Cybersecurity took center stage in 2024 as some of the most sophisticated and damaging attacks in history underscored the vulnerabilities of an increasingly digital operating landscape.
From ransomware attacks crippling critical infrastructure to data breaches compromising millions of user records, the year’s events highlighted the need for robust, proactive security measures in a hyper-connected world.
Among the most damaging breaches were the Change Healthcare ransomware attack that led to billions in losses, to the breached defenses at background check firm National Public Data that led to the stolen information of 2.9 billion individuals, as well as the Snowflake data breach that snowballed to include AT&T, Santander Bank, Advance Auto Parts, Ticketmaster parent company LiveNation and over 160 of the world’s largest companies.
But those attacks only scratched the surface of emerging enterprise vulnerabilities.
As we enter 2025, the lessons from these breaches are more relevant than ever for businesses navigating the digital frontier.
See also: 2024 Is Already the Year of the Cyberattack
Among the top themes shaping the cyberthreat landscape are the rise of Ransomware as a Service (RaaS), artificial intelligence (AI)-driven threats, zero-day exploits, supply chain attacks and more.
“It is essentially an adversarial game; criminals are out to make money and the [business] community needs to curtail that activity. What’s different now is that both sides are armed with some really impressive technology,” Michael Shearer, chief solutions officer at Hawk, told PYMNTS.
The rise of RaaS platforms lowered the barrier to entry for cybercriminals, enabling even low-skilled actors to launch sophisticated attacks. Combined with the ability of AI to automate phishing campaigns, identify vulnerabilities and evade detection systems, the threat landscape of 2024 grew.
At the same time, the prevalence of zero-day vulnerabilities highlighted the need for rapid detection and response capabilities, while third-party software and hardware continued to be a significant vector for attacks, requiring businesses to adopt stricter supply chain risk management practices.
The road to cybersecurity resilience is a marathon, not a sprint. As cybercriminals become more sophisticated, so must the defenses designed to thwart them. In an era where data is the new oil, securing it is no longer optional — it’s imperative.
“Everyone has been dealing with cybersecurity for a long time,” XiFin Chief Financial Officer Erik Sallee told PYMNTS in an interview posted in June. “There’s no way around it other than blocking and tackling, doing the right thing every day keeping all your systems up to date, making sure you’re working with good vendors and investing in it.”
Read more: Digital Evolution of Finance Function Sees CFOs Embracing Cyber Duty
In interviews for the “What’s Next in Payments“ series, a panel of executives explained to PYMNTS that a multilayered security strategy, also known as defense in depth, reduces risks at various levels.
As we move into 2025, organizations and individuals must prioritize cybersecurity as a strategic imperative. Staying secure in 2025 demands an approach that combines technology, education and preparedness. Companies should consider taking steps such as implementing zero-trust architectures, performing regular penetration testing and deploying advanced endpoint detection and response (EDR) systems to reduce vulnerabilities.
APIs, a critical component of modern systems, can be particularly vulnerable to attacks. To mitigate these risks, robust authentication and authorization protocols should be implemented, and API usage should be continuously monitored and audited to detect anomalies. Adopting API gateways can further enhance security by centralizing and enforcing controls.
Education and training remain key components of a strong cybersecurity strategy, as people often represent the most vulnerable point in any system. Employees should be regularly updated on the latest phishing tactics and cyber threats, while simulated real-world attack scenarios can help build preparedness and resilience.
AI also plays a vital role in cybersecurity, providing tools for detecting and responding to known attack patterns automatically while identifying anomalies in real time. Businesses can leverage machine learning models to analyze data and predict emerging threats, staying one step ahead of potential attackers.
PYMNTS Intelligence’s 29-page report, “Leveraging AI and ML to Thwart Scammers,” a collaboration with Hawk, contains eight charts of proprietary data examining the role of ML and AI to help keep fraudsters from getting the upper hand.
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