Understanding global cyber threats

Explore the biggest global cybersecurity threats of 2024—from ransomware and AI-driven attacks to vulnerabilities in critical infrastructure—and why cybersecurity is a shared responsibility for individuals, businesses, and governments

1 October 2024

As National Cybersecurity Awareness Month 2024 kicks off, it's a good moment to reflect on the cybersecurity challenges we all face today. Whether you're an individual, a business, or part of a larger organisation, the theme this year—"Secure Our World"—reminds us that cybersecurity is everyone’s responsibility. Let's take a closer look at the most pressing threats on the global cybersecurity radar and what you can do to stay protected.

Live cyber threat map

This map shows attacks in real time around the world.

The Cyber Threats You Need to Know About

1. Ransomware: A Growing Global Concern

Ransomware isn’t just a technical problem anymore—it’s a global crisis. Hackers are getting bolder, targeting everything from local governments to hospitals and infrastructure services. You’ve probably seen the headlines. In 2021, a European hospital had to shut down its emergency services because a ransomware attack encrypted patient data, putting lives at risk.

These attacks aren’t isolated. Globally, a ransomware incident happens every 39 seconds, impacting everything from public services to businesses of all sizes. It's not just a costly inconvenience but a real threat to public safety. Whether you’re a company leader or a regular user, having robust cybersecurity practices in place can make all the difference.

2. Phishing Scams: Trickier Than Ever

Phishing has been around for years, but cybercriminals have become a lot savvier. Gone are the days of easily recognisable scam emails with broken grammar and dodgy links. Today’s phishing attacks look real—often indistinguishable from genuine emails sent by your bank, employer, or even government agencies.

In fact, about 25% of people will fall for a phishing link at some point, according to recent research. Whether it’s through emails, text messages, or even phone calls, the goal is the same: to trick you into handing over personal information or clicking a malicious link. Imagine how much harder it's about to get when the attacker can clone the voice of a loved one from their Instagram posts using AI. Staying alert and sceptical of unsolicited messages can help you avoid becoming a victim.

3. Supply Chain Vulnerabilities: A Global Challenge

If the SolarWinds attack taught us anything, it’s that no one is immune to supply chain vulnerabilities. Hackers breached software updates and managed to compromise thousands of organisations globally, including government bodies and major corporations.

What makes this issue especially dangerous is how interconnected the world has become. A security flaw in one small vendor can create chaos across entire industries, affecting companies from all over the world. Ensuring your suppliers have strong security practices is now more critical than ever.

4. The Hidden Risks of IoT Devices

The explosion of Internet of Things (IoT) devices—everything from smart fridges to industrial sensors—has brought convenience to homes and businesses alike. But behind this convenience lies a serious security risk. Many IoT devices are notoriously insecure, often lacking basic protection like strong passwords or encryption, making them easy targets for cybercriminals.

One of the most notorious examples is the Mirai botnet attack in 2016. Hackers exploited thousands of poorly secured IoT devices—like cameras and routers—turning them into a powerful botnet. This army of devices launched a massive Distributed Denial-of-Service (DDoS) attack that took down major websites and services across the globe, from Twitter to Netflix.

The shocking reality is that these kinds of attacks aren’t rare. Every day, cybercriminals are scanning for vulnerable IoT devices to hijack for similar purposes. Whether it’s turning your smart speaker or thermostat into a weapon or using your office security camera as a gateway into your business network, the risks are very real.

As IoT technology continues to proliferate, it’s critical that manufacturers build stronger security features into their devices, and that users take steps to protect their networks. If not, we risk a future where every connected device in our homes and businesses could be used against us.

5. AI: A Double-Edged Sword

Artificial Intelligence (AI) is often hailed as a game-changer for cybersecurity, helping businesses detect threats faster than ever. But what many don’t realise is that AI is also empowering cybercriminals in dangerous ways, making average hackers far more effective and turning elite hackers into unstoppable forces.

AI tools can analyse vast amounts of data in seconds, allowing even inexperienced attackers to automate and scale their operations with minimal effort. Take phishing, for example—AI can now craft personalised phishing emails that are almost impossible to distinguish from legitimate communications. This enables novice hackers to launch convincing attacks at a scale and precision that previously required sophisticated skill.

For seasoned cybercriminals, AI opens even more dangerous doors. With AI-driven automation, skilled hackers can identify vulnerabilities across thousands of targets simultaneously, launching attacks that would have taken months to plan and execute. This ability to scale instantly has made AI a powerful weapon in the hands of cybercriminals, turning isolated attacks into widespread campaigns.

As AI continues to advance, the line between human and machine-driven cyberattacks will blur, making it harder to defend against. While companies are beginning to adopt AI for defence, the cybercriminals are already leveraging it to devastating effect. Staying ahead of these threats requires constant vigilance, innovation, and global cooperation.

6. Critical Infrastructure Under Siege

In today’s connected world, cyberattacks on critical infrastructure have become one of the most serious threats we face. From energy grids and water treatment plants to hospitals and transport networks, these systems are the backbone of society. When they’re disrupted, the consequences can be catastrophic—not just financially, but in terms of public safety and national security.

Recent years have seen a worrying increase in attacks targeting critical infrastructure. The Colonial Pipeline attack in the United States in 2021 was a wake-up call, as a ransomware attack on a major fuel pipeline led to widespread shortages and panic buying. But this isn’t just a US problem—it’s happening globally. In 2023, several European ports faced cyberattacks, halting operations and causing significant delays in international trade. Meanwhile, healthcare systems, particularly in the UK and Ireland, have suffered breaches that have disrupted patient care, showing just how vulnerable essential services are.

What makes these attacks even more dangerous is the ripple effect. A single breach can trigger massive consequences, affecting not just the targeted organisation but entire regions or industries. For instance, a hack on an energy grid could lead to blackouts across multiple cities, while an attack on a water facility could contaminate supplies for thousands of people.

As more critical infrastructure becomes digitised and interconnected, the stakes continue to rise. Governments and organisations need to prioritise cybersecurity at the highest levels, ensuring that essential services are protected. But individuals can play their part too, especially those working in sectors that manage critical infrastructure. Awareness, vigilance, and proper security practices are key to preventing these attacks before they escalate.

Final Thoughts

Cybersecurity is no longer just the domain of IT departments or security experts—it’s something that affects all of us, whether we’re individuals, small businesses, or multinational organisations. The threats we face today aren’t abstract; they’re real, they’re happening, and they’re growing more sophisticated by the day.

From ransomware that can cripple hospitals and public services, to AI-powered attacks that can overwhelm defences at lightning speed, cybercrime has become a global menace. And it’s not just corporations or governments being targeted—every connected device, every personal email, and every network is a potential entry point for attackers.

But here’s the thing: we’re not powerless. Cybersecurity is a shared responsibility, and by taking proactive steps—whether it’s strengthening passwords, securing IoT devices, or simply staying informed about the latest threats—we can make it harder for attackers to succeed. It’s not just about protecting yourself, but contributing to the security of the wider digital world we all depend on.

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The views expressed in this article are those of the author at the date of publication and not necessarily those of Curated Capital Ltd. The contents of this article are not intended as investment advice and will not be updated after publication unless otherwise stated.

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