Cybersecurity has become a strategic priority for individuals, organizations, and governments. Increasing concerns about data privacy and a surge in cyberattacks are elevating the importance of this industry. In fact, global spending by end-users on security and risk management is projected to reach $215 billion by 2024, reflecting a 14.3% growth from 2023.
In this article, we’ve compiled the top 5 cybersecurity trends to watch in 2024 to help you stay updated with the industry’s rapid developments. Just as artificial intelligence (AI) is revolutionizing various business and tech sectors, it’s set to transform both offensive and defensive strategies. Thus, it’s expected to have a significant impact on most of the trends we’ll discuss.
1. Focusing on cyber resilience
Cybersecurity aims to reduce the risk of cyberattacks for companies, but it’s essential to be realistic about the possibility of threats. Cyber resilience refers to a company’s ability to recover from issues, including system or data compromises, while minimizing damage to its operations and reputation. This concept covers intentional threats like hackers and unintentional incidents, such as human errors. In 2024, the strategic focus will be on enhancing the ability to recover swiftly while minimizing data loss and operational downtime.
2. IoT cyber attacks
As more devices connect to the internet, cyber attackers find more opportunities to exploit security vulnerabilities. This is particularly concerning for devices designed for convenience rather than security, such as home consumer IoT devices and devices used by remote workers. The industry has been slow to implement IoT security standards, despite knowing about these vulnerabilities for years. Consequently, IoT security remains a weak point, even in 2024.
3. Generative AI-powered cyberattacks
AI is rapidly evolving, leading to more sophisticated AI-powered cyberattacks. These attacks range from deepfakes used to deceive individuals into revealing sensitive information to adaptive malware designed to avoid detection. However, AI is also being harnessed to develop new cybersecurity solutions, including real-time anomaly detection, smart authentication, and automated incident response. In the ongoing battle between cyber attackers and defenders, AI is a powerful tool, and mastering its use will provide a significant advantage.
4. Evolving phishing attacks by AI generators
Social engineering attacks, which manipulate users into granting unauthorized access to systems, are becoming increasingly sophisticated due to the emergence of generative AI tools like ChatGPT and deepfake technology. These tools empower attackers to craft highly personalized and precisely targeted approaches, making it increasingly challenging for users to detect and evade such attacks. To counter this threat, organizations need to prioritize raising awareness and educating employees about social engineering tactics. Additionally, integrating AI and zero-trust security solutions can play a pivotal role in detecting and preventing these attacks.
5. Cybersecurity talent shortage
In a recent global survey conducted by Enterprise Strategy Group and ISSA, IT and cybersecurity professionals revealed that nearly 71% experienced the impact of the cybersecurity skills shortage within their organizations. This figure marks a significant increase from the 57% reported in a study published by ESG in July 2022.
The growing skills shortage has resulted in heavier workloads, unfilled job positions, and increased burnout among cybersecurity teams. Survey participants overwhelmingly indicated that this situation has not improved over the past few years, with 54% stating that it has worsened.
If your company faces similar challenges, consider seeking professional help in finding the right cybersecurity talent. Contact our cybersecurity recruitment experts, Calum Peacock and Strahinja Karanovic, to bridge the cybersecurity skills gap in your organization.
If you need more information about our hiring processes, please contact us to see how PCN can leverage your team and business.