In this ten-part blog series, we will explore how businesses can navigate cybersecurity challenges. The first segment sets the stage by examining the threat landscape in 2024, as cybersecurity is constantly changing.
Every technological leap enables threat actors to acquire new tools and abilities to exploit vulnerabilities for their gain, making adapting to the dynamic landscape one of the significant challenges for organisations and individuals willing to keep their digital assets secure. In the year 2022, Indian Computer Emergency Response Team (CERT-In) handled 1.3 million incidents. This trend escalated the threat environment for businesses of all sizes.
Artificial Intelligence, a Double-Edged Sword: The AI integration for cybersecurity systems provides vast opportunities and equally overwhelming threats. AI can yield new solutions in terms of detection, the ability to process more information and automation of processes. However, at the same time, it can be used for malicious purposes. For instance, in 2024, AI was weaponized to create highly tailored and sophisticated malware that becomes invasive. AI-driven attacks can analyse the defences, modify their tactics, and avoid detection using existing methods. Moreover, deepfakes are also made possible by AI and can be used consistently for disinformation campaigns and advanced social engineering.
Ransomware is a Crippling Threat: Ransomware is a highly destructive and lucrative method of attacking. In recent years, incidents ranging from more destructive are increasingly prevalent. Crowds of ransomware attackers apply double and triple extortion policies to exfiltrate victims’ confidential information first, then threaten to share it if the ransom is not paid publicly. The ransomware groups are gaining power and employerism due to their complexities and effects. Ransomware costs businesses globally an estimated $20 billion USD in 2021.
The IoT Attack Surface Expands- The Internet of Things (IoT) revolution of connected devices has created a sprawling and ever-expanding attack surface. Whether in the form of smart home gadgets, wearable tech, or otherwise, the sheer number of devices and their often inadequate cybersecurity presents a huge potential for malicious exploitation. Insecure IoT devices can be recruited into botnets, commandeered to breach networks, or leveraged to steal data. Due to the fractured nature of the IoT market, it is difficult to impose across-the-board security standards and updates. As India’s IoT market is expected to reach $9.28 billion by 2025.
Supply Chain Vulnerabilities: Finally, the modern interconnectedness of business results in unprecedented exposure to supply chain risks. Nowadays, companies rely more and more on third-party vendors and partners. This way, a security breach in one of these leads may quickly spread through all the associated businesses. This makes the zero-trust security approach and continuous third-party relationship monitoring essential for addressing supply chain vulnerabilities.
Additionally, in the face of growing threats and networks’ complexity, traditional perimeter security becomes virtually meaningless. Clearly, zero-trust architectures that focus on continuous authentication and authorization are becoming increasingly popular. Experts define zero-trust networks by the principle of ‘never trust, always verify’. The global zero-trust network access market is also projected to grow rapidly, from $19.6 billion in 2022 to $51.6 Billion by 2027.
The Human Factor- A Persistent Weakness: Thus, while technical defences have significantly developed, human error and social engineering are the main victims of cyber-attacks. Phishing becomes more elaborate and posed, often relating to psychological abuse, while the use of surrogates refines scammers` habitual approach. Therefore, people are, and for long will be, the weakest security links. Phishing emails in 2023 display unprecedented refinement.
Geopolitical Tensions Fuel Cyber Conflict: Due to heightened geopolitical tensions, the global arena is witnessing an increase in cyberwarfare and state-sponsored cyber-attacks. In a competition between states, some of the targets may include critical infrastructure, government structures, and private organisations. This type of attack may result in major destabilizations and financial losses, highlighting the increasing importance of cyber conflict to national security.
Crucial Steps Businesses Must Take
The above cybersecurity challenges of 2024 highlight the immediate need for business leaders to improve their security safeguards proactively. Key priorities include:
- Employee Education is still a significant vulnerability. Regular security awareness training and anti-phishing are necessary to curb incidents caused by human error.
- Robust Vulnerability Management: To maximize identification, mitigation, and recovery from vulnerabilities in your software, implement stringent procedures for discovering software vulnerabilities. Run vulnerability scans on a regular basis and try to fix the most serious security flaws as soon as possible.
- Incident Response Planning: When a security incident occurs — and it typically does; incident response and planning may mean the difference between severe operational interruption and lasting damage.
- Third-party Risk Management: demand that your vendors and contractors fulfil robust cybersecurity safeguards. Give comprehensive audits and hold all parties accountable under the contract. When choosing vendors, consider cyber risk assessments.
- Cyber Insurance: Purchase cyber insurance to protect your business in the event of a security incident.
The cybersecurity reality that businesses face in 2024 requires constant vigilance and readiness across every sector of the economy. As a leader, you must understand that security is not a milestone but a never-ending need to evolve and adapt to your business’s new reality. Forgetting these principles might have severe operational, financial, and reputational ramifications. All the investments into securing internal and external security are about saving a company from bankruptcy.
Happy Reading!
Team Businezexcellence
