2024 was marked by a series of costly cyber-attacks that significantly disrupted various businesses and compromised large amounts of sensitive information. With the cost of data breaches skyrocketing, it is more important than ever to learn from the mistakes of the past so that you can protect your organization from suffering similar losses in 2025.
Notable Cyber Attacks in 2024
1. Ivanti Exploits:
Throughout early 2024, threat actors repeatedly attempted to exploit various vulnerabilities in the platforms used by software company Ivanti. This culminated in the Cybersecurity and Infrastructure Security Agency (CISA) being compromised. The repeated exploits eventually forced Ivanti to completely overhaul their cybersecurity, in an incredibly expensive and time-consuming process.
2. Salt Typhoon Telecom Hacking Campaign
In December, Chinese state-sponsored hackers, dubbed “Salt Typhoon,” targeted US telecommunications companies and stole substantial metadata. This breach raised national security concerns, becoming infamous as the largest US telecommunications breach in history, and highlighted significant vulnerabilities in critical infrastructure.
3. Ticketmaster Data Breach
Ticketmaster experienced a data breach in May that compromised the personal information of over 40 million users. While the company acted quickly, they were not able to prevent the stolen data from being listed for sale on the dark web. This attack proved to be extremely expensive, as a class action lawsuit was soon launched against Ticketmaster demanding compensation for the affected individuals.
The True Cost of Data Breaches in 2024
The financial consequences of these cyber-attacks were profound. According to IBM’s 2024 Cost of a Data Breach Report, the global average losses incurred by a breach have risen as high as $4.88 million. Some factors that contribute to this include:
- Operational downtime
- Remediation costs, including potential legal fees
- Ransom payments
- Customer loss due to damaged trust
The report also revealed that 1 in 3 breaches involve shadow data – unmanaged and unprotected information – punctuating the need for strict data protection policies.
Preventative Measures for 2025
To mitigate the risk of future breaches, consider the following measures:
1. Adopt Advanced Threat Detection and Response
Threat detection and response solutions can help your business catch potential cyber-attacks early, making them easier to stop. Artificial intelligence (AI) can assist with this process, by detecting anomalies and behavior patterns typically associated with cyber threats.
2. Conduct Regular Security Audits and Risk Assessments
It is crucial to regularly evaluate your current security measures, as demonstrated by the Ivanti exploits. Vulnerabilities within your company will quickly be identified and used by threat actors to launch attacks.
3. Enhance Employee Training and Awareness
Educate staff about data protection practices, common cyber-attacks, and prevention and response procedures.
4. Develop and Test a Disaster Recovery Plan
A well-defined and regularly tested disaster recovery plan empowers your business to mitigate damage and recover faster when cyber incidents do occur.
5. Invest in Data Encryption and Access Controls
Protect sensitive data using the most advanced standard available, and implement strict access controls to keep threat actors from breaching your business.
Defend Your Data With Advanced Threat Detection
The many cyber-attacks of 2024 make clear the importance of strong security measures, and the potential cost of neglect. Robust cybersecurity is a large investment, particularly if you have not prioritized it previously – but falling victim to a data breach is far more expensive. By studying past incidents and learning from the mistakes of other businesses, you can empower your company to avoid cyber threats.
ION247 provides advanced threat detection and response solutions to defend your data from breaches. We pinpoint potential attacks long before they can harm your business, allowing you to respond swiftly and decisively. Contact a security expert to learn more.
