Cybersecurity Trends & Happenings 2024

Time flies. It’s already August. Like every year, 2024 has had its ups and downs. We have seen
it all in the last seven months, from ground-breaking innovations to catastrophic digital
threats.

Witnessing these dynamic shifts, we can say that the cybersecurity world is developing at a
faster pace. That said, it’s also imperative to stay ahead of the latest trends and examine
recent happenings in the industry.

Let’s explore the top 7 cybersecurity trends and the attacks that made the headlines. We will
also look at various threat actors and their motives behind these attacks.

Cybersecurity Trends & Happenings 2024

1. Zero Trust:

Enterprises are increasingly keeping their trust on zero trust. In fact, the global Zero Trust
security market is anticipated to reach USD 67.9 billion by 2028.

It requires strict identity verification for every person and device trying to access resources
on a network, assuming no implicit trust even within the network’s perimeter.

2. Integration of AI/ML:

“By 2028, the AI in cybersecurity market is estimated to expand at a CAGR of 21.9%.”

These technologies enhance security by automating threat detection and response, analyzing vast amounts of data to identify patterns and anomalies that indicate potential security breaches.

3. Quantum Computing Resistant Cryptography:

The market of quantum cryptography is projected to be valued at USD 2376.64 million in 2030, compared to an estimated USD 541.8 million in 2022.

It involves developing encryption methods that are secure against the capabilities of quantum computers, which can potentially break current cryptographic algorithms.

4. 5G Network Security:

It focuses on protecting the expanded attack surface introduced by 5G technology. It also addresses vulnerabilities related to increased device connectivity and new network architecture.

5. Supply Chain Security:

According to the horizon grand view research, the supply chain security market is projected to expand at a CAGR of 11.1% from 2024 to 2030. It was evaluated at USD 2.13 billion in 2022.

It aims to safeguard against threats in the supply chain. It also ensures the integrity, security, and resilience of products and services, from suppliers to end users.

6. IoT Security:

The market of IoT security is expected to grow at CAGR of 32.3% and to reach USD 20,776.1 million by 2027.

It ensures implementing measures to protect interconnected devices from cyber threats, ensuring data integrity, privacy, and secure communication between devices within the Internet of Things ecosystem.

7. Blockchain in Cybersecurity:

The global blockchain market is projected to US$ 1,431,535.5 million by 2030 with an impressive CAGR of 85.9% from 2023 to 2030.

It focuses on securing blockchain networks through cryptographic techniques, consensus mechanisms, and decentralized architecture. It prevents unauthorized access, fraud, and data tampering within the blockchain.

Moreover, it is crucial for organizations to stay ahead of these cybersecurity trends by implementing strong measures, training employees in best practices.

Let’s review some of the cyberattacks that happened in the first half of 2024.

Cyberattacks Around the World

1. Microsoft Data Breach

In January 2024, Microsoft was targeted for a data breach attack. It is reported to be carried out by the Russian hacking team Cozy Bear. In this attack, senior executive email accounts had been compromised by hackers. Microsoft claims that the gang used an out-of-date code to exploit the credential. Then, after they have increased their security spending, they have improved coordination across the company. They have better security controls, detection tools, and monitoring to protect their environment.

2. Dropbox Data Breach

In April 2024, Dropbox became a victim of a data breach attack. This attack severely impacted one of its major services called the Dropbox sign, which was formerly known as the hello sign. In this attack, the threat actor compromised the services and got unauthorized access to the customer database. Threat actors exposed sensitive information such as customers’ email, phone numbers, hashed passwords, authentication information, including APIs, and more. Dropbox rotated all API keys and OAuth tokens, reset user passwords, and logged users out of connected devices. Additionally, Dropbox notified law enforcement and data protection authorities about the situation.

3. AT & T Data Breach

In April 2024, AT & T experienced a massive hack that exposed the telephone numbers of the company’s cellular customers and various wireless providers from May 1 through October 31, 2022. This breach compromised sensitive information, such as phone logs. In response, the company hired a team of cybersecurity experts to thoroughly investigate the attack and mitigate its impact.

How does Sectona PAM Help you Mitigate Cyber Risks?

In an increasingly interconnected world, it is crucial for organizations to prioritize securing enterprise data and prevent breaches. Upholding enterprise security must begin with protecting the fundamental aspect of security, that is user access.

Implementing a robust user access security strategy is the need of the hour. Sectona provides PAM offerings that help manage and monitor privileged accounts and access. In an enterprise environment implementing Sectona PAM, only authorized users have access to critical systems and data. It helps reduce the risk of insider threats and unauthorized access.

Explore more features such as session management, password vaulting, and multi-factor authentication.