Top cybersecurity trends CISO/CIOs should look out for in 2024

Navigating the ever-changing field of cybersecurity is not just a choice but a necessity today. According to a recent PwC report, the percentage of businesses globally facing data breaches exceeding $1 million has risen from 27% to 36% year over year. 

As we look ahead to 2024, CISO/CIOs play a crucial role as guardians of organisations against cyber threats.  

Here are some of the key cybersecurity trends to focus on: 

Ransomware Attacks 

In 2023, ransomware attacks surged, with India facing over 400 million cyber threats across 8.5 million endpoints, averaging 761 detections per minute, as per a recent report by the Data Security Council of India (DSCI). Moving forward, these attacks will become more targeted and trickier, focusing on critical infrastructure and high-value targets. Implementing protective strategies and strong backup solutions will be vital in mitigating these threats.  

Speaking on the same, Kumar Ritesh, Founder CEO, Cyfirma, said, “Business leaders cannot only protect their organisations from cyber threats but also foster a resilient foundation for sustainable growth in the era of AI, ML, and automation. Proactive cybersecurity measures are integral to maintaining trust, preserving reputation, and ensuring the long-term success of the business. This would require business leaders to understand their evolving threat landscape, so they are equipped with situational awareness. This includes understanding the latest cyber risks and attacks faced by organisations in their industry and geography.” 

AI-Driven Threats

The rise of Generative AI, seen in tools like ChatGPT, has made experimentation for hackers easy. While companies are both skeptical and excited about this technology, the increased frequency of attacks demands quicker response times. Investing in cybersecurity, particularly leveraging AI and ML for threat detection, helps enhance defense mechanisms. 

Vaibhav Tare, Chief Information Security Officer, Fulcrum Digital highlights the significance of AI. He said, “Leveraging AI-powered threat intelligence and predictive analytics has been pivotal in anticipating and countering evolving risks. Transitioning from traditional models to adaptive, intelligence-driven strategies has been instrumental. The surge in remote work and extensive cloud reliance has compelled us to ensure robust cloud security measures.” 

Cybersecurity Skill Shortage 

The constant shortage of skilled cybersecurity professionals poses challenges for organisations, as noted in the Fortinet 2023 Global Cybersecurity Skills Gap Report. To address this, prioritising cybersecurity upskilling and training, along with considering automation, is imperative. 

Mignona Cote, Chief Security Officer at NetApp, stresses the need for a proactive and adaptive approach by saying, “In recent years, we've observed a dynamic evolution in the cybersecurity landscape. The ever-growing complexity of cyber threats has required us to adopt a proactive and adaptive approach to security. Recognising the industry-wide shortage of cybersecurity talent, we actively contribute to addressing this gap through educational initiatives, collaboration with academic institutions, and programs like bootcamps, that demonstrate our commitment to skill development.” 

IoT Security  

Securing the growing number of connected devices is crucial, requiring strong authentication, encryption, and monitoring mechanisms. In 2024, organisations can anticipate significant strides in IoT security, with standardised protocols and embedded security measures becoming the norm. 

Zero Trust Model 

The Zero Trust model, emphasizing continuous verification, evolves as systems become more complex. In 2024, it transforms from a technical network security model to an adaptive and holistic approach, enabled by continuous AI-powered real-time authentication and activity monitoring. 

Prasenjit Saha, EVP & Global Business Leader - Cyber Security at LTIMindtree notes the significant changes and said, “The cyber threat landscape has changed significantly since 2020. Digital transformation is accelerating across every industry, with businesses overhauling their technology, remote work culture, cloud migration, etc. The remote work culture, initially triggered by the pandemic, has now become mainstream. The security challenges that came with this new model have facilitated the rapid adoption of Zero Trust architecture.”