Cyber Security Trends in 2024

The cyber security landscape continues to bring new threats on a global scale, as the ever-evolving landscape changes. With increasing digital transformation across industries, the need for robust cyber security measures has never been more critical. 

The global average cost of a data breach has increased by 10%, reaching $4.88 million, according to IBM’s 2024 Report. The United States has the highest average breach cost, at $9.36 million. This is the biggest jump we’ve seen since the pandemic, and more than half of organizations said they are passing this cost on to customers. It’s more important now than ever that organizations prepare themselves, or the success of their business could be at risk. 

So, what do you need to look out for? Let’s take a look at some of the pressing topics emerging in the cyber security landscape.

AI & Machine Learning

A double-edged sword. On the one hand, AI & ML are being used to improve and optimize cyber security systems, automating processes and allowing for better threat detection. Through the use of pattern-recognition, cyber security software can identify risks much sooner, and contain them, as well as any damage caused. IBM reported that applying security AI and automation has lowered breach costs by an average of $2.2 million, so it’s a step in the right direction.

On the other hand, AI and ML are also benefiting the assailant. Generative AI has the potential to ‘lower the barrier of entry for low-skilled adversaries, making it easier to launch attacks that are more sophisticated and state of the art’, as stated in the 2024 Global Threat Report. While AI and automation can serve to protect, they can also be used to make attacks faster and more streamlined. Can the balance be tipped in favor of defence?

Cloud Security

There is increasing use of cloud technology involved in digital business transformation, especially since remote working has become a staple of the landscape. This does, however, open up a wider surface area for attacks.

According to the Global Threat Report, cloud environment intrusions increased by 75% between 2022 and 2023. Furthermore, cloud-conscious cases (whereby the adversary is aware of the ability to compromise cloud environments and abuse features unique to this) increased 110% YoY. Cloud misconfigurations leave organizations at much higher risk of attack, with threat actors taking advantage of failures to change default settings, unrestricted ports and unsecured backups. This can be avoided by focusing on security early on in the design and build of cloud platforms, and that involves having the right pair of hands on board with the skills to mitigate these risks.

Hacktivism

Not all cyber attacks are for financial or personal gain. As social tensions across the globe rise, it’s no surprise that hacktivism is rising with it. ‘Hacktivists’ are defined as collectives that use cyber attacks to advance their political, religious or social beliefs, targeting those with opposing belief systems. The conflicts in Russia/Ukraine and Israel/Gaza have contributed to the rise in these types of attack.

Organizations most at risk are usually public sector or critical infrastructure, and a common type of hacktivist attack is distributed denial of service (DDoS). This is when an attacker floods a server with internet traffic, so that users cannot access connected online services and sites. Shutting down online operations for critical organizations can have wide-ranging and catastrophic effects. So much so, the International Committee of the Red Cross (ICRC) released rules of engagement for hacktivists amid conflicts for the first time in 2023.

Organizations need to be wary if they are at increased risk of becoming hacktivist targets, and put defenses in place early to ensure limited damage if they were to experience this.

What should organizations do to secure themselves?

A 2024 Report by Gartner details what organizations should be focusing on to help reduce the risk of attack. They detail 4 important points:

1. Address vulnerabilities and nonpatchable exposures with a wider view of organizational risk, rather than assigning risk to individual technology types.
2. Affect mechanisms to validate discovered issues and identify ways to reduce or accept risks introduced by threat exposure, rather than simply removing point vulnerabilities with ad hoc remediation.
3. Develop a set of outcome-driven, business-tuned metrics that senior leadership can use to make effective decisions without having to be security specialists.
4. Communicate with and involve all relevant business departments in decisions and measurements used to classify, prioritize and mobilize discovered threat exposure.

The cybersecurity landscape is more complex and perilous than ever, with rising threats driven by technological advancements, increased cloud adoption, and evolving social and political dynamics. The average cost of a data breach has surged, underscoring the critical need for robust security measures. As organizations leverage AI and machine learning for enhanced threat detection, they must also guard against their exploitation by cybercriminals. Moreover, cloud security and the threat of hacktivism require vigilant defence strategies. To navigate these challenges, businesses must adopt comprehensive approaches that involve proactive risk management, continuous adaptation, and a culture of security awareness across all levels of the organization.

If you’re implementing new technologies, you’ve got to make sure you’re putting the right cyber security measures in place to secure your organization. You can only do that with the right expertise and knowledge on board. If you’re looking for talent for your team, Focus Cloud Group can help. We’ve been operating in the cloud technology recruitment space for 15 years, so we understand what it takes to ensure the success of your business through the people you hire. Get in touch (link to page) today to get started.