Five Audacious Forecasts for Cybersecurity in 2024

Five Audacious Forecasts for Cybersecurity in 2024

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Can you believe it’s almost Christmas already? In just a week, we’ll be waving goodbye to 2023. So, it’s the perfect time to look ahead at what 2024 holds for cybersecurity.

Throughout history, the cybersecurity industry has continually adapted to the shifting techniques of attackers and the evolving operational realities. The new year promises to be no different. As technology like AI and the cloud reshape the landscape, the ongoing battle between cyber attackers and defenders is set to escalate and become more intricate.

Considering the added factors such as proactive government measures on cybersecurity risks and the upcoming 2024 election, the new year is primed to be particularly dynamic. Here are five trends we can expect in the coming year.

The data explosion is accelerating, necessitating a reassessment of security strategies. Despite years of talking about exponential data growth, reality still surpasses our expectations. One report forecasts a 42% increase in the volume of data a typical organization will need to secure next year, potentially skyrocketing by sevenfold over the next five years.

Two main factors drive this growth: the ever-increasing number of data-generating digital devices and the rapid adoption of AI systems that require vast amounts of data for training and improvement.

In today’s complex technology landscape, enterprises face a fresh challenge. Data generated within software-as-a-service (SaaS) systems rose by 145% last year, and cloud data usage increased by 73%, compared to a 20% rise in on-premise data centers. Plus, someone must foot the bill for these cloud and SaaS services, which are climbing as fast as the data itself.

In 2024, organizations will encounter tougher obstacles in securing their data across an expanding and evolving landscape. This shift signifies a significant focus on cybersecurity next year, with more companies recognizing that the entire security framework has changed. It’s no longer about protecting individual castles but an interconnected network.

Cyber attackers are shifting their focus to virtualized infrastructure as organizations become more adept at protecting traditional targets like computers and mobile devices. Some attackers are now targeting other components, such as SaaS and Linux applications, APIs, and bare-metal hypervisors.

For instance, VMWare recently warned that attackers exploited vulnerabilities in its ESXi hypervisor to deploy ransomware. Additional reports indicated that ESXi-related ransomware breaches are expanding. Attackers learn quickly from these incidents, adapting their strategies to match their successes.

These types of attacks offer attackers numerous advantages in terms of speed and scale. Consequently, such technologies present new opportunities for cybercriminals, and we’re likely to hear more about these incidents in the coming year.

Edge devices are poised to become a popular target for sophisticated hacker groups. Recently, U.S. and Japanese government agencies revealed that hackers linked to the People’s Republic of China compromised Cisco routers by exploiting stolen or weak administrative credentials, installing hard-to-detect backdoors.

This trend indicates that government intrusion groups view attacks on edge devices as a way to distinguish themselves from typical ransomware gangs. These intrusions require significant technical expertise, are often difficult to detect, and can cause extensive damage, making them a key battleground in cybersecurity for 2024. Hacker groups see these attacks as a chance to showcase their capabilities.

Expect AI to dominate cybersecurity conversations in 2024. AI’s influence in this field will be more evident as both attackers and defenders ramp up their use of the technology. Attackers will deploy AI to generate malware, automate attacks, and enhance social engineering campaigns. Conversely, defenders will incorporate machine learning, natural language processing, and other AI-based tools into their cybersecurity strategies.

The upcoming 2024 presidential election is being labeled as the first of the generative AI era. Candidates will likely need to address widespread “AI anxiety,” especially concerning how the technology might spread disinformation, such as through deepfakes and AI-generated voices.

We’ll also hear more about how AI can help bridge the cybersecurity talent gap, with AI-powered systems taking over routine operations in security centers. In 2024, AI will be omnipresent in cybersecurity.

Finally, Chief Information Security Officers (CISOs) and others will feel increased pressure due to recent government actions. For example, the Securities and Exchange Commission charged SolarWinds and their CISO over cybersecurity oversights linked to a major espionage incident. That, along with other legal actions and new SEC rules for incident reporting and governance, means CISOs will need to meticulously document their activities.

The role of CISOs will evolve to include more regulatory compliance responsibilities. This shift in the regulatory landscape will also affect the entire C-suite, pushing leaders to revisit their discussions with the public sector.

As these predictions highlight, 2024 is shaping up to be an especially interesting and challenging year in cybersecurity. Here’s to navigating the exciting road ahead!