By Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global
Entering 2024, the digital landscape undergoes continuous evolution, paralleled by changes in the threat landscape. The cybersecurity domain is on the verge of significant transformation with cyber threats expected to escalate in complexity. Advanced AI tools and complicated social engineering tactics will be employed by attackers, demanding intensified vigilance.
Here are a few of the key cybersecurity predictions and trends for the year that businesses, individuals, and government agencies should be aware of to safeguard against threats in this era of AI.
IAM adoption emerges as paramount
Organisations are increasingly turning to robust Identity and Access Management (IAM) solutions as a key component of their cybersecurity strategies to protect their digital assets. The global IAM market size is projected to reach USD 34.52 billion in 2028 from USD 13.41 billion in 2021. With the increase in security breaches, a growing hybrid and remote work culture, technological advancements, increasing regulatory requirements, and IAM’s growing adoption by SMBs, the demand for IAM solutions is skyrocketing. The growing significance of IAM in 2024 emphasises its key role in shaping a digital future that is highly secure and resilient.
Ransomware to remain a top threat
In 2024, ransomware remains a leading threat to organisations, with Ransomware groups becoming more sophisticated and damaging. To address this, organisations will have to implement advanced threat detection, cybersecurity best practices, regular employee training, and penetration testing. Constant monitoring and collaboration between public and private sectors are important to address the evolving global ransomware epidemic this year.
Zero-Trust Architecture to gain further momentum
As businesses embrace cloud services and remote work, Zero-Trust security guided by the principle “never trust, always verify” gains increased relevance in securing distributed IT environments. This year, Zero Trust Architecture, recognised as a business imperative, is set to gain traction. Implementing least-privileged access and user authentication is integral to Zero Trust Security, effectively mitigating risks from insider threats and limiting the lateral movement of attackers within the organisation’s network.
Increase in Zero-day exploits
The rapid adoption of modern technologies like cloud computing and IoT devices has expanded the attack surface, leading to a rise in zero-day vulnerabilities. The complexity of software development causes delays in identifying vulnerabilities, providing cybercriminals an opportunity to exploit them before detection. Hackers know many organisations are slow to patch vulnerabilities and exploit the delay. Organisations must prioritise prompt patching and establish effectively post-incident procedures, recognising the critical importance of these measures.
AI and ML in cybersecurity to play a more critical role
In 2024, the integration of AI and ML technologies in cybersecurity is set to rise, enhancing advanced threat detection and response. This integration also enables pattern recognition and automated responses, significantly reducing response time. However, AI poses a dual threat – it strengthens security while also contributing to increased risks, such as deep fakes. Furthermore, AI can be exploited to craft personalised phishing emails at scale, sounding authentic. Despite these challenges, AI empowers organisations to prevent and mitigate attacks at scale and in real time, exhibiting its positive potential in cybersecurity,
Quantum computing to impact cybersecurity
In contrast to classical computing using bits (0s and 1s), quantum computing employs qubits. Quantum computers process vast amounts of data much faster than traditional ones, offering solutions to complex problems. Anticipated to advance rapidly in 2024, quantum computers have the potential to enhance encryption methods and develop sophisticated algorithms for cyber threat detection and efficient data management. However, they also pose cybersecurity challenges, leaving existing security systems vulnerable. To address this vulnerability, there is a need to develop post-quantum cryptographs which are quantum-resistance encryption techniques and can reduce the risk of current encryption methods
Introduction to 5G security challenges
While the deployment of 5G promises improved connectivity and speeds, it also brings along new security challenges. With the adoption of 5G technology, there will be an increase in connected devices too making IoT even more significant. The 5G rollout can lead to an increase in attacks targeting the vulnerabilities of IoT devices. Organisations will be required to invest in the latest technology and security solutions to safeguard their data, assets, and networks to address the challenges. This year will witness the development of new security solutions tailored for 5G networks and IoT, reflecting the evolving landscape of cybersecurity.
The cybersecurity landscape in 2024 exemplifies a nuanced balance between innovation and the non-stop evolution of cyber threats. With the above trends shaping the digital environment, governments, organisations, and individuals should remain vigilant, invest in advanced technologies, and provide ongoing cybersecurity training to employees. These measures are necessary to maintain a proactive stance and stay ahead in this digital era.