their customers.

This critical need presents an opportunity for technology solutions providers with security expertise. Providing your clients with a network of security partners keeps them safe from cyberattacks and can also mean new business for you. Earning their trust in this area can be the foot in the door you need to win additional contracts for other managed services. TSPs that can harden cyber defences and strengthen client security will find opportunities to grow their businesses.