Cybercriminals Evolve Tactics, Pose Greater Threat in 2024: Experian Report

As 2024 unfolds, cybersecurity experts warn of a looming surge in data breaches, signaling a potentially record-breaking year for cybercriminal activity. Experian's latest report sheds light on emerging trends and strategies embraced by malicious actors, painting a concerning picture for organizations worldwide.

Supply chain vulnerabilities emerge as a primary concern, with third-party data breaches increasingly making headlines. The intricate network of vendors, technology solutions providers, and subcontractors down the supply chain presents ample opportunities for cyberattacks. Experian predicts a rise in attacks targeting systems several degrees removed from the source, fueled by the outsourcing of data and technology solutions.

Digital transformation further amplifies threat surfaces, with the proliferation of Software-as-a-Service (SaaS) platforms and public cloud infrastructures extending the cybersecurity perimeter into the vast expanse of the internet. This shift exposes users to heightened risks and underscores the need for robust security measures.

In a departure from traditional tactics, cybercriminals are adopting subtler strategies aimed at flying under the radar. Rather than resorting to high-profile ransomware attacks, bad actors manipulate minuscule data elements to achieve significant impact. Small-scale alterations, such as currency rate adjustments or modified transportation coordinates, can yield substantial consequences while evading detection.

Moreover, the landscape of cyber threats is evolving with the emergence of new players on the global stage. A country in South Asia, previously focused on regional cyberattacks due to political tensions, may expand its scope internationally. Endowed with a large population of engineers and programmers, this nation could become a formidable force in the realm of cyber warfare.

The race for rare earth materials, essential for modern hardware manufacturing, adds another layer of complexity to cybersecurity concerns. Disruptions in the strained supply chain of materials like plutonium, terbium, and silicon wafers could trigger widespread industry upheaval and economic instability, presenting lucrative opportunities for threat actors and nation-states alike.

Experian emphasizes the growing sophistication of cybercriminal organizations, likening them to drug cartels in their organizational structure and global reach. Collaboration among like-minded actors, including cyberwarfare alliances and trade-focused cyber gangs, is on the rise, posing significant challenges to cybersecurity efforts.

In response to these evolving threats, organizations must remain vigilant and proactive in bolstering their security posture. Michael Bruemmer, VP of Global Data Breach Resolution at Experian, underscores the importance of detecting even the slightest security abnormalities and staying abreast of global interests that may make them a target.

Jim Steven, Head of Crisis and Data Response Services at Experian Global Data Breach Resolution in the United Kingdom, urges companies to invest in sophisticated prevention and response methods to combat the growing threat landscape effectively.

As cybercriminals evolve their tactics and exploit emerging vulnerabilities, organizations must adapt their cybersecurity strategies to mitigate risks and safeguard sensitive data in an increasingly interconnected digital world.