What Stopping Email Phishing in 2024 More Critical Now Than Before?

Weekly Executive Insight Article from Shiv Singh, CISSP , CEO of LINEARSTACK

Organizations wanting to avoid these attacks should take artificial intelligence's relevance to phishing attacks in 2024 seriously. Large language models and generative AI enable cybercriminals to craft highly targeted phishing emails and generate sophisticated malware effortlessly.

AI becoming used in email attacks, business email compromise, deepfakes, phishing emails, supply chain compromise, and account takeover continues to be top of mind with many CEOs, CIOs, CISOs, and CFOs.

What is the Importance of Stopping Email Phishing in 2024?

In 2024, the digital world is developing quickly with good and bad changes. New AI technology, including deepfake content, makes things more accessible and raises the risk of scams, cybercrime, and security breaches. Your personal and financial info is at higher risk as criminals find new ways to get around our security. Stay alert and informed about their tactics.

Cyber-attacks, including phishing messages, are a growing threat in the digital age. As we progress, these attacks, including spear phishing emails, become more sophisticated and frequent. By 2024, the risk of phishing attacks will have escalated. Understanding and addressing this risk is crucial to protect ourselves with next-generation security measures.

Furthermore, phishing attacks have become a severe threat, with about 3.4 billion daily emails totaling over a trillion emails annually. These emails deceive recipients into revealing sensitive information by appearing to be from trusted sources.

Hackers Increasing Their Sophistication of Email Phishing.

Phishing attacks use tactics like brand knockoffs to create emails that look like those from popular companies. Hackers often create a false sense of urgency to make recipients act quickly without thinking. These emails may also include alarming messages to push recipients into taking unnecessary actions. Emotional manipulation is another tactic, with emails that evoke curiosity or obligation to bypass rational judgment.

• Threat actors use phishing and social engineering attacks to target employees, including IT help desk representatives, to gain sensitive information or install malware on company systems.
• Threat actors are constantly finding new ways for fans to launch attacks. They now often steal a company's data and encrypt its systems. They pressure organizations by posting victim names and data on "leak sites" and notifying third parties about data risks. Companies must improve their controls, response procedures, and backup systems to combat this. Regular testing and training are essential for effective incident response.
• Threat actors are using technologies like artificial intelligence to commit financial fraud. Deepfakes, in particular, are being used to create fake images, deceptive emails, audio, or videos to trick companies into transferring money fraudulently. This type of attack is increasing, so companies need policies to prevent wire fraud. They should verify all wire transactions and wiring instructions. Companies must act if fraud occurs, as it's harder to recover funds.

Email Phishing Attacks Will Lead to Greater Legal and Regulatory Consequences Expected in 2024. 

In 2024, the cyber threat landscape will continue developing with increased attacks against companies. Businesses are incorporating new technologies and gathering more data stored and shared digitally. Phishing and social engineering threats persist, but threat actors leverage AI and other emerging technologies to exploit vulnerabilities.

Successful email phishing attacks continue to cause financial damage to individuals and organizations. Email and other security-related breaches continue to draw attention from State and Federal legislators. 

The SEC's cybersecurity disclosure rules went into effect in December 2023. Public companies must disclose material cybersecurity incidents within four business days of determining they are material. Companies must also disclose in their annual reports their processes for assessing, identifying, and managing cyber threats. Publicly traded companies will need help in complying with these new requirements.

Because of these new rules, companies should stand prepared for regulatory scrutiny and potential litigation. The new rules will affect privately held companies providing services to publicly traded organizations. 

Class action lawsuits in the cybersecurity sector have been increasing because of more disclosure requirements. After a cyberattack, there is often public information available. These incidents resulting in personal information disclosure led to many class action lawsuits. 

Companies must be ready for such litigation and ensure attorney-client privilege in their response process. Enforcement actions against companies for violations like improper password storage, third-party risk management failures, and lack of risk assessment policies have resulted in significant penalties. Companies must prepare for the legal and regulatory consequences of security incidents or compliance program failures.

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