While going digital has made life easier for businesses and consumers, the flip side is that the risk of cyber attacks has also increased. Cases of cyber crimes related to flaws in microchips, crypto-jacking, and massive data breaches, are on the rise. Cyber criminals target everything from online stores and blogs to websites and mobile handsets, to gain access to sensitive information.

Cybersecurity threats like SMS phishing, Internet of Things (IoT) based attacks, and ransomware have become common, and with most of the enterprise workload moving to the cloud, instances of malicious hacking are on the rise. Cyber attackers use illegal approaches, methods, and tools, either to gain unauthorized access to or disrupt devices, computers, applications, databases, and networks. These cyber attacks have the potential to disrupt businesses, damage their reputation and affect the trust that consumers have in them.

2024 saw both emerging and ongoing threats, as new trends developed in cybersecurity threats. In this article, we look at the key cybersecurity statistics for the year 2024 and what cybersecurity threats defined it.

Key Cybersecurity Statistics for 2024

1. Cyber attacks are estimated to have cost businesses almost $9.5 trillion in damage and disruption in 2024, all around the world. To put things in perspective, that's roughly half the annual GDP of China, or a third of the GDP of the USA!

2. Cybersecurity breaches have been on the rise in recent years, with no signs of slowing down. In 2024, the average cost of a data breach reached an all-time high of $4.88 million, marking a 10% increase from 2023. In the first half of 2024 alone, over 1 billion records have been exposed in data breaches, with nearly half (46%) involving sensitive customer information like tax IDs, phone numbers, and home addresses. These breaches not only jeopardize personal security but also pose significant IT security risks to organizations worldwide.

3. Research in 2024 reveals that 95% of data breaches are financially motivated, marking a 24% increase since 2019. Espionage remains a significant cybersecurity threat in the APAC region, accounting for 25% of breaches, according to Verizon’s 2024 Data Breach Investigations Report. 81% of organizations faced malware threats this year, underscoring the relentless evolution of cybersecurity threats. Meanwhile, social engineering and phishing remain dominant tactics, contributing to 70–90% of successful cyber attacks and nearly 30% of global breaches, according to IBM.

4. On average, businesses take 204 days to identify a breach and another 73 days to contain it, giving cybercriminals ample time to exploit vulnerabilities and cause significant damage. Proactive IT security is essential to combat these escalating cybersecurity threats.

Common Cybersecurity Threats 2024

Given the serious damage these cyber attacks have caused in the past, and their increasing frequency and sophistication, it's important to look back and identify the most common threats that were used in 2024.

1. Cloud Breaches

   Cloud breaches or cloud jacking were the most prominent of all cybersecurity threats in 2024. As an increasing number of enterprises were storing sensitive data like their business data or employee details on the cloud, they faced new threats like misconfiguration, data breaches, insecure interfaces, account hijacking, DDoS attacks, and insider threats. They became targets for hackers who are capable of taking control of and even modifying sensitive files and data stored on the cloud. Cyber attacks can be carried out through third-party libraries, from cross-site scripting and SQL injection. Attackers inject malicious code through third-party libraries and make sure that users will unknowingly download and execute the code.

2. Attacks on IoT

   IoT is any inter-networking of a device with internet connectivity for exchanging data. IoT-enabled devices range from computer programs to hardware sensors, and smartwatches. Organizations implemented IoT applications and devices to remotely control and manage infrastructure, enhance customer service, and capture data among other things, and many incidents in 2024 involved hackers leveraging IoT weaknesses to gain access to the network and can also gain control of devices for use in botnets. Alternatively, they simply did so to obtain data such as footage from IoT cameras, for voyeurism and other nefarious purposes. Since most of the new IoT devices are still in their infancy, they lack the processing power for basic protection like encryption, making them vulnerable. It is also not easy to develop cybersecurity strategies that can keep up with advancements in IoT devices.

3. Phishing Attacks

   Phishing, the most common of cyber attacks, is basically the practice of sending fraudulent emails with malicious links or attachments, to trick victims into believing that the emails are from trusted sources. Phishing is high-reward, effective, and most importantly, requires minimal investment, making it popular among cyber criminals who want to access sensitive data like credit card numbers and login information. To add on, phishing kits make it extremely easy for cyber criminals with little to no technical skills to deceive unsuspecting users. SMS phishing attempts from hackers target consumers in the guise of fundraising initiatives and through fraudulent messages. One such example is the Nigerian Prince scam, wherein crooks pretend to be foreign royalty and promise millions and all they ask for are your bank account details to transfer the sum.

4. Ransomware Attacks

   Ransomware is a type of malware designed to extort money by blocking access to computer systems or files until the ransom is paid. Ransomware attacks have been a concern for businesses for the last couple of years. According to the 2024 Identity Security Threat Landscape Report, an alarming 90% of organizations faced ransomware attacks in 2024, with 75% of them paying the ransom but failing to recover their data. With the help of simple and cheap ransomware, which is easily available on the dark web, attackers can extort a huge sum of money. There are three main paths through which ransomware can enter a system or device — social media phishing, exploit kits, and email phishing. Ransomware attacks have become increasingly sophisticated over the years as hackers are always in search of innovative ways in which they can create seemingly genuine messages that unsuspecting targets open without thinking.

5. Mobile Malware

   Mobile malware is a malicious software designed to damage or gain unauthorized access to mobile devices such as smartphones and tablets. With more users moving to their smartphones from desktops and laptops, most of their business data is stored on their mobile devices. This gives hackers easy access to sensitive data, increasing the risk of a data breach. With increasing proliferation and use of mobile devices, particularly as businesses and individuals continue to adapt to remote and hybrid work environments in 2024, this became an increasing cybersecurity threat over the course of the year.

Summary

Today, there are more devices than there are people, and that makes implementing cybersecurity measures a real challenge. Cyber criminals are constantly upgrading their strategies to damage or defraud organizations and institutions. Therefore, the multipronged security strategy and effective implementation are crucial. Organizations have to be more proactive than reactive so that they can identify cybersecurity events faster and minimize or prevent damage.

Relook at and upgrade your cybersecurity infrastructure with Adventus Cybersecurity Solutions and Services to equip your organization with the most effective solutions, tools, policies, services, processes, and practices. Adventus has the expertise to safeguard financial assets and intellectual properties and can offer solutions according to budgets and business needs.