Generative AI, ransomware attacks and phishing dominated the 2023 cybersecurity landscape. Will they continue to be cybersecurity trends to monitor in 2024?
Read on for an overview of the growing trends that will be making cybersecurity news headlines in the new year.
Generative AI Will Continue to Make News
Generative AI will continue to make headlines.This new technology is projected to impact both the future of work and and the way we live. Businesses will begin to adopt GenAI to automate tasks, improve productivity and create new products and services. On the other end of the spectrum, GenAI will also fuel a new generation of cyber threats, giving hackers more opportunities to exploit vulnerabilities.
Threat of Deepfakes Will Rise
Under the same umbrella as generative AI is deepfake technology. Deepfake technology is being used to blur the lines of reality and create incredibly realistic, but fabricated, audio and video content. As the threat of deepfakes grows, organizations will need to invest in tools and strategies specifically made to protect their reputation and data integrity.
Ransomware Threats Will Increase
Cybersecurity experts expect ransomware groups to continue targeting high-value targets, particularly organizations that are more likely to pay ransom demands in a bid to mitigate serious operational disruptions.According to Cybersecurity Ventures, damages from cybercrime are projected to exceed $10.5 trillion globally by 2025. In 2024 there will be more focus on ransomware resilience and mitigation, including regular data backups and employee training and awareness protocols.
Cyber Security to Become Top Issue for Corporate Boards
Cybersecurity is a strategic priority that can no longer be relegated to the IT department alone. In July 2023, the SEC adopted final rules that will require public companies to disclose both material cybersecurity incidents they experience and, on an annual basis, material information regarding their cybersecurity risk management, strategy, and governance.Gartner has predicted that by 2026, 70 percent of boards will include at least one member with expertise in the field, positioning them to be reactive rather than proactive. Gartner is also forecasting a 14.3% jump in global security and risk management spending.
IoT Security Will Ramp Up
The Internet of Things (IoT) continues its exponential growth, driven by the shift to remote work. The number of IoT devices installed worldwide is expected to reach 64 billion by 2026. IoT devices are attractive targets for cyberattacks, and their interconnected nature can lead to widespread vulnerabilities.
Unlike laptops and smart phones, most IoT devices have fewer processing and storage capabilities, making it harder to install firewalls, antivirus, and other security applications to ward off cyberattacks. A key focus in 2024 will be on enhancing IoT security, including the development of more robust, standardized security protocols for IoT devices. This could include universal encryption standards and mandatory security certifications for new devices.
Zero Trust Security Will Gain Momentum
The concept of Zero Trust security gained momentum in 2023. It is founded on the principle of “never trust, always verify.” In 2024, businesses will increasingly adopt this mindset, moving away from the traditional perimeter-based security models.
In a Zero Trust model, every access request is treated as a potential threat. Implementing Zero Trust involves a comprehensive approach encompassing rigorous identity verification, strict access controls, and continuous monitoring of network activities.The transition to a Zero Trust strategy heralds a paradigm shift in the cybersecurity landscape.
