Strap in and prepare for a wild ride in 2024, as it is already shaping up to be a pivotal cybersecurity year. Bolstered by generative AI (Artificial Intelligence), ransomware uptrends, evolving regulations, and a booming cybercriminal economy, threat actors have more resources to launch detrimental attacks on organizations of all sizes.
“In 2024, we will witness a heightened emphasis on preparedness and response, spurred by impending SEC regulations and the recognition of an ever-evolving threat landscape, where adversaries often outpace our defenses with new challenges. As we approach 2024, I am reminded of a 2,000-year-old lesson from Epictetus: ‘It's not what happens to you, but how you respond’ – a timeless wisdom that resonates now more than ever.” says Kevin Gaffney, CTO at CYGNVS.
According to Cybersecurity Ventures, global cybercrime costs are projected to grow by 15% annually over the next two years, reaching a staggering $9.5 trillion in 2024 and 10.5 trillion by 2025. To help organizations brace for what lies ahead, our team of cybersecurity experts at CYGNVS share five trends expected in the coming year:
1. Adversarial AI Attacks: The use of AI in cyberattacks will increase, enabling threat actors to automate and optimize their attack strategies by accelerating and expanding every aspect of their toolkit. AI-driven attacks will make it difficult for traditional cybersecurity measures to keep pace and identify these threats effectively.
2. Ransomware Evolution: Ransomware attacks will become even more sophisticated and opportunistic. Cybercriminals will employ advanced tactics, such as AI-driven attacks and exposing supply chain weaknesses, making it increasingly challenging for organizations to defend against and recover from these attacks. Ransomware demands and extortions will continue to increase as the volume of ransomware attacks continue to increase across all sectors and industries.
3. Critical Infrastructure Threats: Critical infrastructure, including power grids, hospitals, and transportation networks, will continue to be at higher risk of cyberattacks. Nation-state actors and cybercriminal groups will continue to target these environments, potentially causing significant disruptions and endangering public safety.
4. IoT (Internet of Things) and 5G Vulnerabilities: The widespread adoption of IoT devices and the implementation of 5G networks bring forth unparalleled connectivity but also expose new vulnerabilities. IoT devices, often characterized by weak security measures, become prime targets for exploitation. Simultaneously, the high-speed and low-latency capabilities of 5G introduce novel security challenges. This combination creates an expanded attack surface, enabling faster and more impactful cyberattacks that organizations must prepare to thwart.
4. Regulatory Transformation: A significant shift is occurring with regulations, exemplified by the recent implementation of SEC cyber disclosure rules in December. We anticipate a broader trend of governments and regulatory bodies enacting stringent cybersecurity reporting regulations. “In 2024, new SEC cybersecurity regulations will lead organizations to experience a Sarbanes-Oxley moment transforming how they approach cybersecurity” says Kevin. Organizations will face greater scrutiny and potentially severe penalties for data breaches and security lapses. Tighter cybersecurity regulations and mandates will hold C-suite executives and boards accountable.
Cybercriminals will continue to evolve their methods and tactics, while organizations must adapt their cybersecurity response measures. Discover how CYGNVS can help your organization minimize the impact of a cyberattack, to quickly recover and reduce business interruption with the confidence of CYGNVS.