What Are The Biggest Cybersecurity Threats in 2024?

identity and access management

We may be into the summer of 2024, but there are still plenty of surprises left in store in the world of cybersecurity to present issues for the rest of the year. Identity and access management is always going to be a moving target, battling to stay ahead or catch up with the latest security threats. It has been this way since the late 1990s and it is not going to stop now.

As everybody witnessed at the beginning of the 2020s, we are drastically unprepared against not just cybersecurity, but also world-changing events. The internet has taken over our lives since COVID-19, the political election war, and the escalating threats of war – and cybercrime has played a substantial role in all of them.

It is no longer a question of what is happening – it is a question of what is next. No matter what it will be, cybercrime and hackers will play a huge part in its evolution – but there are ways you can be prepared with proactive protection measures in identity and access management.

The Rise of Social Engineering

Among the top of the list for 2024 hacking threats is social engineering, a threat that relies on human error over any system vulnerability.

A highly dangerous attack, social engineering is a key method for attaining employee data and credentials for an identity management system – and it all comes from phishing emails that open up the data breach floodgates. Phishing and email impersonation see more innovation than a mobile device in the 2020s, finding new lifeblood in targeting the growing Bitcoin and blockchain-based currencies.

Third-Party Exposure

When primary networks have highly secure identity access management in place, you may feel that there are no vulnerabilities to exploit. However, a genuine threat is possible when cybercriminals hack less-protected third-party networks, such as in the 2021 Facebook, Instagram, and Linkedin hack where 214 million users were affected.

The target was a third-party contractor, Socialarks, which had privileged access to all three platforms. Two years later, third-party breaches started to become more common as organisations and companies turned to independent contractors to replenish the workload due to a loss of full-time employees. Even VPNs that don’t have multi-factor authentication setups can compromise credentials, such as in the case of the US Colonial Pipeline incident.

Remote work has made it much easier for hackers and cybercriminals to gain access, with critical systems accessed through unprotected routes and networks.

Lack of Cyber Hygiene

Cyber hygiene relates to your habits and practices regarding all of your technology that accesses the internet. It incorporates avoiding the use of unprotected WiFi networks and using more avenues such as VPNs and multi-factor authentication.

Relying on human memory for passwords is always problematic, but having no two-factor authentication in place for company and personal accounts or network identity access management is too much risk in 2024. Companies seem to only change their password after an incident, instead of regularly changing them to avoid any mishaps.

Surprisingly, IT professionals often are the worst offenders, with around 50% reusing passwords over multiple accounts in the 2020s.

These are just the tip of a substantial cybercrime iceberg, and solutions evolve as fast as the attacks do. Do you want to know more about how to best protect yourself from cybercrime in 2024?

Visit Our Global CyberSecurity Event

Join Whitehall Media this June at Identity Management 2024, the UK’s essential gathering of leading IAM leaders, decision-makers, and influencers. On June 18th, special guest speakers will descend on London to host a series of talks, discussions, and debates on identity and access management, pointing a pathway to healthier cyber hygiene and protections whilst predicting what lies in store for the future of identity access management solutions.

Anyone with an interest in identity management solutions is welcome to join us as we look for better preventive measures together. See you on June 18th.