Cybersecurity in 2024: Technologies and trends influencing the current state of security

By Sai Surapaneni, Global Practice Head for Enterprise Cybersecurity & Risk Services, InfoVision

The escalating cybersecurity threats facing organisations globally have reached unprecedented levels. Predictions indicate that cyberattacks could cause a staggering $10.5 trillion in damage annually by 2025, marking a 300 percent increase from 2015 levels. To combat this, organisations worldwide are significantly increasing their cybersecurity spending, which hit approximately $150 billion in 2021 and is growing at a rate of 12.4 percent each year. However, despite these substantial investments, the escalating threat volumes persist. In response, organisations are turning to cutting-edge technologies and proactive strategies to bolster their defenses. Key developments shaping cybersecurity in 2024 include:

Artificial intelligence and machine learning (AI/ML)
Artificial Intelligence and Machine Learning (AI/ML) have become essential weapons in the cybersecurity arsenal, enhancing businesses’ capacity to swiftly detect and counter threats in real-time. AI models can analyze massive data streams from multiple sources, automatically identifying subtle threat patterns, anomalies, and indicators of attack that humans would likely miss. AI-driven security orchestration, automation, and response (SOAR) capabilities allow security teams to programmatically counter threats with rapid, consistent actions. AI is also proving valuable for user and entity behavior analytics (UEBA), establishing baselines to flag deviations that may indicate insider threats or compromised accounts.

Zero trust
With the dissolving network perimeter from cloud, mobile, and remote workforce trends, the traditional perimeter security model is obsolete. Organisations are pivoting to a Zero Trust approach operating under “never trust, always verify” principles. Zero Trust treats all users, devices, and applications as untrusted until proven otherwise through strict identity proofing, granting least-privilege access, and continuously monitoring and validating every resource request based on risk context. This minimizes the attack surface and attack blast radius by micro-segmenting access.

Cloud security
As multi-cloud adoption accelerates, securing these dynamic cloud environments is paramount. Cloud security solutions provide robust access controls, encryption, and monitoring to protect cloud data and workloads. Cloud Access Security Brokers (CASBs) provide visibility and governance over cloud usage, while Cloud Workload Protection Platforms (CWPPs) secure cloud-native apps. Cloud Security Posture Management (CSPM) tools ensure compliance with security best practices. Architectures like micro-segmentation and encryption safeguard data in the cloud.

Internet of Things (IoT) security
The Internet of Things (IoT) drastically broadens the attack surface with billions of internet-connected devices, often lacking adequate built-in security measures. Robust IoT security strategies encompass device hardening via secure booting, frequent firmware updates, network segmentation, access controls, encryption, and behavioral monitoring to mitigate IoT incidents. Tailored IoT security platforms are emerging to offer visibility and safeguarding across this expansive landscape.

Post-quantum cryptography (PQC)
The impending quantum computing era presents a considerable threat to existing encryption methods, as quantum computers have the potential to break them. In anticipation of this “crypto-apocalypse,” researchers are crafting quantum-resistant algorithms such as lattice and multivariate cryptography. These post-quantum cryptography (PQC) techniques are engineered to endure quantum attacks and safeguard data as quantum computing advances.

Cybersecurity mesh architecture (CSMA)
The growing complexity of modern IT environments, with distributed assets and applications spanning multiple clouds and on-premises infrastructures, has given rise to the Cybersecurity Mesh Architecture (CSMA). CSMA is a distributed and decentralised approach to security that enables organisations to consistently manage and secure their assets, applications, and resources, regardless of their location or hosting environment. This approach provides a unified security fabric that seamlessly extends security controls, policies, and visibility across domains, enabling organisations to maintain a consistent security posture and governance model as they adopt new technologies and architectures.

Extended detection and response (XDR)
Traditional security tools often operate in silos, missing threats spanning multiple surfaces. Extended Detection and Response (XDR) solutions ingest security telemetry from endpoints, networks, clouds and email to provide unified visibility across the entire estate. Advanced analytics detect and prioritize threats, enabling coordinated investigation and response.

Secure access service edge (SASE)
The Secure Access Service Edge (SASE) converges networking and security into a cloud-delivered service model. SASE provides seamless, secure access to enterprise resources regardless of user location or device, with capabilities like Secure Web Gateways, Zero Trust Network Access (ZTNA) and software-defined perimeters. Its cloud-native architecture simplifies secure access.

Security awareness and training
While technology is key, human factors are equally critical. With social engineering causing many breaches, organisations invest in continuous security awareness and training. Phishing simulations, gamification and interactive training educate employees on cybersecurity best practices, cultivating a culture of security awareness where employees actively participate in the organisation’s cyber defense.

Cybersecurity governance and compliance
Notably, effective cybersecurity governance and compliance management are strategic imperatives. This includes implementing risk management frameworks, clear security policies, and adhering to industry regulations. It ensures security strategies align with business objectives, risks are properly mitigated, and investments optimise protection. It drives accountability at the board and executive levels, enabling organisations to demonstrate regulatory due diligence.

Multi-prong approach
The rising cyber threat environment demands a proactive, cohesive approach leveraging latest technologies while fostering organisational security mindfulness. By innovating and prioritising digital trust, organisations position themselves for success and growth. McKinsey research indicates organisations best equipped to build digital trust are more likely to experience at least 10% annual growth. To realise such growth, a report by Gartner predicts that by 2026, 70% of corporate boards will include a dedicated cybersecurity expert, reinforcing the paramount importance of robust cybersecurity governance. Therefore, embracing cutting-edge solutions, implementing robust policies, promoting stakeholder awareness, and fostering digital trust mechanisms will be critical not only for tackling the mounting cybersecurity challenges of 2024 but also for addressing those in the years ahead.