Vladimir Boianji, ISSP Enterprise Solutions Director, adeptly delineates the primary cybersecurity trends that organizations should carefully consider in 2024.
According to Cybersecurity Ventures, the global cost of cybercrime reached a staggering $8 trillion USD in 2023, projected to peak at an alarming $10.5 trillion USD by 2025. Cyberattacks are not limited to government agencies but now target critical infrastructures like telecom companies (for example, Kyivstar, Ukraine's largest telecom operator) and power grids, SMEs and NGOs, underscoring the need for robust cybersecurity strategies.
As we approach 2024, businesses must not only recognize the escalating threat landscape but also strategically position themselves to safeguard against evolving cybersecurity challenges.
1. Zero-Day Vulnerabilities
In 2024, there is an anticipated increase in zero-day vulnerabilities, which are known to be exploited in various cyberattacks. The Zero-Day.cz Tracking Project reported a total of 87 zero-day vulnerabilities discovered in 2023, up from 52 in 2022, indicating a growing concern. Malicious actors are increasingly exploiting these vulnerabilities to simultaneously target multiple organizations. This trend suggests that businesses need to enhance their proactive security measures and readiness to mitigate the risks associated with zero-day exploits.
There are several strategies for mitigating the impact of zero-day vulnerabilities, including preventative security measures, regular security training, and managed security services. Maintaining a good firewall and up-to-date antivirus is the best initial step an organization can take to ensure the security of its system.
Besides, businesses can turn to managed security services providers (MSSPs) like ISSP to help prevent attacks by continuously monitoring their systems and providing early detection and response. Detail information about a range of managed security services from ISSP you can find here.
2. Impact of Artificial Intelligence (AI) and Automation
AI and machine learning will continue to define cybersecurity dynamics, both as potential threats and indispensable defense tools. Businesses are urged to leverage AI and automation to fortify their threat detection and response capabilities. The advent of generative AI poses a unique challenge, with attackers utilizing large language models to convincingly impersonate key decision-makers. Safeguarding against such social engineering attacks requires a combination of employee awareness training and robust security measures.
As an example of an effective AI-based tool, ISSP presents AIRA, an innovative platform for automated evidence-based security risk assessments. It provides an in-depth evaluation of the current cyber posture while highlighting any previously undetected vulnerabilities. This platform can determine whether a breach has occurred and what gaps need to be addressed to prevent one in future.
3. Increased Embrace of Proactive Security Tools and Technologies
A proactive approach to security is paramount, prompting organizations to invest significantly in advanced security tools. Understanding the nuances of risk-based vulnerability management, attack surface management, security posture tools, and attack path management enables businesses to allocate cybersecurity budgets effectively.
If you are not a cybersecurity pro yet, ISSP team as a managed security services provider is here to help you to choose the optimal service that covers your organization’s cybersecurity needs. You may choose the best options from the following list:
· Attack path management and security control validation, including penetration testing
4. Regulatory Changes and Compliance Imperatives
The emergence of new cybersecurity legislation, such as the EU's Cyber Resilience Act, signals a paradigm shift towards regulated digital environments. Staying abreast of evolving regulations and ensuring compliance is imperative for avoiding legal pitfalls and enhancing overall security posture.
Non-compliance with cybersecurity legislation can lead to several consequences for organizations, including:
· Increased susceptibility to cyberattacks
· Data breaches
· Legal consequences
· Operational disruptions
· Loss of customer trust
· Direct financial penalties
To mitigate these risks, organizations should prioritize cybersecurity compliance, implement robust security protocols, and regularly monitor for updates in relevant laws and regulations. To help your organization to cover all mention-above points, ISSP presents Incident detection & compliance control service. The solution is built on an advanced SIEM platform providing 24/7 real-time proactive monitoring of security events and breach detection. This service implements the best practices for information security standards compliance control and critical events monitoring in the organization's IT infrastructure.
5. Ransomware and Phishing Challenges
The evolution of ransomware into double and triple extortion endeavors, coupled with sophisticated phishing attacks, remains a critical concern for businesses.
According to Deloitte research, 91% of all cyberattacks begin with a phishing email to an unexpected victim, and 32% of all successful breaches involve the use of phishing techniques. Ransomware is intrinsically linked with phishing, with 41% of ransomware attacks using phishing as the delivery method.
To counteract these threats, organizations must prioritize comprehensive awareness and education initiatives across their workforce. Integrating AI and zero-trust principles into security strategies is essential for effective defense. ISSP offers a complex cyber awareness and cyber hygiene program that addresses behavior-based cybersecurity risks.
6. Enhanced Collaboration among CEOs, CSOs, and CISOs
In response to tightened budgets, the collaborative efforts between CEOs, Chief Security Officers (CSOs), and Chief Information Security Officers (CISOs) are becoming more pronounced. This collaborative approach focuses on risk prioritization, budget optimization, and proactive security investments. A potential convergence of IT security with physical or corporate security may transpire to effectively address insider threats.
Until we have a fully AI-powered CISO and if you still trying to find the right path for you on your cybersecurity journey, check out how ISSP provides CISO-as-a-Service.
7. Strategic Investment in Cybersecurity Talent
With cyber threats on the rise, the demand for skilled cybersecurity professionals is higher than ever. In fact, the situation appears to be getting worse -research indicates that a majority (54 percent) of cyber security professionals believe that the impact of the skills shortage on their organization has worsened over the past two years.
The surging demand for skilled cybersecurity professionals necessitates substantial investments in training and development programs. The persistent skills shortage underscores the importance of competitive salaries and robust upskilling initiatives.
ISSP training center provides a wide range of training options, including internationally certified courses and own advanced training programs in cutting-edge areas such as ethical hacking, network defense, incident response, digital forensics, and penetration testing, to name a few.
In conclusion, the cybersecurity landscape in 2024 demands heightened vigilance, innovation, and collaborative efforts. By prioritizing proactive security measures, staying compliant with evolving regulations, and embracing AI and automation, businesses can fortify their defenses against the relentless and sophisticated cyber threats of tomorrow. These trends underscore the ever-evolving nature of cybersecurity challenges and emphasize the need for a proactive, compliant, and collaborative approach for businesses navigating this complex landscape.