Bengaluru has created a record in the world of cyber crimes this year. But, experts say that cyber crimes may only increase if no action is taken. As per the latest survey, data breaches are expected to skyrocket. A report by CyberArk said that in 2023, India experienced a surge in these cyberattacks, leaving a trail of compromised personal information, disrupted operations, and eroded public trust.

In 2024, the company cautioned a sharp uptick in data breaches as the digital landscape expands, primarily because of the scale and diversity of attacks, which have impacted almost every sector, from government to healthcare to startups.

According to the report, “Ransomware attacks are expected to surge, surpassing the alarming 91% reported in 2022. As India’s digital landscape expands and digital dependencies increase, we believe that organizations will pay significantly more to enable recovery. Organizations should gear up for an intensified wave, implementing robust backup and recovery strategies, and enhancing threat detection capabilities.”

The report further said that as organizations migrate their data, applications, and workloads to the cloud, the attack surface widens, providing a broader canvas for threat actors to exploit.
Cloud environments, which are inherently dynamic and distributed, introduce identity and access management complexities. Organizations may also have less visibility and control over cloud resource access than in on-premises environments.

This can make it difficult to detect and prevent unauthorized access. Cloud environments often rely on shared credentials, such as passwords or API keys, to access resources. This can be a security risk if these credentials are compromised.

“An equally potent threat emerges for every positive stride made in the realm of artifical intelligence (AI). The dark side of AI can manifest in sophisticated cyber threats and malicious activities fuelled by the same technologies that are designed to enhance efficiency, automation, and decision-making.

As AI becomes more pervasive, adversaries will quickly capitalize on its capabilities, crafting new attack vectors that exploit vulnerabilities in novel ways,” the report added.

2023 also saw concerns creeping up over deep fakes. The report said, “Deepfakes will pose a looming threat to India’s cybersecurity in 2024: As the sophistication of deepfake technology continues to advance, India is anticipated to witness a surge in deepfake-related cyberattacks in 2024.

These attacks will target individuals, businesses, and even government institutions, aiming to spread misinformation, manipulate public opinion, and disrupt critical infrastructure.

The financial repercussions of these attacks could be severe, potentially leading to reputational damage, loss of investor confidence, and even economic instability.

To combat this growing threat, Indian organizations must invest in deepfake detection and mitigation technologies, raise awareness among their employees about the dangers of deep fakes, and develop robust cybersecurity strategies that can withstand these sophisticated attacks.”

These predictions for 2024 underline the urgency for organizations to invest in cutting-edge technologies, raise awareness, and craft robust strategies that can withstand the onslaught of evolving cyber threats.