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CYBERSECURITY RESILIENCE IN 2024
In today’s ever-evolving digital landscape, cyber resilience has become an essential aspect of any enterprise’s security strategy. It refers to an organization’s ability to minimize the impact of security incidents by effectively deploying and optimizing security tools and processes. Moreover, it also encompasses the organization’s capability to continuously strengthen its overall cyber defences against potential cyber threats. With these emerging threats, businesses must prioritize cybersecurity resilience. As per a report from a leading analyst firm, the cybersecurity market in India is expected to jump from $500M in 2022 to a whopping $5 billion in 2028. What’s the reason for such massive growth in a non-productive business model? It is the changing dynamics of the digital world that requires robust cybersecurity system. Let us explore the key trends shaping cybersecurity resilience in 2024 and provide insights into what organizations can do to protect themselves.
Timely investment in cybersecurity has saved many businesses and the lethargic approach of a few has resulted in a complete shutdown of their business. Did you know that 60% of small businesses worldwide were forced to completely shut down within 6 months after a cyberattack? Can you guess the amount of digital ransom that was paid to the ransomware attackers in 2022? A whopping $40 Billion were paid in ransom. According to recent research, 63% of companies have experienced a data breach in the past year, with the average cost now reaching $3.86 million. With the number of cyber-attacks continuing to rise, it is clear that organizations need to take a more proactive approach to cybersecurity resilience.
A thought that is making rounds across industries, what will be the repercussion of the growing importance of artificial intelligence (AI) and machine learning (ML) on cyber security and will it threaten or strengthen the cybersecurity resilience? One of the key trends shaping cybersecurity resilience in 2024 is the growing importance of AI and ML. With cyber threats becoming increasingly sophisticated, traditional security measures are no longer enough. AI and ML can help organizations to detect and respond to threats in real-time, providing a higher level of protection than ever before. Strengthening this, though, is a study by the Ponemon institute which found that AI and ML can improve the efficiency and effectiveness of cybersecurity operations by up to 53%.
An additional trend that is shaping cybersecurity resilience in 2024 is the increasing focus on employee training and awareness. According to recent research by IBM, 90% of cyber-attacks are caused by human error. This highlights the importance of educating employees about cybersecurity best practices and providing them with the tools and resources they need to protect themselves and the organization.
In 2024, the threat landscape is also expected to be shaped by the increasing adoption of cloud computing and the Internet of Things (IoT). According to a survey by McAfee, 97% of organizations worldwide are now using cloud services in some form. According to a report by Symantec, the number of IoT devices worldwide is expected to reach 50 billion by 2025. So as more businesses move their operations to the cloud and more devices become connected to the internet, the attack surface for cybercriminals is expanding. It is critical that organizations implement robust security measures to protect their cloud infrastructure and IoT devices.
Cybersecurity resilience in 2024 will also be shaped by the regulatory landscape. With new privacy and data protection laws coming into effect around the world, organizations will need to ensure that they are compliant with these regulations or risk facing significant penalties. This includes ensuring that they have adequate measures in place to protect sensitive data and that they are able to detect and respond to data breaches in a timely manner. As technology continues to advance, the threat landscape for cyberattacks is constantly evolving, and businesses and individuals alike need to be proactive in their cybersecurity measures to stay protected. In 2024, cybersecurity resilience will be more important than ever before, and organizations will need to take a comprehensive approach to safeguard their systems and data.
This includes implementing strong security protocols, such as multi-factor authentication, regular vulnerability assessments, and proactive threat detection and response. It also involves ensuring that all employees are well-trained in cybersecurity best practices and are aware of the risks associated with their digital activities.Moreover, with the growing trend of remote work, organizations will need to consider the unique cybersecurity challenges that come with a distributed workforce. This includes implementing secure remote access solutions and ensuring that employees are using secure devices and networks.
Hence cybersecurity resilience will continue to be a critical issue in 2024 and beyond, and organizations must prioritize their cybersecurity measures to protect against the evolving threat landscape. By staying vigilant and proactive, businesses and individuals can ensure that they are prepared for any potential cyber threats that may arise.
-Piyush Somani
(The author is the Chairman & Managing Director, ESDS Software Solution Ltd. Views and opinions expressed here are his own)