If you missed our recent webinar, “Foreseeing the Future Threatscape: 2024’s Bad Actor Forecast,” there’s still time to catch up on expert attack insights for next year. Hosted by top executives at Arkose Labs, including CCO Patrice Boffa, CFO Frank Teruel, and CPO Ashish Jain, this crystal ball session explores forecasted cyber threats for enterprises in 2024, backed by real-world examples and threat analysis. 

With a 121% increase in total cyberattacks in Q2 over Q1 2023, now is the time for businesses to understand more about how threat actors are anticipated to use bots, human fraud farms, and social engineering in the coming year. Listen as our experts unravel revelations, impart practical knowledge, and clearly articulate the top three cyber threats on the horizon today. 

Here, you will find thought-provoking expertise, data-driven details, and concrete examples about continual changes to the threat landscape. This timely conversation will help you make crisp, informed and strategic decisions—confidently. So, if your business is already contemplating better protection and awareness in the new year, this is a conversation you won’t want to miss.

Top three cyber threats facing enterprises in 2024

According to our experts, there are several cyber challenges on the horizon. While all of them are key to understanding the changing environment, enterprises should stay vigilant about these top three cyber threats. 

Evolved Phishing Schemes

The dynamic landscape of cyber threats has witnessed a sophisticated manifestation of “Adversary-in-the-Middle” phishing attacks, representing a real and concerning trend in online security breaches. In these attacks, bad actors employ techniques involving redirects and reverse proxies to manipulate consumers’ online journeys and experiences. This insidious approach is designed to exploit vulnerabilities in the digital ecosystem, posing severe risks to individuals and organizations alike.

These attacks operate at the intersection of deceptive redirection and the use of reverse proxies, allowing criminals to covertly control and direct users to fraudulent websites, leading to various problems. One of the most alarming consequences involves the compromise of sensitive financial information, leading to drained bank accounts and stolen credit card details. The attackers’ puppeteering of online interactions emphasizes the need for heightened vigilance and advanced security measures.

To safeguard against advanced phishing threats, organizations must prioritize proactive security measures. Implementing anti-phishing protection, enhancing user education on recognizing phishing attempts, and adopting multi-factor authentication are crucial steps in fortifying defenses against these manipulative “Adversary-in-the-Middle ” tactics. Also, continuous monitoring and updates to security protocols are essential to stay ahead of the evolving strategies. 

Insidious SMS Toll Fraud 

The surge in SMS toll fraud, or SMS pumping, presents a formidable and rapidly escalating challenge for enterprises. With an increase of 141% in Q3 2023, this hard-to-detect attack is poised to unleash a barrage of threats, catching organizations off guard. What sets this threat apart is its elusive nature, evading typical security measures and making it a challenging adversary for protocols.

The repercussions of SMS toll fraud are serious, leading to staggering financial losses amounting to hundreds of millions of dollars each month. This lucrative avenue for bad actors capitalizes on its profitability and operates with a deep-covert nature, making it an attractive choice for criminals. As the new year unfolds, the ominous projection is that more malicious entities will deploy SMS attacks, necessitating a proactive and strategic approach from enterprises to fortify their defenses.

To counter this rising menace, organizations must adopt advanced security measures tailored to detect and thwart these attacks. Enhancing monitoring capabilities, implementing anomaly detection systems, and investing in technologies that specifically address SMS pumping vulnerabilities are critical steps in mitigating the financial and operational risks associated with this burgeoning cyber threat. As enterprises brace for the impending surge (and the bill), staying ahead of these sophisticated tactics is paramount to safeguarding financial assets and staying cyber resilient. 

Normalized Cybercrime-as-a-Service (CaaS)

Over the last six months, a concerning shift has transpired, with malicious entities relocating from the darknet to the open web. Disguised as legitimate businesses, attackers seek to normalize fraud and cybercrime, marking a disturbing 2024 trend. The underground marketplace of the CaaS model is now a big part of this evolving threat, as actors can purchase bad bots, accompanied by comprehensive training, customer service, and full service level agreements (SLAs). Projections for 2024 indicate a staggering 20-fold increase in the prevalence of CaaS. 

For enterprises, the implications of CaaS are profound. With this surge, fraudsters gain unprecedented access to advanced bot weaponry, posing a heightened threat. CISOs, already contending with diminishing human and budgetary resources, face an increasingly challenging landscape. Navigating this cyber threat demands innovative strategies and heightened vigilance, as organizations must fortify their defenses against a surge of attacks orchestrated with alarming precision and scale. 

Arkose Labs fights the threats of tomorrow

Arkose Labs stands as a leader in bot security, equipped to help online businesses stay ahead of threats in 2024. With the escalating menace of CaaS, SMS toll fraud, and sophisticated phishing scams, we offer innovative bot management solutions that provide real-time threat detection and mitigation. 

By leveraging advanced technologies and comprehensive threat analysis, we empower businesses to proactively beat cyber threats. Our expertise ensures a resilient defense against the dynamic tactics employed by bad actors, making Arkose Labs an indispensable ally for enterprises striving to stay one step ahead of the evolving cybersecurity landscape in the coming year. Learn more about our warranty program anytime.

*** This is a Security Bloggers Network syndicated blog from Arkose Labs authored by Jenn Jeffers. Read the original post at: https://www.arkoselabs.com/blog/guardians-of-tomorrow-arkose-labs-shares-top-3-cyber-threats-2024/