Experian, a global information services company, has released its 11th annual Data Breach Industry Forecast for 2024. The report outlines six predictions for the year, shedding light on potential tactics that cybercriminals from around the world may employ to infiltrate organizations and carry out malicious activities.
In the previous year, 2023, cyberattacks, data breaches, and other security incidents were alarmingly prevalent, making it a “successful” year for cybercriminals. However, the forecast for 2024 suggests that the cybersecurity landscape may face even more sophisticated and diverse threats. These are the six predictions outlined in the report:
1. **Six Degrees of Separation:** The infiltration of third-party data breaches has been grabbing attention in recent years. With the increasing collection, storage, and transfer of data, there are numerous partners throughout the supply chain that could be targeted by cybercriminals. The forecast predicts that cybercriminals may expand their attacks to systems located four, five, or six degrees away from the original source as vendors, technology solution providers, and other intermediaries become targets.
2. **Little by Little Becomes A lot:** In the world of cybersecurity, the report suggests that hackers may adopt a new approach focused on making subtle alterations to data rather than executing large-scale attacks like ransomware. By manipulating or modifying small bits of data, cybercriminals can stay under the radar while causing significant impacts, such as altering currency exchange rates or modifying transportation coordinates.
3. **Not a Third Wheel:** The forecast also predicts that a new country in South Asia with a significant population of engineers and programmers may emerge as a major player in cyber warfare. Although the country has historically been involved in regional cyber-attacks due to political tensions, it is anticipated that it may expand its targets globally in the coming years.
4. **No, not Mother Earth!:** The report points out the risk associated with the disruption of the supply chain for rare earth materials that are crucial components of modern hardware. Hackers may capitalize on the scarcity of these resources to create chaos in the industry or to serve the interests of nation-states engaging in economic warfare.
5. **The Scarface Effect:** Drawing a parallel between drug cartels and cybercrime, the forecast suggests that cybercriminals may form sophisticated organizations, potentially collaborating with other countries to advance their goals and interests. This could lead to an increase in cyberwarfare alliances and the expansion of cybercrime monopolies.
6. **Winning from the Inside:** In the coming year, cybercriminals may target publicly traded companies to gain insight into manipulating stock markets or planning their attacks to benefit from fluctuations in stock prices. This approach allows threat actors to leverage their skills in plain sight, posing as everyday investors rather than resorting to underground transactions with stolen data.
Michael Bruemmer, Vice President of Global Data Breach Resolution at Experian, emphasized the need for organizations to remain vigilant and respond to even the slightest security abnormalities. He noted that cybercriminals are constantly evolving their tactics by leveraging new technologies and adopting different strategies to stay ahead.
The report also underscores the importance of investing in sophisticated prevention and response methods to protect against the diverse and evolving cyber threats.
To access the full report, individuals can visit https://ex.pn/2024databreachindustryforecast. Jim Steven, Head of Crisis and Data Response Services at Experian Global Data Breach Resolution in the United Kingdom, highlighted the global nature of cybercrime and the need for companies to invest in advanced security measures to safeguard their operations against threats from across the globe.