Cyberattacks on all types of businesses are on the rise, but they are especially common, focused, and sophisticated against small and medium-sized enterprises. Small businesses are the target of 43% of cyberattacks, but only 14% of them have adequate defenses in place.
By 2025, it is projected that cybercrime will cost global businesses $10.5 trillion annually, a substantial increase from the $3 trillion estimated in 2015. This growth is indicative of an annual growth rate of 15%.
As per Forbes, predictions were outlined regarding the cybersecurity trends that everyone needs to be aware of as 2024 draws near.
These anticipated trends are as follows:
The CyberSecurity Skills Crunch
By 2024, we will need more cyber security professionals with the right experience and knowledge to protect enterprises and companies from potential cyber attacks.
This is concerning data because most cybersecurity professionals (54%) believe their organizations have been negatively impacted by the skills shortage during the last two years.
Raising salaries for those with critical skills and investing more in initiatives for training, development, and upskilling are expected to be two ways to address this problem.
Advanced Phishing Attacks
Attackers are becoming more skilled in their social engineering attacks because they use deceitful tactics to obtain access to the system. Generative AI tools are pretty common these days, and they can plant intelligent and smart attacks.
Another concerning issue is deepfake, which is already getting a lot of attention. These also need proper awareness and education to be eliminated.
IoT Cyber Attacks
Recently, we see the growing popularity of IoT devices, and here, Cybercriminals have greater opportunities to take advantage of. Also, many people now prefer working remotely, and there is a chance they are sharing important data over unprotected or unsecured devices.
IoT devices cannot be fully trusted, and there is a possibility of weak points because insufficient security protocols prefer ease of use over security.
Even with known vulnerabilities, IoT security is still a weak point in cybersecurity because the industry is only slowly adopting standards. It is imperative that organizations act swiftly to address these issues.
Cyber Resilience – Beyond Cyber Security
The terms cybersecurity and cyber resilience are often used synonymously. As we approach 2024, it is imperative to differentiate between the two.
By resilience, we mean that even with the increasing importance of cyber security, there isn’t a complete guarantee for protection and preventing attacks. Resilience is important because it helps organizations or enterprises to overcome accountability.
2024 calls for a strategic goal that works on reducing downtime and data loss by developing quick recovery capabilities.
Cyber Security in the Boardroom
By 2024, cybersecurity must be prioritized strategically and coordinated with departments other than IT. Gartner predicts that by 2026, approximately 70% of boards will include at least one member with cybersecurity experience.
This change enables businesses to take advantage of new business opportunities that result from being well-prepared rather than just responding to threats. Instead of playing defensive, we must actively participate to change the current cybersecurity situation.
This proactive approach enables companies to adjust and profit from new trends. The increasing importance of cybersecurity in an organization’s overall strategy is demonstrated by the changing role that boards play in comprehending and directing cybersecurity measures.
Cyber Security Strategies – That’s all we need in 2024 against Cyber threats
As we approach 2024, it is clear that cybersecurity is becoming more and more crucial for every person. As cyberattacks are growing sophisticated and increasingly dangerous, it is crucial that we plan precautionary strategies beforehand.
Anas Hasan
December 1, 2023
5 months ago
