CYBER SECURITY TRENDS TO WATCH IN 2024
According to Cybersecurity Ventures, cybercrime cost the world an estimated $8 trillion U.S. dollars in 2023, making it as big as the world's third largest economy. IBM also reported a 15% increase in the global average cost of a data breach in 2023, reaching $4.45 million.
2023 was a year of heightened ransomware attacks with evolving extortion efforts. With the rise of Artificial Intelligence (AI), hackers seemed to exploit AI for malicious attacks, leading to more advanced threats.
Organizations invested heavily in cybersecurity to protect their networks, computer systems and data, considering the escalating cyber threats.
In this article we highlight cybersecurity trends that your organization needs to watch out for:
The Dual Role of AI
AI is an important trend in cybersecurity for 2024 due to its dual role in enhancing threat capabilities and fortifying defense mechanisms. Threat actors now adopt AI for deceptive tactics as seen with a 135% rise in social engineering attacks reported by Darktrace after the launch of ChatGPT. The emergence of WormGPT and PoisonGPT signifies AI's entry to a new phase of advanced malicious clones, evolving from the influence of ChatGPT.
Yet AI equips cybersecurity defenders, expediting threat intelligence isolation and providing natural language assistance during analysis.
IoT Security
In 2020, the global IoT market was valued at $389 billion U.S. dollars and projected to exceed $1 trillion U.S. dollars by 2030. The augmentation of IoT poses security challenges because of the increasing interconnectivity of devices. IoT security involves protecting these internet-connected devices and their networks from potential threats, unauthorized access, and cyberattacks.
Looking ahead to 2024, the focus will be on strengthening IoT security through advanced protocols and the integration of AI and ML algorithms. These technologies play a vital role in detecting anomalies for a swift response to potential threats. Additionally, an emphasis on user education will enhance awareness, improving the overall security posture of IoT networks.
Zero Trust Security
In cybersecurity, trust is a luxury you cannot afford–verification is essential. That is why zero trust security is on the list for this year.
"The State of Zero Trust Security” by Okta reveals that about 96% of organizations are either implementing or preparing to implement zero-trust security protocols within the next 18 months. While traditional security models focus on fortifying the perimeter, zero trust assumes each access request, regardless of its source or network is a potential threat. It calls for strict identity verification, tight access controls, and constant monitoring of network activities.
The implementation of Zero Trust should address various user authentication, endpoint security, and the principle of least privilege access. Zero Trust is your ally against insider threats and attackers maneuvering within your network. As organizations adopt cloud services and remote work models, the relevance of Zero Trust security increases.
Cyber Resilience
Cyber resilience empowers companies to proactively defend against cyberattacks, minimize potential damage, and swiftly recover from security incidents.
One of the most effective ways to do this is through training. Teams need to be trained to inculcate a culture of cybersecurity excellence. Via these trainings, they will know how to prevent incidents and the proper responses to cyberattacks.
For training that will foster cyber resilience, contact us at Cyberkach.
Another key strategy for cyber resilience in the face of emerging threats is to continually update your systems with AI-powered threat detection tools. Effective cyber resilience helps firms prepare, respond, and recover from cyber threats which include internal and external risks such as ransomware attacks, phishing, and data breaches. Cyber resilience acknowledges the reality that even the most robust security measures cannot always guarantee total protection, and seeks to put strategies for prompt recovery in place in case of a successful breach of security.
It's important to watch out for the top cybersecurity trends to be prepared for cyber events that could occur in 2024.
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