In the rapidly changing field of cybersecurity, it can be challenging to stay ahead of the curve. With the increase in sophisticated cyber threats and the development of new technology, it becomes crucial to keep up with the recent trends and best practices. These emerging trends result from advanced technology, providing insight into the approaches and technologies that organizations need to adopt and adapt to face cyber threats and outlive them.
In this blog, we cover the main strategic cybersecurity trends for 2024.
The Market for Cybersecurity
Before we investigate cybersecurity trends, it is essential to understand the cybersecurity market. As per Grandview research, the size of the worldwide cyber security market was evaluated at USD 202.72 billion in 2022, and it is anticipated to increase at a CAGR of 12.3% from 2023 to 2030. Some significant market expansion drivers include cloud deployment, the rise of smart devices, and the rising number of cyberattacks caused by the proliferation of e-commerce platforms. The cyber risks are expected to increase as more gadgets with the Internet of Things and intelligent technologies are used.
As we look ahead to 2024, here are the top 10 emerging cybersecurity trends for the upcoming year.
1.Increase of Automotive Hacking
People crave modernization and luxury to permeate every aspect of their lives, as seen in modern vehicles. We have equipped these modern vehicles with automated software that creates seamless connectivity for drivers and has engine timing, perfect door locks, airbags, and other advanced systems for driver assistance. These vehicles also have devices like Bluetooth and Wi-Fi, which can be vulnerable. As gaining control of automotive using microphones is expected to rise in 2024. On par with this, there will be an increase in self-driving automobiles with complex mechanisms that necessitate strict cybersecurity measures if one needs to be safe.
As per Gartner, by 2024, organizations that adopt a cybersecurity mesh architecture will help reduce the financial impact of security incidents by an average of 90%.
2.Evolution of Ransomware
Ransomware, by definition, is a type of malicious software created by cyber minds to gain control of your digital data. They encrypt vital information and force businesses and individuals into paying a “ransom.” The payments can vary from modest to exorbitant, reaching a few million or more. There is a risk of ransomware for entire enterprises, networks, and cloud storage systems, which are susceptible to devastating losses of essential data.
The expected growth of ransomware will reach new heights in the year 2024. Some notable trends are double extortion tactics, target expansion, and supply chain attacks. These risks can be mitigated with the help of vendor risk management that scrutinizes third-party suppliers and other robust cybersecurity assessments to safeguard against these insidious threats.
3.Power of Artificial Intelligence (AI)
The integration of AI with machine learning has significantly transformed cybersecurity. Just like a coin has two sides, AI creates automated security systems, natural language processing, face detection, and automatic threat detection. However, AI is also a threat, as it’s being used to create malware and attacks, helping cybercriminals to bypass the latest security protocols and manipulate data. This can be overcome with the help of AI-powered threat detection systems, which can anticipate new attacks and promptly alert administrators about potential data breaches.
4.The prime target is data breaches.
One of the top priorities for businesses worldwide is data, and now, safeguarding digital data has become even more critical. It has become a necessity, whether for an individual or an enterprise, and any error in the system program might encourage cybercriminals to obtain personal information and cause monetary loss or some other form of harm. This can be mitigated with the help of firewalls set up to help reduce data breaches.
4.IoT With a 5G Network
The rise of 5G networks marks a new era of interconnected technology. It enables the Internet of Things (IoT) to become a reality. However, this increase in communication among devices exposes them to vulnerabilities, such as attacks and software bugs. Extensive research must be accomplished to identify and address the potential loopholes in the 5G architecture that could compromise system security. It is also apparent that the evolving 5G network landscape may bring various new network attacks. It underscores the importance of manufacturers rigorously developing sophisticated 5G hardware and software to prevent data breaches.
5.Automation and Integration
Automation is slowly gaining importance as there is an excessive need and work pressure on professionals and engineers to provide swift and efficient solutions. Cybersecurity measures are integrated into all aspects of secure software. In the software development process, it is essential to safeguard large and intricate web applications as they prove to be challenging, emphasizing the significance of automation and cybersecurity.
Multi-factor authentication (MFA) can be defined as a security protocol that requires users to provide multiple forms of authentication before accessing any account. It adds a layer of extra protection against cyberattacks. Therefore, it helps to avoid attackers as they require multiple pieces of information to override security. So, organizations must implement MFA across their platforms to minimize unauthorized access.
And in cybersecurity, automation is gaining significant importance, and automated security will expedite threat detection and response, enhancing the accuracy rate.
7.Social Engineering Attacks
Social engineering attacks are any form of communication or email that invokes fear regarding digital data. Attackers use phishing, spear phishing, and identity theft to corrupt sensitive data. Hence, organizations should train employees to identify and report suspicious activities and implement safeguards against these attack methods.
Even though automation and technology have advanced, human error is still one of the primary reasons for data breaches. There can be many types of human error, from intentional loopholes to a random bad day that can sabotage an organization with millions of data. To battle this, more awareness must be created within the organization’s premises to safeguard data.
Cloud computing has its fair share of advantages and disadvantages. Therefore, organizations must guarantee robust security measures for safeguarding cloud-based data and networks, including encryption, authentication protocols, and consistent system updates. A growing number of businesses are transitioning their data and applications to the cloud, increasing the demand for cloud security solutions. These are designed security solutions to prevent unauthorized access to cloud-stored data and fortify defenses against data breaches and cyber threats.
A million challenges await cybersecurity professionals in 2024 and demand innovative solutions. It is necessary to keep in mind that we must evolve our cybersecurity strategies and practices to battle the rising threats and emerging vulnerabilities. In 2024, cybersecurity will be a fortified, resilient fort, holding onto the ever-changing digital landscape.