Businesses are prioritizing cybersecurity spending and improving security measures to combat cybercriminals. However, vulnerabilities exist in weak passwords, VPN use, and network security gaps, making it crucial for businesses to address these issues.
Threat actors have enhanced their techniques, making data protection a constant battle. Organizations must prepare for new and recurring cyber threats, especially in an industry with a shortage of cybersecurity experts, as highlighted by industry experts in the top nine cybersecurity trends for 2024.
The Top 5 Cybersecurity Trends for 2024
5. Ransomware remains the greatest danger
Ransomware attacks have resumed after a hiatus, matching previous years’ frequency, according to cybersecurity attorney Richard Halm. He predicts ransomware will remain the top threat for organizations in 2024, with sophisticated attack techniques and targeting.
The Russia/Ukraine war has slowed down ransomware attacks, with malicious groups like Clop increasingly targeting third-party tools and software providers with vulnerabilities. This allows them to compromise multiple targets efficiently and simultaneously, despite repeated federal efforts.
Ransomware gangs, previously predominantly Eastern European or Russian, are shifting towards individuals from the United States and the UK, according to security expert David Halm. The Scattered Spider and LAPSUS$ groups, known for their successful attacks on major companies, are believed to be from the UK and South America, opening new avenues of attack.
4. Change in the CIO and CISO Dynamic
CISOs and CIOs often have conflicting budgetary needs due to their roles in creating security policies, enforcing them, and controlling access to information. They often report to each other, resulting in their budgets being a line item.
Security is often overlooked in IT and business process development, leading to project delays and budget overruns. In technology-first companies, process automation projects will help CIOs and CISOs align by incorporating security by design into new processes. Cloud-driven automation projects are critical for better collaboration and alignment.
3. How AI and GenAI Affect Cybersecurity
Cybersecurity trends are influenced by AI and GenAI, with increased cloud attacks due to GenAI’s low-cost accessibility. This will impact offensive security, including continuous threat exposure management, breach and attack simulation, and pen testing. The change is expected to begin in 2024.
Malicious actors will continue to manipulate users through social engineering to breach computer security, with GenAI enabling more intelligent and personalized phishing campaigns. Deepfake technology is also advancing, making it harder to discern real content.
AI is being used by threat actors to create targeted phishing emails using social media data, despite a lack of grammatical and spelling mistakes. Cybersecurity companies must avoid marketing hype, while defenders can use AI tools for risk analysis, threat detection, and automation of alerts and responses.
2. Emerging Technologies Will Still Be Used by Small and Midsize Businesses
Verizon Business’s Mike Caralis highlights three major cybersecurity trends affecting small and midsize businesses: financial gain as the top motive for cyberattacks, mobile phishing attacks increasing 15%, and failure to implement new systems, inadequate staff training, and upgrading security services making them vulnerable to breaches.
The future of cybersecurity for small and medium-sized businesses (SMBs) will involve implementing emerging tech like AI, investing in bandwidth upgrades, and keeping software updated with the latest security patches. As remote work continues, SMBs will need to rely on technology with proper cybersecurity measures to address collaboration and labor issues.
1.CISOs Will Enhance/Develop Soft Skills
Cyberattacks and threats are becoming a major concern for executive leadership and boards of directors, as they can negatively impact a company’s stock price and performance. Chief Security Officers (CISOs) are now tasked with protecting businesses from sophisticated cyberattacks and accurately measuring and communicating organizational and financial risk to executive stakeholders.
CISOs, traditionally able to manage their businesses within their organizations, are now focusing on communicating their findings in a clear and understandable language. By 2024, they are expected to enhance their soft skills to effectively communicate financial and organizational risks.
The bottom line
As the new year approaches, cybersecurity remains a critical concern for organizations due to the increasing threat of cyberattacks, necessitating proactive measures to safeguard sensitive corporate information from cybercriminals.
