Networks have become highly vulnerable to cyberattacks with a rapid increase in technology reliance, global connectivity and cloud usage. The evolving cyber threat landscape, including the rise of generative AI, has added to this problem. These growing threats have persuaded businesses to reconsider their security posture and ultimately boosted the demand for endpoint security software.
We’ve identified the key cyber security trends for the upcoming year that you should consider to prepare for protection challenges.
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Key Takeaways
- The global end-user spending on cloud services is estimated to reach $700 billion by 2024.
- There will be 3.5 million unfilled cybersecurity positions worldwide by 2025.
- The global zero trust cyber security market is expected to reach $133 billion by 2032.
- Ransomware attacks will cost victims $265 billion by 2031.
- Cyber resilience will hog the spotlight in 2024.
Top Trends
- Attacks Against Cloud Services
- Growing IT Skills Gap
- Rise in IoT (Internet of Things) Devices With 5G
- Generative AI and Machine Learning
- Zero Trust Cyber Security
- International State-Sponsored Warfare
- Evolved Social Engineering Attacks
- Multi-Factor Authentication
- Continuously Evolving Ransomware
- Mobile Cybersecurity
- Connected Cars
- Rise in Insider Threats
- Cyber Security to Cyber Resilience
1. Attacks Against Cloud Services
There has been a tremendous shift of business data, processes and infrastructure to cloud computing in recent years. The cloud helps drive a faster time to market, increases productivity, lowers operating costs, and boosts flexibility and scalability. Gartner predicts a 20.4% increase in global end-user spending on public cloud services by 2024, reaching almost $700 billion.
Cloud-based threats like reduced visibility and control, misconfigured cloud storage and settings, vulnerable cloud applications, incomplete data deletion, compliance issues, and migration concerns will continue to impact businesses in the coming years. Organizations will struggle to control critical data due to attacks levied against cloud services.
Nevertheless, a mature and streamlined cloud governance model can accelerate their security response capabilities.
2. Growing IT Skills Gap and Soft Skills Demand
Despite technical innovation in cyberspace, businesses require human expertise for comprehensive data protection against blackmail, espionage and other intrusions. Advanced technologies like AI and machine learning can undoubtedly handle tasks with speed and accuracy, but they cannot extend the scope of such tasks.
Cybersecurity Ventures estimates that the number of unfilled cybersecurity job openings will be 3.5 million by 2025. The scarcity of security professionals has led to increased workloads, ineffective usage of cybersecurity tools and over-reliance on technology. Also, inadequate training makes existing employees more vulnerable to cybercrimes.
Besides technical skills, soft skills like interpersonal communication, problem-solving and relationship-building will be vital for IT and cybersecurity professionals in 2024. As the threat landscape becomes more complex and influences far more social and cultural facets of IT security and data privacy, professionals require these skills to be more effective.
3. Rise in IoT (Internet of Things) Devices With 5G Connectivity
IoT devices facilitate complex business processes and improve connectivity across the globe. Thanks to these advantages, IoT-enabled devices have seen tremendous growth in adoption and integration into security networks.
With the substantial growth of the IoT market comes an associated cyber security risk. 2024 will witness attacks on IoT devices, especially with the increasing usage of edge computing devices and cloud ecosystems.
According to Statista, the number of IoT devices is estimated to increase from 15.14 billion in 2023 to 17.8 billion in 2024.
This growth puts more devices at medium to high risk. IoT devices form a porous security perimeter involving the cloud and its associated networks due to a lack of built-in security to counter threats. Businesses can expect more non-encrypted personal data, hardcoded passwords, software updates from unverified sources, wireless communication security issues and more.
Additionally, the growth of 5G networks will significantly increase interconnectivity with IoT, making the security environment more prone to vulnerabilities. We expect manufacturers to build sophisticated 5G technologies and products to avoid data breaches.
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4. Generative AI and Machine Learning
Complete protection against ever-evolving, sophisticated threats, technologies and devices that bypass standard security measures is manually impossible. Therefore, the demand for complex security automation has expanded with the proliferation of cyber threats, IoT, connected devices and WiFi network vulnerability to security threats.
Security professionals are using AI and machine learning models to combat malicious attacks. These advanced algorithms can boost early detection capabilities using threat intelligence. AI can identify potential attack variants, and machine learning can determine attack classes and detect threats.
According to IBM, companies with AI and automation can save $3 million on average more than those without it. Also, the AI market is expected to reach $94 billion by 2030.
However, not everything will be hunky dory with AI and ML integration in 2024. Generative AI will be more sophisticated in the next few years and affect the cybersecurity industry exceptionally. AI-triggered incidents include the proliferation of deep fakes and automated malware with advanced adaptation capabilities to evade identification.
We expect generative AI to be a central character in the security landscape in 2024, contributing to real-time threat detection, incident response and authentication.
5. Zero Trust Cyber Security
Business models and workforce dynamics continue to develop with the shift to cloud and hybrid IT environments, increasing the presence of corporate assets outside the traditional security perimeter. These exposed assets demand centralized policy orchestration and distributed policy enforcement for more responsive security control.
Zero trust security architecture facilitates effective authentication and authorization, ensuring legitimate users and applications access the protection surface. It ensures continuous trust evaluation by leveraging network segmentation, multi-layered threat prevention, lateral movement restriction and granular user access control.
AI-powered incident monitoring and real-time authentication will further accentuate interest in zero trust cyber security with a more complex threat environment. According to Expert Market Research, the global zero trust security market is expected to reach $133 billion by 2032, growing at a CAGR of 17.30%.
Government authorities mandate new regulations for private and public enterprises, thanks to a shift in the working environment. Targeted attacks result in business downtime and loss of intellectual property and revenue. Despite the surge in demand, it’s not easy to integrate into an existing system — networks rarely accommodate zero trust models.
6. International State-Sponsored Warfare
To gain military supremacy, national powers now have a new weapon to flex — cyberweapons. As the fight to gain regional influence and conflict of interest escalate, access to classified government data by a foreign state can disrupt the balance of power.
Cyber warfare tactics include sabotage, espionage, data leaks and hacking. According to DHS, 2024 will see a sharp rise in targeted cyber threats against NGOs and government agencies by nation-states.
This is a key year for elections worldwide, with more than 40 major general elections, including those in the U.S., U.K. and India, scheduled to take place. DHS also predicts attempts to sabotage elections by countries like China, Iran and Russia, along with violent domestic extremists.
Cyber weapons have become more prominent in targeting critical state assets. For example, the Huawei ban by the U.S. and several other countries to prevent cyber espionage made headlines around the world. Also, the Israeli-made Pegasus spyware can infect phones via zero-click attacks.
Such cyberattacks also create chaos, anger and emotional distress among people. The cyberwar between Iran and Israel targeted civilians — Israelis found their private data leaked online, and Iranians couldn’t buy gas for two weeks.
Armed conflicts like the Russia-Ukraine war will greatly impact the global security landscape. A report by Check Point reveals that global cyberattacks have increased by 38% over the last year and reached an all-time high in response to the war.
With technological advancements and growing political unrest between powerful countries, 2024 will witness cyberspace and geopolitics at a crossroads.
7. Evolving Social Engineering Attacks
Social engineering attacks like spear phishing, deep fakes, identity thefts and zero-day exploits are on the rise. These attacks will only increase with the growing sophistication of generative AI and advanced malware. According to Cloudflare, 36% of all phishing attacks used deceptive links to access user emails last year.
Awareness campaigns and employee training programs can be the most effective answers to social engineering attacks. Using AI in advanced threat detection and zero-trust environments can also be helpful.
8. Multi-Factor Authentication
The growing instances of cyberattacks, online fraud, cloud-based services and IoT trends require advanced security rather than relying on the outdated approach of using usernames and passwords for authentication. You can prevent these security breaches by deploying multi-factor authentication systems in smartphones and computer devices to identify users.
The multi-factor authentication market is expected to reach $34.8 billion by 2028, registering a CAGR of 18% from 2024 to 2028.
Multi-layered verification processes require multiple safety validation variables unique to the user, like login credentials, biometric verification or one-time passwords. Cloud-integrated solutions allow remote fingerprint scanning, facial recognition and document verification. Also, you can apply risk-based authentication to assess request-related risks.
Using passive contextual mechanisms like geolocation and computing environments, you can collect user data and step up requirements in case of suspicious user behavior.
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9. Continuously Evolving Ransomware
Ransomware attacks are one of the biggest cyber security challenges organizations face worldwide. Cybersecurity Ventures predicts ransomware attacks will cost victims $265 billion by 2031.
Cybercriminals steal sensitive data and demand cryptocurrency or similar compensation in exchange. Also, organized cybercrime groups encrypt data and threaten to publish sensitive information unless victims pay a ransom, creating a risk of not only losing data but also having it shared publicly.
John Moretti, principal solutions architect at eSentire, said:
Ransomware is continually evolving and it’s really hard to keep track of all the different strains, while each ransomware variant has different ways of spreading, all ransomware variants rely on similar social engineering tactics to deceive users and hold their data hostage.”
These attacks will continue to adapt and evolve, becoming more sophisticated, targeted and costly. As ransomware attacks continue to surge at the end of 2023, 2024 is also expected to be no exception. Attackers will maximize their financial gains by shifting their attack focus from data encryption to data exfiltration.
10. Mobile Cybersecurity
Mobile technology has evolved rapidly, enhancing information mobility over the past few years. Companies and employees are embracing BYOD policies as they foster greater flexibility. These devices often connect to corporate networks, expanding the attack surface and creating a significant risk of losing sensitive information.
Mobile cybersecurity includes exploitation of Android vulnerabilities, data breaches, spyware, SMS spam and DDoS attacks. The global mobile security market is expected to grow at a 22.6% CAGR and reach $27.49 billion by 2032.
Every other device accessing company systems is an endpoint that needs to be secured because it acts as a potential entry point for attack vectors. However, you can capitalize on BYOD and mobile devices’ benefits through a continuous endpoint monitoring approach, supported by automated solutions for third-party penetration testing programs and real-time vulnerability management.
11. Connected Cars
Connected cars are shaping the future of automobiles, with the global market size estimated to reach $191.83 billion by 2028. Manufacturers are steadily launching new features to enhance the driving experience, such as smart parking assistants, autopilot, cameras, intelligent emergency brakes and facial recognition, to name a few.
However, connected devices (IoT/IoE) and associated technologies that propel connected cars like 5G, cloud and others attract security risks. To prevent automobiles from theft and other malware attacks, automakers and cybersecurity vendors are working together to build new security applications.
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12. Rise in Insider Threats
Numerous security incidents occur in organizations because of accidental breaches due to negligence or unintentional actions like opening up a phishing email or downloading malicious content. These mistakes tend to increase in a mobile or remote workforce environment. Also, reduced vigilance enables insiders with malicious intent to exploit administrative privileges to gain personal benefits.
The cost of insider threat incidents has reached $16.2 million per organization in 2023, rising from 15.4 million last year. Tracking or identifying insider threats and unusual activities becomes difficult due to the misuse of personal devices, unsecured networks, unauthorized remote access and weak passwords.
13. Cybersecurity to Cyber Resilience
2024 will be a defining year for operational resilience in the cybersecurity industry. While security software can minimize risks and exposure to external threats, it can’t eliminate them.
Accepting this harsh reality, organizations must take adequate measures to increase their cyber resilience. This includes the ability to ensure continuous operations despite a targeted attack.
This year will also require organizations to provide more detailed reports on their operational capabilities to external auditors. Reevaluating your data loss and recovery process while improving incident response measures will be vital.
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Next Steps
Tracking these cyber security trends can help companies figure out innovative methods to incorporate safety measures into their products. To accommodate these trends and stay ahead in development, your enterprise needs to select the right solution. Buyers must understand their requirements before investing in a system.
Our free requirements template can help guide your business toward a successful security solution with its comprehensive list of attributes and capabilities that these systems provide.
Also, if these trends illuminate possible shortcomings and you’re looking to upgrade your solution, we recommend checking out our free comparison guide. It will provide you with actionable insights and help you navigate the features of leading vendors in the market.
What cyber security trends do you expect to encounter in the near future? Let us know if you notice any other trends in the comments below!