The new year is here, and once again I’ve compiled a summary of predictions for cybersecurity in 2024. The following are what analysts and industry experts agree are the current cybersecurity trends and threats we must prepare for as we execute plans for the year.
Forrester Predictions
A recent Bank Info Security article summarizes Forrester’s predictions for cybersecurity, risk, and privacy:
- Zero Trust – more resources will be allocated to zero trust.
- Artificial Intelligence – vulnerabilities of AI-generated code will be exploited.
- PII management – management of personal information will be more scrutinized by regulators.
- Cyber insurance – insurers will be more selective.
- Security awareness training – organizations will acknowledge its limitations to prevent breaches.
IBM’s cybersecurity predictions for this year’s threat landscape cover some of the same areas:
- Hacktivism and Geo-Political Landscape
- Similar to last year, 2024 promises to be a “busy year for cybercriminals.” Major elections in the U.S. and Europe, as well as the Olympic Games in Paris create the “perfect storm” for malicious campaigns and AI-based attacks.
- Artificial Intelligence
- Artificial Intelligence continues to be at the forefront of cybersecurity. This year IBM predicts several AI-related predictions:
- Generative Artificial Intelligence (GenAI) will help attackers identify targets by quickly correlating large amounts of data compromised over the years.
- GenAI adoption will “force CISOs to focus on critical data.” Expect to see an increased focus on data classification, data discovery, and critical data security.
- GenAI adoption will also “level up the role of security analysts” by simplifying technical log data for less experienced users.
- Threat prevention will evolve into threat prediction with the help of AI technology.
- Identity Management
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A couple of predictions around identity management and the need to protect user credentials:
- “Attackers are weaponizing identity,” using the myriad of valid credentials available on the Dark Web to compromise systems by impersonating authorized users (“doppelgänger users”). The takeaway here is for increased “security and password hygiene.”
- Organizations will integrate their existing identity management solutions to create more efficient authentication processes.
- Ransomware Makeover
- Ransomware attackers are beginning to see a “cash flow problem” as organizations refuse to pay the ransom and opt for disaster recovery solutions instead. IBM states that ransomware is not going away as the focus shifts to consumers and small businesses. But with fewer payouts, it’s clearly headed for a makeover.
Google’s insights also align with the cybersecurity trends we’ve seen from Forrester and IBM:
- Attackers leveraging AI.
- Hacktivism and geo-political activity.
- Zero-day vulnerabilities continue to be exploited.
- Malware production is quicker and harder to detect.
What’s Next?
Cybersecurity threats and trends continue to be front and center for organizations and consumers across the board. PWC lists four areas of focus “shaping the information security agenda” for CISOs this year:
- Increasing cyber transparency – collaboration between CISOs, Chief Risk Officers, legal counsel, and senior leadership to create clear and consistent reporting.
- Building cyber resilience – keep cybersecurity in the forefront of your business strategic plans, including incident response and business continuity plans for cybersecurity operations.
- Managing cyber risk effectively – leverage transparency and collaboration with senior leadership to “continually update” your risk management plans.
- Optimizing data management – implement or mature a formal data governance program to understand where your data is and how it’s used, secured, and managed.
How is your financial institution proactively addressing cybersecurity challenges expected in the new year? Learn more about reducing risk and fraud at jackhenry.com.
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