Top 5 cyber threats of 2024: How to keep your small business safe

Cyber security should be top of mind for small businesses, but there’s a lot to keep up with. Threat actors are continually coming up with new ways to exploit vulnerabilities in your system and get their hands on your data.  

To help you prevent a data breach or cyber incident, we’ve researched the top 5 cyber threats of 2024, and what you need to know to keep your business data safe.  

1. Ransomware remains a top – and growing – threat

Ransomware has long been a favorite money-maker for hackers and is on the rise once again. A new twist to this old crime is exfiltration ransomware, when bad actors threaten to leak data if a ransom is not paid. This variation of ransomware has the effect of feeling less dire than when your data is locked, but the result can be even costlier if data is leaked.

According to the Hiscox Cyber Readiness Report 2023, 45% of businesses with fewer than 250 employees paid a ransom demand in order to protect confidential company data. Forty-one percent said the reason they paid was to become operational again, indicating that the security of their data is a greater concern among small business owners.  

📢 Related: A cybersecurity expert answers your ransomware questions

2. Payment diversion fraud is now the top outcome of a cyber attack

Moving up from second place, where it sat for the last two years, payment diversion fraud is now the most common outcome of a cyber attack. PDF occurs when a hacker manipulates or deceives an employee into redirecting a legitimate payment to a fraudulent account. Email has long been used to perpetrate PDF, and now text-based attacks, known as smishing, are being added to the mix. Training employees to be vigilant and verify every email and text request for payments can help manage this risk.  

3. Malware is harder to detect

Malware detection software has kept up fairly well with malicious software, but new methods for launching viruses and malware are starting to appear that are able to evade detection. Bad actors are using commercial software, such as remote access and file transfer software, for malicious purposes, and the trend toward more sophisticated and elusive malware is likely to continue.  

4. Artificial intelligence increases – and reduces – the risk

Artificial intelligence has been a boon for bad actors – enabling the creation of ever more sophisticated phishing emails and condensing the learning curve for malware creation. But it also aids the creation and deployment of security software and automates threat detection in email systems at networks.  

5. Political cyber attacks are on the rise

Technology is changing how military forces operate on the ground and in the air, but also online. And civilians are getting involved too. The International Committee of the Red Cross (ICRC) has issued rules for “civilian hackers” during war, effectively creating rules of engagement for hackers during wartime. These rules, while they will certainly be flouted by some, provide a basis for condemning unacceptable actions and document ethical standards for hacktivists.  

Keeping your business data safe

While the methods for getting into your system can change, the steps you take to prevent intrusion stay the same. Here are some things you should be doing to protect your data.  

• Educate yourself and your staff on best practices, like using strong passwords and multifactor authentication.
• Keep all your software up to date and patch as required.  
• Back up data regularly.  
• Secure adequate and appropriate cyber security insurance for your business.  

👉 Ready to take the next step to keep your business safe from cyber attacks? Get a fast, free quote on cyber security insurance that’s customized to the risks your business faces.