Businesses and financial institutions need to equip themselves with proper defenses to guard themselves against an anticipated surge in artificial intelligence-driven cyberattacks in 2024. 

In its crimeware report and financial predictions for 2024, Kaspersky, a global cybersecurity and digital privacy company, warned that there may be an increase in cyberattacks, exploitation of direct payment systems, the resurgence of Brazilian banking trojans, and a rise in open-source backdoored packages. 

The report likewise included a comprehensive review of the accuracy of last year's predictions, emphasizing trends like the rise in Web3 threats and increased demand for malware loaders. 

"In the ever-evolving landscape of financial cybersecurity in 2024, we anticipate a surge in threats, heightened automation, and the unwavering persistence of cybercriminals," Marc Rivero, lead security researcher at GReAT, said. 

Fortify defenses

"To stay ahead, financial institutions and organizations must proactively adapt their cybersecurity strategies, fortifying defenses to safeguard assets and sensitive data," he added. 

Additionally, the report pointed out that cybercriminals might capitalize on the popularity of direct payment systems, resulting in the emergence of clipboard malware and increased exploitation of mobile banking Trojans.

They are also forecasted to exploit the vulnerabilities in widely used open-source software, compromising security and potentially leading to data breaches and financial losses. 

Thus, Kaspersky suggested that there should be a collaboration between the public and private sectors to form a united front against the escalating risks that define the financial cybersecurity terrain in the year ahead.