Looking ahead to the coming year, the cybersecurity industry must address various ongoing issues that are essential in managing organizational risk. These threats continue to evolve as technology advances, but the year 2024 brings a unique element. Generative AI has recently emerged and its widespread use has had a significant impact on the cybersecurity landscape, both positively and negatively.
The rise of AI has led to more sophisticated cyber threats that traditional security measures like antivirus software and firewalls are no longer sufficient to combat. These machine learning-powered attacks include deepfake social engineering attempts orchestrated with malware injections, which are difficult to detect due to their intelligence and sophistication. On the other hand, AI has also been integrated into cybersecurity tools and has rapidly grown into a market projected to reach $38.2 billion by 2026. AI-powered cybersecurity excels in handling large volumes of information over long periods of time, allowing for efficient analysis and quick decision-making in response to critical threats. It can understand patterns and trends, predict them, and enable automated incident response mechanisms.
However, organizations must have strong IT security defenses not only against today’s threats but also against AI-enabled threats. The increasing use of generative AI allows attackers to deploy more sophisticated strategies, such as deepfake attacks, escalating social engineering assaults that manipulate users into granting unauthorized access to organizational systems. These attacks can take various forms, including email links, text messages, voice calls, and SEO manipulation.
Another challenge faced by the industry is the shortage of skilled personnel and experts to protect companies from cyber threats. This shortage has persisted for some time and remains a global concern. The stressful nature of cybersecurity roles often causes professionals to leave the sector, further exacerbating the skills gap. The stress also hampers the effectiveness of cybersecurity professionals, compromising their ability to protect organizations.
The concept of zero trust is gaining traction as organizations seek to address the increasing cybersecurity threats. Zero trust assumes the existence of active threats both inside and outside a network’s perimeter, implementing strict authentication and authorization requirements for all users. This approach limits the damage threat actors can cause once inside a network.
Geopolitical unrest has led to a rise in state-sponsored attacks aimed at stealing military intelligence, intellectual property, and confidential information. Critical infrastructures like power grids and transport networks are targeted with ransomware and malware, causing major disruptions. Cyberattacks aimed at impacting democratic processes are anticipated during the significant election year of 2024.
The Internet of Things (IoT) brings convenience and connectivity to daily life but also introduces new vulnerabilities for cybercriminals to exploit. IoT devices are often designed with user-friendliness in mind, sacrificing robust security measures. This makes them prime targets for initial network breaches. IoT-driven distributed denial-of-service (DDoS) attacks have been on the rise, causing significant financial losses globally.
Lastly, cybersecurity professionals are not limited to trend-spotting only at the start of the year. Continuous surveillance of potential threats is an integral part of their role, ensuring the safety of organizations.