As we take a look back at 2023 in preparation for 2024, the cyber landscape in Australia has been increasingly dominated by sophisticated and frequent cyber-attacks. It is imperative for individuals and businesses to understand what is to be expected and implement measures to protect their digital environment as we move into the new year.
What’s on the Cyber Security Horizon in 2024?
Misconfiguration and Unpatched Vulnerabilities
In Australia, there’s a significant push towards enhancing cyber security, especially in operational technology (OT) and IoT environments. The need for improved visibility over networks and devices, the adoption of ‘secure-by-design’ frameworks, and addressing skills shortages are key. This focus aligns with the Australian Federal Government’s 2023-2030 Cyber Security Strategy and the Security of Critical Infrastructure (SOCI) Act measures.
IoT Device Security
The critical infrastructure annual risk review in Australia has identified vulnerabilities in the connections between IT, OT, and IoT environments. The blending of IT and OT networks on the same flat network without proper segmentation poses significant risks. There is a call for secure-by-design methodologies, which are expected to ramp up in 2024, but the challenge lies in addressing the environments built before the advent of cybersecurity. This process will see strong improvement but will require time to fully rectify.
Phishing Attacks and Complex Phishing Schemes
Norton’s 2024 predictions indicate a rise in sophisticated email scams in Australia. Business Communication Compromise (BCC), an evolution of Business Email Compromise (BEC), will use AI and deepfake technology to mimic trusted contacts, making it harder to distinguish genuine communications from fakes.
Ransomware Evolution
Digital blackmail and ransomware are becoming more sophisticated and targeted. These attacks will go beyond financial extortion to steal company secrets and tarnish reputations. The threats will not only lock up data but also leverage personal information, impacting both employees and customers.
Exploiting IoT and Personal Devices
The integration of AI onto personal devices is likely to bring new security risks. With the trend towards “Bring Your Own AI” (BYOAI) in workplaces, the blending of personal and work-related AI tools could lead to accidental data breaches and security vulnerabilities.
Sophisticated AI-Powered Attacks
AI scams on social media will become more prevalent, with cybercriminals using AI to create realistic deepfakes and false information. This could lead to widespread scams and misinformation. Moreover, popular AI tools will become hotspots for malware and hacking attempts, with cybercriminals looking to exploit the backend systems of these AI models or create deceptive software mimicking legitimate AI applications.
Continuous Threat Detection and Management
A significant shift towards continuous threat detection and management is predicted in Australia. This proactive approach aligns security initiatives with business objectives, focusing on the patching of critical vulnerabilities and automating secondary systems’ security.
Security Validation as Standard Practice
Cyber security validation, assessing security controls from an attacker’s perspective, will become standard. This includes frequent testing and assessment of security measures to strengthen security posture against evolving threats.
Consolidation of Cyber Security Vendors
There will be a trend towards consolidating cyber security platforms. Organisations will seek simplified, integrated security tech platforms for more efficient management and automation of security tasks.
7 Ways You can Protect Your Business
1. Economic Factors and Security Investment Optimization
As threat actors evolve their tactics, the speed at which cyber security measures can defend, detect, and mitigate threats becomes critical. Organisations must optimise and consolidate their security investments considering the return on investment (ROI) and effectiveness against emerging threats.
2. Targeted Attacks on SMEs
Small and medium-sized enterprises (SMEs) in Australia must adopt comprehensive yet cost-effective cyber security strategies to defend against targeted attacks due to their vulnerability and resource constraints.
3. Regulatory Compliance
Compliance with evolving regulations, such as OAIC data breach reporting and privacy law enhancements, is vital for Australian businesses to avoid legal and financial repercussions.
4. Third-Party Vendor Risks
Businesses must ensure vendor compliance with security standards due to the interconnected nature of modern business operations.
5. Adopting Zero Trust Models
Australian businesses should move beyond conventional perimeter security and adopt a zero-trust model, assuming no user or device is trusted by default.
6. Regular Security Audits and Training
Conducting regular audits and educating employees on the latest cyber security practices is essential to identify vulnerabilities and prevent breaches.
7. Leveraging Advanced Technologies
Investing in advanced cyber security technologies, including AI and ML, for threat detection and response, is critical in staying ahead of cybercriminals.
Proactivity Starts with You
Cyber threats in Australia necessitate a multi-faceted approach encompassing awareness, legislative measures, international collaboration, and continual adaptation to technological advancements. By staying informed and proactive, businesses can significantly enhance their cyber resilience and security. For expert guidance and robust cyber security solutions, consider partnering with Trimble Networks. Our seasoned professionals offer unparalleled expertise in understanding and overcoming the complexities of cyber threats and implementing effective strategies to safeguard your digital assets. Contact Trimble Networks today to strengthen your cyber defences and stay ahead in cyber security.