2024: the year cybersecurity was pushed to its limits

Cybercrime in 2024 hit record-breaking levels, with ransomware attacks, identity theft, and cloud security breaches making headlines worldwide. The financial and operational stakes have never been higher.?

This is evident in the soaring costs faced by organizations:?

• Ransom demands skyrocketed to an average of $2.73 million, nearly $1 million more than in 2023 (Sophos).?

• The cost of a data breach climbed to a staggering $4.88 million, a 10% increase from the previous year (IBM).?

But cyberattacks in 2024 weren’t just about money—they disrupted essential services, compromised millions of personal records, and even posed risks to national security. Organizations with weak authentication, outdated security infrastructure, and unencrypted cloud storage found themselves easy targets.?

We will break down some of the most catastrophic cybersecurity failures of 2024, revealing the harsh realities of data breaches, ransomware attacks, and identity theft. We’ll also explore the critical security measures businesses and governments must implement in 2025 to stay ahead of evolving threats.?

The biggest cybersecurity failures of 2024?

LoanDepot Data Breach – Mortgage Payments Paralyzed?

One of the year’s most devastating financial breaches hit LoanDepot, a leading U.S. mortgage lender, exposing the sensitive data of 16.6 million customers—including Social Security numbers, banking details, and loan records (American Banker).?

What happened??

Cybercriminals leveraged stolen login credentials to infiltrate the system, gaining unrestricted access to critical financial records.?

The impact:?

• Homeowners faced delays in mortgage payments, unable to process transactions.?

• Victims were at high risk of identity theft, as their personal information was leaked onto the dark web.?

The financial sector remained a prime target in 2024, with breaches surging 31% year-over-year (IBM).?

Change Healthcare Ransomware Attack – Largest U.S. Healthcare Data Breach?

In February 2024, cybercriminals crippled Change Healthcare, a major medical payment processor, in what became the largest healthcare data breach in U.S. history, affecting 100 million Americans (Wired).?

What happened??

• Hackers used stolen credentials to access the system, locking out hospitals and medical providers.?

• The company paid a $22 million ransom, yet the stolen data still ended up online.?

The impact:?

• Patients were unable to fill prescriptions for weeks due to system outages.?

• Hospitals lost access to medical records, delaying urgent care and putting lives at risk.?

Ransomware attacks on healthcare skyrocketed by 54% in 2024, leaving hospitals and medical suppliers dangerously vulnerable (Sophos).?

Snowflake Data Breach – A Wake-Up Call for Cloud Security?

In June 2024, Snowflake, a major cloud computing provider, suffered a massive data breach that impacted 165 organizations, including AT&T, Santander, and Ticketmaster.?

What happened??

• Hackers purchased stolen login credentials on the dark web and gained full access to company databases.?

• A lack of mandatory multi-factor authentication (MFA) made it easy for attackers to infiltrate accounts.?

The impact:?

• Millions of customer records were exposed and sold online.?

• Financial and telecom companies scrambled to patch security flaws and mitigate damages.?

A 2024 study found that 93% of organizations experienced multiple identity-related breaches (CyberArk), underscoring the urgent need for stronger cloud security measures.?

Columbus Government Ransomware Attack – Half a Million Residents Affected?

In July 2024, Columbus, Ohio, fell victim to a major ransomware attack that exposed the personal data of 500,000 residents—including Social Security numbers, payroll details, banking information, and even city surveillance footage.?

What happened??

• City officials initially downplayed the incident, claiming only “corrupt data” was affected.?

• Security researchers later confirmed personal data had been leaked onto dark web forums (Wired).?

The impact:?

• Residents faced heightened identity theft risks.?

• City services were disrupted for weeks, delaying essential administrative functions.?

Despite a 38% increase in public sector data breaches in 2024 (IBM), many government agencies remain critically unprepared for modern cyber threats.?

Lessons from 2024: how organizations must prepare for 2025?

The cyberattacks of 2024 exposed common security weaknesses—from poor identity verification to outdated encryption. Moving forward, businesses and government agencies must prioritize cybersecurity or risk becoming the next target.?

Adopt a Zero-Trust Security Model?

• Never assume trust—every access request must be verified and authenticated.?

Strengthen Identity Security?

• Multi-factor authentication (MFA) should be mandatory for all accounts.?

• Organizations must implement biometric verification and adaptive access controls to prevent unauthorized access.?

Encrypt Data at Every Stage?

• Encrypted data remains unreadable even if stolen.?

• Companies should adopt post-quantum encryption to future-proof their security.?

Enhance Cloud Security Measures?

• Encrypt data before storing it in third-party cloud platforms.?

• Use strict access policies (such as XACML-based rules) to control who can view or modify sensitive data.?

Leverage AI-Powered Threat Detection?

• AI-driven security systems can detect anomalies in real-time, allowing organizations to stop breaches before they escalate.?

How TrustCloud is helping businesses stay secure?

Cybersecurity is no longer optional—it’s a business survival necessity. At TrustCloud, we provide cutting-edge encryption, identity security, and access control solutions to help organizations protect their most valuable data.?

The time to act is now.?

Don’t wait for a breach—talk to our security experts today

Read more:? ?

• The Internet Archive data breach: digital trust at stake?

• The AU10TIX case: millions of records exposed in a security breach affecting major apps?

• Credential Dumping: exposing the silent cyber threat?

• Safeguarding companies from cyber threats: best free cybersecurity open-source solutions?