The year 2023 proved to be a defining year for cybersecurity with headlines about persistent ransomware challenges, Distributed Denial of Service (DDoS) attacks, concerns over global supply chains, and a push for cybersecurity digital transformation. There were a number of attacks such as the one on Hot Topic - an American apparel retailer - who was a target of a series of credential-stuffing attacks. In Italy, a number of banks were taken offline due to targeted DDoS attacks. Prospect Medical Holdings, a major hospital network in the United States, fell prey to a ransomware-driven cyber attack in 2023. The public sector companies too faced similar challenges.
The year 2023 also witnessed greater adoption of Zero Trust architecture, primarily due to an evolving network landscape, increasing cyber threats, cloud adoption, and a shift towards data-centric and user-centric security models. This highlighted the importance of having a comprehensive cybersecurity strategy to not only safeguard data and infrastructure but also maintain stakeholder’s confidence.
What then is the moral of the story here? As we step into 2024, it's crucial for organizations to traverse from a reactive - to proactive - to a predictive stance in their cybersecurity efforts.
This blog presents our perspective on the top cybersecurity trends expected in 2024, underscoring the challenges organizations may encounter while adapting to these developments. We also delve into innovative strategies that can position organizations not just to respond to, but to anticipate and outpace, the dynamic landscape of cyber threats in 2024 and beyond. Our focus is on empowering organizations to establish a robust, forward-thinking cybersecurity framework that safeguards their digital assets against emerging and future threats.
Suggested Read: The zero trust model: “Trust no one” approach to cybersecurity
Addressing the most serious cyber threats head-on
In 2023, cybersecurity experts defined “Advanced Persistent Threats” (APTs), as among the most dangerous cyber threats so far that target mobile phones, wearables, and smart devices, aiming to infiltrate business systems. Furthermore, by utilizing strategies like Living-Off-The-Land (LoTL) attacks, APTs pose significant risks due to their complexity, making their detection even more challenging, according to Kaspersky’s Global Research and Analysis Team (GReAT).
As we enter 2024, cyber experts are advising organizations to take precautions against APTs by regularly checking for unauthorized access using robust systems, employing threat intelligence feeds, behavior-based protection, and securing spaces for suspicious files to bolster security. To summarize, organizations must aim at having a dedicated cybersecurity strategy and continuous network monitoring tools to minimize the risks and prevent damages from APT attacks.
Suggested Read: The Relevance of Simulated Phishing Campaign in Today’s World
Cybersecurity trends 2024: What do they mean for you?
To create a robust cybersecurity strategy, organizations must become more proactive and predictive to ensure that they remain updated at all times. With 2024 on the horizon, here are the top cybersecurity trends to expect:
Trend #1: Digital risk management will play a crucial role in cybersecurity
Digital risk management has now become a key strategy for numerous organizations. Organizations use it to integrate cybersecurity effectively across their digital infrastructure.
Traditional methods of counting threat incidents are becoming inadequate against sophisticated cyber-attacks over the years. Proactive organizations are investing more in cybersecurity and adopting advanced technologies. According to the CompTIA State of Cybersecurity 2024 report, about 30% of organizations take a more rigorous stance with enterprise-wide risk assessments, sans a formal risk management framework.
But unlike other business departments measuring success through returns on investment, evaluating the effectiveness of cybersecurity is a different ballgame. Since cybersecurity strategies don’t directly generate revenue, the increased spending on them didn’t necessarily yield greater financial returns. Metrics like the “percentage of fixed systems” or “trained experts” were used to gauge cybersecurity performance, exposing a gap in connecting cybersecurity with the overall health of the organization.
That’s where digital risk management comes into the picture. By identifying risks, maintaining IT vulnerability management, assessing likelihood, and formulating robust plans, cybersecurity experts are able to bridge the gap between spending and desired outcomes. Organizations can now acknowledge the impossibility of achieving perfect cybersecurity, opting for rigorous cyber risk management practices over unlimited spending to enhance safety measures.
Trend #2: Generative AI will become a powerful cybersecurity tool
Generative AI (Gen AI) and Large Language Models (LLMs) are quickly becoming key players in bolstering cybersecurity. Such AI tools have the capacity to impact both attackers and defenders, with attackers using them to create convincing phishing content, leveraging LLMs to eliminate errors and cultural discrepancies, and cyber defenders using them to strengthen their defenses. In fact, a whopping 51% of IT decision-makers believe there will be a successful cyberattack credited to Gen AI within the year!
But on a positive note, cyber defenders recognize Gen AI’s potential to enhance cybersecurity by improving the organization’s detection, response, and attribution capabilities. This helps in addressing global cybersecurity challenges like threat overload and talent shortages. Surprisingly, the influence of Gen AI and LLMs go beyond the tools for attackers; these technologies are expected to be offered as services in underground forums, providing resources for malicious activities. As they evolve, they will play a vital role in shaping the fabric of cybersecurity in the future.
In 2024, AI’s role in global cybersecurity threats and defense is expected to hold a pivotal position. Its strategic advantages will make it crucial for an effective cybersecurity strategy, contributing to risk identification, ease of analyzing data patterns, avoidance, or mitigation through real-time anomaly detection and automated incident response.
Trend #3: Cyber insurance and cybersecurity regulations will be standardized
Governments and private organizations are increasingly recognizing the severe implications of cyber threats for national security and economic well-being. The formulation of new cybersecurity regulations is significantly influenced by potential social and political consequences tied to widespread data breaches. For instance, organizations in the United Kingdom must comply with the Product Security and Telecommunications Act by April 2024, setting vital security criteria for networked products, including a ban on default passwords during shipment
As a result, cyber insurance is witnessing a shift towards standardization across providers, moving from individual broker requirements to a core control or framework-based model. Munich Re anticipates a substantial increase in the global cyber insurance market, projecting premiums to rise from $12 billion to $33 billion by 2027.
Over the past three years, the maturation of cyber insurance has been evident, owing to evolving technologies, the rise of artificial intelligence tools, global conflicts, and 5G risks. Specific categories like “Acts of War” are now widespread in policies. However, diverse risk assessments by different carriers pose challenges of their own. In 2024, an expected shift towards a core control or framework-based approach will allow providers to standardize risk mitigation across all cyber threats, regardless of the insured entity’s size or nature.
Overcoming cybersecurity roadblocks
Formulating and implementing proactive cybersecurity measures in 2024 will demand organizations to address complex challenges from advanced technologies like Gen AI, demanding vigilant defenses, and mature digital risk management. Standardized cyber regulations, too, will pose compliance hurdles while aligning with consistent cyber insurance models for diversified risk organizations. Furthermore, digital transformation security may introduce intricate security issues, and the surge in remote workforces will only amplify cybersecurity risks. Lastly, navigating diverse geopolitical landscapes amid globalization may create opportunities and challenges alike. Addressing talent shortages, too, will become a key priority.
To seamlessly navigate these challenges, organizations must become proactive and predictive rather than reactive. Partnering with domain experts will go a long way in creating a robust cyber defense. InfoVision's dedicated cybersecurity practice, Enterprise Cybersecurity & Risk Services (ECRS), is designed to assist businesses in strengthening their cybersecurity posture. ECRS comprises four major towers – GRC (Governance, Risk, and Compliance), SVS (Security Vulnerability Scanning), ISS (Integrated Security System), and IAM (Identity and Access Management), offering consulting, transformation, and operational support in cybersecurity.
Future-proofing against cyber threats
The landscape of cybersecurity is on the brink of a revolutionary shift. In this rapidly evolving digital era, the stakes for safeguarding digital assets have never been higher. Organizations poised to thrive are those that adopt a predictive, adaptive approach, leveraging cutting-edge technology to stay ahead of emerging threats.
Businesses that embody resilience and agility are not just surviving; they are setting the stage to confidently lead the next wave of digital transformation.
Ready to be at the forefront of this change? Discover how InfoVision's bespoke cybersecurity solutions can fortify your business. Connect with our experts today and embark on a journey to secure, future-proof success.