As October is Cybersecurity Awareness Month, it’s crucial to address the growing threat of cybercrime. According to Cybersecurity Ventures, damages from cybercrime are expected to reach $9.5 trillion globally in 2024, with projections of $10.5 trillion annually by 2025.

While cybercrime is inevitable, vigilance and the right partner can significantly protect your business. Here are the top cybersecurity threats and solutions for 2024:

TOP CYBERSECURITY WEAK SPOTS FOR BUSINESSES

  1. Generative AI: As this technology grows, so do its potential risks. Cybersecurity experts need to monitor for new vulnerabilities and AI-powered attacks.
  2. Insider Threats: Whether intentional or not, employee error remains the top cause of successful cyberattacks.
  3. IT Skills Gap: The demand for cybersecurity talent outpaces supply. Companies are increasing training and development efforts to bridge this gap.
  4. Internet of Things (IoT) Devices: While IoT adoption improves efficiency and security, it also creates new entry points for cybercriminals.
  5. Bring Your Own Device (BYOD): The rise of remote and hybrid work has made BYOD commonplace. Companies must deploy mobile device management (MDM) solutions to enforce security policies.

TOP CYBERSECURITY SOLUTIONS

  1. Security Behavior and Culture Programs (SBCPs): These programs are crucial for minimizing cyber incidents associated with employee behavior.
  2. Zero Trust: This framework treats all network access attempts, internal or external, as potential threats.
  3. Continuous Threat Exposure Management (CTEM): CTEM offers a pragmatic, automated approach to monitoring and assessing cyberattack surfaces for accessibility, exposure, and exploitability.
  4. Identity & Access Management (IAM): With the rise in credential-based breaches, robust IAM systems with secure multi-factor authentication are essential.
  5. Disaster Recovery (DR) & Backup: To ensure business continuity during crises, companies are implementing robust DR and backup solutions.

Businesses don’t have to face cybercrime alone. Partnering with a managed services provider (MSP) like Cox Business (cox.com) can provide access to cutting-edge security solutions backed by a team of seasoned experts, with 24/7/365 customer support.

Win the Battle Against Cybercrime. Scan the QR Code to learn how Cox Business can help protect your business.