Cybersecurity is a constantly evolving game of cat and mouse. Attackers probe companies’ weaknesses with new tactics and technology, and businesses have to adapt to remain safe.
It’s impossible to predict exactly how this game will evolve in 2024, but we can make some educated guesses based on recent reports and industry surveys. Knowing how threats could change next year can help keep your company safer.
Keep reading to discover the top cybersecurity 2024 trends experts are currently tracking.
The continuing cybersecurity skills gap
According to a new report by ISC2, 92% of surveyed organizations report having cybersecurity skills gaps in “one or more areas.” The greatest gaps are in cloud computing security, artificial intelligence/machine learning, and zero trust implementation.
Fixing the problem isn’t as easy as just hiring new workers, either. Even if a company wanted to do that, the U.S. had more than 660,000 cybersecurity job openings between May 2022 and April 2023. This represents a nearly 30% increase compared to 2020.
These figures highlight the ongoing cybersecurity skills gap many companies are facing. As it becomes harder to find experienced cybersecurity professionals with diverse skills, more companies are looking to alternative talent pools for hiring.
A CompTIA survey found that 35% of surveyed businesses are looking at non-college hires with a demonstrated security skillset. The same survey found that only 23% of companies looked at this talent pool in 2022. We’re also seeing a slight uptick in companies promoting workers from “business units” to cybersecurity roles (32% for 2023 vs. 28% for 2022.)
These trends will likely continue into 2024, and possibly beyond. If the cybersecurity skills gap remains an issue (and all signs currently point to yes), companies will have to get creative to bring in expertise. Internal training pathways, for example, may become more prominent as a response, as will outsourcing training to qualified third-party companies as companies continue to deal with limited internal cybersecurity expertise.
Risk management a driving force behind cybersecurity policy
When choosing whether or not to spend money on something, companies often base their decisions on ROI. In other words, if we spend this money, can we expect to get more money back in the long run?
As a non-revenue-generating activity, cybersecurity spending has often been difficult to justify because it doesn’t fit into this thought process. Companies have allocated some funds to defense, but the metrics for measuring the impact of that spending have been lacking.
2024 may be the year that risk management emerges as the preferred metric for evaluating cybersecurity spending. CompTIA's report found that the overwhelming majority of surveyed businesses discuss risk management when discussing cybersecurity initiatives.
What’s more, a large percentage of companies are now assessing risk with a formal framework. The survey found that 45% of small, 63% of medium-sized, and 57% of large businesses are doing this.
It all points to the fact that risk management is becoming the preferred language companies use to determine their cybersecurity spending. That’s an important point to note if you work in IT or cybersecurity and plan to request more funding for security.
Artificial intelligence in cybersecurity
Looking back on 2023, we may remember it as the year that AI took the world by storm. It introduced us all to the power of AI-based large language models (LLMs) like ChatGPT. We’re only beginning to scratch the surface of what AI could mean for cybersecurity, but it’s undoubtedly a conversation that companies are having today and will have throughout 2024 and beyond.
There are many potential use cases for AI in cybersecurity, and we expect companies to begin pursuing these at an increased pace next year. The CompTIA survey found that experts are already using AI for cybersecurity in the following ways:
- Monitoring network traffic and detecting malware (53%)
- Analyzing user behavior patterns (50%)
- Automating responses to cybersecurity incidents (48%)
- Automating configuration of cybersecurity infrastructure (45%)
- Predicting areas where future breaches might occur (45%)
- Generating tests of cybersecurity defenses (45%)
As it stands, AI simply can’t replace human cybersecurity workers. That said, we have to give credit where it’s due. AI can make your team much more efficient which makes it a great tool for addressing, at least in part, the cybersecurity skill shortage addressed earlier.
Ransomware attacks are changing
A recent report from the Canadian Centre for Cybersecurity predicts a coming shift in the nature of ransomware attacks. The report says attackers will very likely use a variety of extortion techniques against victims to maximize their chances of receiving payment.
This means going beyond simply encrypting systems and stealing data. Ransomware attackers may begin targeting your partners and clients. They could also run distributed denial of service (DDoS) attacks with ransomware to further disrupt a company’s daily activities.
The bottom line? Your standard playbook for ransomware attacks may not be as impactful tomorrow as it is today. The companies that start preparing for this future now will be better off if and when it arrives.
Risks to critical infrastructure rising
The Canadian Centre for Cybersecurity report also highlights companies’ growing reliance on smart operational technology (OT). It’s never been easier for companies to connect these devices remotely and at scale, thanks to tools like 5G and satellite internet infrastructure. Businesses are bringing large machines online to get better data, track real-time production information, and more.
But all of these benefits come with a key drawback. According to the report, as companies bring more OT devices online, it increases their vulnerability to cyber threat activity. In other words, these newly-connected machines quickly become targets for cyberattacks. When attackers successfully penetrate these systems, they can take an entire company offline, leading to serious financial ramifications.
Optimization a cyber-investment priority
Nearly half of business leaders who responded to the PwC’s 2024 Global Digital Trust Insights survey said optimizing existing technologies and investments will become their top priority for 2024. This is also one of the four major, and potentially disruptive, cybersecurity shifts PwC expects to happen this year.
In fact, the majority have already made headway on that priority. The survey, which reflects the views of nearly 4000 senior security, technology, and business executives found that:
- 44% reported using an integrated suite of cybersecurity solutions
- Another 39% plan to do so shortly
It's becoming clearer that the cybersecurity problem often has less to do with inadequate budgets and too few tooling options, and more to do with complexity and underoptimized investments.
Preparing for 2024’s cybersecurity trends
So, now that you know what cybersecurity trends CEOs are thinking about, it’s time to take action to prepare for them. Your strategy will vary based on your company, its current security posture, and the risks you face. But there are some tactics that every business can benefit from using, including each of the following.
Foster a security-first culture
An excellent first step is to ensure everyone in your organization understands the importance of cybersecurity and how to avoid common attacks.
Research suggests nearly 90% of cyberattacks result from human error. It stands to reason, then, that the more you can cut down on user error in your organization, the less likely your company will be to experience a costly attack.
You can work towards this goal by putting employees through cybersecurity training. This may involve:
- Teaching workers about different kinds of attacks
- Emphasizing the importance of setting strong passwords
- Showing employees how to use internal platforms and tools safely
- Encouraging employees to report potential cyberattacks quickly and correctly
Of course, even with the best training, accidents can still happen, and hackers can still breach your networks. That’s why employee training is ideal to augment, not replace, network monitoring and other technologies that help you find and neutralize threats before they cause serious damage.
Map your threat surface
Before assessing your cybersecurity posture for 2024, it’s worth re-evaluating your threat surface, especially if you haven’t done so recently.
We wrote an entire blog post on threat surfaces, but the general idea is that your threat surface encompasses all the different potential access points a hacker could use to breach your internal systems. For example, every employee’s login credentials and the devices they use to access the system are part of the organization’s threat surface.
Mapping your threat surface is important because it tells you where your risk exists. Once you’ve pinpointed all your vulnerabilities, you can start creating a strategy to remove, reduce, or accept them. Then, combine that information with the emerging trends we've covered to create a robust and multifaceted security plan that prepares you for 2024 and beyond.
Consider consolidating
Cybersecurity tool sprawl has become a top concern for IT administrators and managed service providers. As the average organization uses more and more security tools, problems can arise that leave the company exposed.
For example, security teams can suffer from alert fatigue when using too many tools. Some teams already receive thousands of alerts every day. The more alerts your team receives, the less time they have to investigate and respond to each one. That can create a situation where a critical vulnerability doesn’t get the attention it deserves until it’s too late.
This is a big reason why consolidating your security tool list can be a smart move. It’s also possible you’re paying more than once for the same capabilities, so this strategy could leave you with the protection you need while helping you find funds to address emerging cybersecurity trends in 2024.
Consider outsourcing
For smaller businesses, outsourcing may be the best answer to your cybersecurity problems. Cyber threats are constantly evolving. To stay ahead of attackers, you’ll need to stay on top of the latest trends and adapt your strategy at a rapid pace. That takes a lot of time and energy that you’re probably better off allocating elsewhere.
Small and medium business owners already wear multiple hats and manage many responsibilities. Adding cybersecurity policy and execution to your growing to-do list may be a bridge too far.
By partnering with the right security vendor, you get the tools, technology, and expertise you need to defend against the latest cyber threats effectively. This gives you the protection you need at a fraction of the cost you would pay to develop these capabilities internally.
The net result can be more time in your schedule and a more secure business, putting hours back in your day to focus on what you do best.
Stay informed on how cybersecurity trends will evolve in 2024
Let’s face it: Cybersecurity predictions are tricky to make. There are so many variables and unknown factors, so it's critical to stay on top of the industry throughout 2024 to ensure you don’t miss anything that could impact your organization.
One way to do that is by staying up-to-date with the Field Effect blog, which you can read here. You can also subscribe to our newsletter to get the latest cybersecurity news delivered directly to your inbox with analysis from industry experts and guidance for businesses.
