Unpacking 2023 and Predicting 2024: What to Expect in Cybersecurity
By: Gary Perkins, Chief Information Security Officer, CISO Global
Did you know that $224 billion is spent annually on cybersecurity?
Or did you know that $6 trillion is lost to cyber crimes each year?
These statistics show that organizations struggled to maintain basic cybersecurity practices in 2023. But what can organizations do to improve their networks and help prevent attacks in 2024?
Basic Cybersecurity Hygiene
It’s time to go back to the basics. Many organizations are overlooking the most important steps when it comes to protecting their networks. An organization must be using a modern endpoint security solution, it must update its email security, and all employees must use multi-factor authentication. Employees must also be trained frequently in security awareness.
The Human Element
Despite advancements in technology, human vulnerability remains a huge problem in cybersecurity. Social engineers use many different techniques to fool employees and the list of tricks is constantly growing. As people become more observant to things like phishing, new tricks are devised such as the misuse of QR codes, which have become a recent vector. If organizations don’t address these issues and bolster their fundamental security measures, there will continue to be an increase in cyber attacks in 2024.
It can be difficult to impress the importance of security awareness to everyone in an organization. People understand the importance of it, they’ve seen the news, read an article, or heard about someone falling victim to an online scam. Rather than requiring employees to participate in cybersecurity training once a year (so the company can meet compliance requirements), implement multifactor authentication (MFA) on accounts so cybersecurity awareness is front-and-center for employees on a regular basis.
Cloud Security Challenges
Get ready for more cloud breaches in 2024. Why? Because companies are leaving themselves vulnerable by unintentionally misconfiguring security settings. This isn’t just about one cloud service, either. There’s growing worry about using multiple clouds from different providers, known as a “multicloud.” Combining different clouds and systems can be risky for security, but it’s also tempting for companies because it offers more flexibility.
Understanding Cybersecurity Insurance
When studying the staggering number of cyber attacks in 2023, it makes sense that cyber insurance is a top priority for organizations as we enter 2024. Enrolling in certain cybersecurity programs can reduce an organization’s premium, but premiums continue to rise as more attacks are reported.
Some experts theorize that the creation of cyber insurance has fueled the ransomware problem. Because insurance policies are paying ransom, cyber criminals are more likely to attack. It will be interesting to see what 2024 brings regarding both cyber attacks and cyber insurance.
Warranties are a good way to add a layer of financial protection with or without the addition of cyber insurance. For example, CISO Global offers a warranty with their endpoint security monitoring solution, CHECKLIGHT®. Expect to see more solutions covered by warranties in 2024, as a sound choice for companies that may not qualify for cyber insurance.
Compliance in 2024
Compliance is a huge topic when looking forward to 2024. The newest version of PCI DSS 4.0 will go into effect on March 31, 2024, while CMMC 2.0 is expected to be released from rulemaking in the first quarter of 2024. If an organization is focused on security, they will address any regulatory compliance obligations at the same time.
Risks and Opportunities
There are many risks if organizations do not properly prepare for the launch of both CMMC 2.0 and PCI DSS 4.0. Supply chains could be impacted, and many organizations may lose their compliance status.
The cyber landscape of 2024 may appear daunting, but it also brings opportunities such as the immense potential within technologies like artificial intelligence. AI’s ability to analyze vast security data at lightning speed can provide organizations with capabilities like never before, allowing them to proactively address vulnerabilities and thwart attacks before they occur. Embracing these tools and strategies will be crucial for businesses to stay ahead of the evolving threat curve and maintain a competitive edge.
Ready to make 2024 your most secure year yet? Let’s chat about your cybersecurity needs.