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Cybersecurity Outlook – An Early Look at Emerging Trends in 2024

Reflecting on the 2023 cybersecurity landscape, it’s quite evident that challenges were multifaceted and demanded strategic and comprehensive responses. Globally, including in India, a surge in cybersecurity incidents – from financial frauds to data breaches, stressed the pressing need for robust strategies. Ransomware attacks persisted with 47% to 57% originating from high-profile groups like LockBit 3.0 and CLOP.  Phishing attacks, employing deceptive links (40%), and tactics like domain aging, identity deception, and business email compromise (30%) remained prevalent.  Supply-chain vulnerabilities and zero-day exploits added to organizational challenges.  Major industries targeted included manufacturing, retail, healthcare, and BFSI where challenges such as inadequate attack surface coverage, weak response strategies, skill shortages, and limited visibility into connected devices, existed.  In response, defense strategies had to be fortified through technological advancements, stringent data privacy laws, and increased automation.

In this article, Mukul Kulshrestha, VP Security, Inspira Enterprise offers key insights into the anticipated trends that will shape the industry in 2024.

AI-enabled technologies for both offensive and defensive purposes

In response to increasingly sophisticated threat actors, the adoption of AI becomes essential, reshaping how organizations tackle security challenges.  AI-powered security systems perform extremely well in detecting and analyzing vast datasets, enabling quick identification of potential threats.  By minimizing human intervention and fatigue this advanced technology also streamlines security processes, improves incident response times, and excels in threat detection.  The integration of AI into cybersecurity solutions is set to rise in the coming year.  Unfortunately, with the rapid advancement of AI, there’s a looming surge in intelligent AI-powered attacks.  Cybersecurity teams must continually refine their algorithms to promptly identify adversarial AI.

Intersection of 5G and Cybersecurity to safeguard connectivity

The global 5G Security Market, valued at approximately USD 2.2 billion in 2023, according to MarkNtel, is projected to exhibit a notable CAGR of about 39.25% from 2024 to 2030.  The broader attack surface inherent in 5G networks, coupled with enhanced connectivity demands robust cybersecurity measures to shield digital assets from sophisticated and frequent threats.  This evolving landscape demands cybersecurity strategies that place greater emphasis on threat intelligence, resilient architecture, and encryption.  As we enter 2024, creating a secure 5G environment requires collaborative efforts from cybersecurity professionals, telecom providers, and government entities.

The rise of deep fakes and clones is a growing concern

As AI and ML tools advance further, there is a mounting worry regarding the global impact of deep fake technology and deep voice attacks on businesses.  This technology can harm any brand’s reputation and trust, not only by generating persuasive fake videos and voice recordings but also by presenting fabricated evidence.  The risk extends to both human perception and automated systems, potentially resulting in identity theft and financial fraud.  To counter these threats and mitigate risks in 2024, organizations must allocate resources to invest in advanced detection tools and bolster cybersecurity measures.

Anticipate an intensified escalation of Cyberattacks targeting IoT

In the upcoming year, a growing number of devices will communicate and connect to the internet, expanding the threat landscape and posing cybersecurity challenges.  The rise in IoT devices makes them susceptible to exploitation by malicious actors, given their design for convenience.  To address this, regular software updates, string authentication methods, and data encryption in transit and at rest are imperative.  To safeguard against the evolving landscape of IoT cyber threats in 2024, manufacturers, service providers, and cybersecurity professionals should collaborate and work on implementing robust security measures for IoT devices.

Security concerns in extended reality (XR) to grow

According to Accenture, Extended Reality (XR) is poised to reach USD 160 billion industry this year with XR technologies expected to become more pervasive across industry verticals.  The convergence of XR and cybersecurity presents both opportunities as well as challenges in 2024 compelling organizations to employ more robust cybersecurity measures to safeguard against emerging threats and vulnerabilities.  Data privacy and device vulnerabilities are some of the security concerns in XR.  User education, regular software updates, robust authentication measures for XR users, and leveraging secure communication protocols between XR devices and servers are some of the key security solutions for XR.  XR developers and cybersecurity professionals have to collaborate and ensure a secure and immersive digital landscape, going forward.

In conclusion, the security mantra for 2024 lies in the principles of Zero Trust, Zero Breach, Zero Touch, and Zero Skip (complete visibility). To know more about this principle and what it takes to operationalize it, read more
(https://inspiraenterprise.com/ismart2/)

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