The cybersecurity industry is currently one of the booming sectors, growing from US$83.32 billion in 2016 to approximately US$166 billion in 2023. The sector has undergone a massive transformation, opening up the doors to new opportunities for young talents. However, aside from the benefits, this growth comes with a specific set of threats.
The demand for effective cybersecurity solutions has only increased in recent years. In an insightful interview, Global CyberCon 2023, Pooja Shimpi, cybersecurity expert and founder/CEO of Sybernow, shared valuable insights with The Cyber Express. She discussed cybersecurity trends in 2024, challenges and predictions in the field of cybersecurity.
Talking about the industry and its growth, Shimpi explored the trends, challenges and predictions with TCE. Using her expertise in cybersecurity, she has envisioned a roadmap for navigating the intricacies of cybersecurity, with a focus on continuous adaptation, education, and a strategic mix of proactive and reactive measures .
Upcoming Cybersecurity Trends in 2024
Shimpi highlighted the growing use of artificial intelligence (AI) within organizations and individuals. Anticipating a continuation of this trend, she also warned of the threats associated with it for the coming year.
Additionally, she drew attention to the emergence of quantum computing, a development poised to break existing encryptions, presenting a new set of challenges for the world. cybersecurity community.
“The use of artificial intelligence has been growing in organizations as well as by individuals, we will see a continued increase in this trend as well as associated threats in 2024. Quantum computing is in talks and this will help to break existing encryptions. Also, a lot of Ransomware attacks are planned in the coming year,” Shimpi said.
Along with the increasing integration of artificial intelligence (AI) into the fabric of organizations and personal spheres, cybersecurity experts are sounding the alarm about the imminent rise of associated threats. The geography is further complicated by the imminent advent of quantum computing, a technological advancement capable of dismantling existing encryption methods.
This impending breakthrough represents a significant challenge for the cybersecurity community, requiring innovative strategies to protect sensitive data and digital assets.
Cybersecurity challenges in 2024
Ransomware Threats and General Cybersecurity Awareness
The cybersecurity expert expressed concern over the growing prevalence of ransomware attacks among the cybersecurity trends in 2024. Shimpi highlighted the need for better preparation, questioning whether organizations have the resources and skills to effectively combat these evolving threats.
Amid growing concerns expressed by cybersecurity experts, attention is being focused on the growing specter of ransomware attacks predicted for the coming year. Highlighting the seriousness of the situation, there is an urgent call for enhanced preparedness within organizations.
With cyber threats increasing, organizations are being urged to re-evaluate their cybersecurity strategies, ensuring they not only have the required tools, but also the expertise to meet the complex challenges posed by incessant threats. evolving ransomware tactics.
Shimpi highlighted that even as the world embraces artificial intelligence, the cybersecurity community continues to find solutions to challenges related to resource allocation and skills readiness. She stressed the importance of cybersecurity awareness, particularly among the general public, who identify it as a significant challenge that requires immediate attention.
Employee training and legislation
Addressing the critical role of employees as the true firewalls of an organization, Shimpi questioned the adequacy of the training provided to them. She stressed the need for regular and engaging training sessions, arguing for a break from the traditional routine of annual cybersecurity training in October. Tabletop exercises and resilience planning have been highlighted as effective methods for improving an organization’s cybersecurity posture.
“Organizations are investing a lot to improve their existing technologies. But are we doing enough to provide the right amount of training to our employees, because they are the true firewalls of an organization. It is not enough to just be aware, it is important to be attentive to deal with cybersecurity situations,” Shimpi added.
Concerns remain over whether current training methods equip them sufficiently to adapt to changing cybersecurity trends in 2024. The focus on regular, engaging training sessions is becoming paramount, calling into question the conventional wisdom of annual training. October Cybersecurity workout routine.
Tabletop exercises and resilience planning are emerging as effective methodologies for strengthening an organization’s cybersecurity posture, emphasizing the importance of practical experiences and strategic preparation in the face of an ever-changing cyber threat scenario.
Drawing on his experience in Singapore, Shimpi praised the strict laws in place to protect the nation against cyber adversaries. In comparison, she called for strong guidelines and regulations in countries like India, considering the extensive presence of the banking and financial sectors coupled with increasing digitalization as one of the cybersecurity trends in 2024.
The call is for proactive measures to establish a cybersecurity framework which protects critical sectors and preserves the integrity of digital ecosystems. This scenario underscores the global imperative for nations to adapt and strengthen their regulatory frameworks to meet the unique challenges posed by the expanding digital frontier.
Staying up to date with trends: proactive or reactive approaches
Highlighting the dynamic nature of the cybersecurity field, Shimpi recommended staying abreast of trends through cybersecurity news updates, valuable online resources, and social media. Following cybersecurity professionals and podcasts, she pointed out, can offer valuable insights into the rapidly changing dynamics of cybersecurity.
Highlighting the dynamic nature of the cybersecurity field, emphasis is placed on the need for continuous learning and awareness. Stay informed about cybersecurity trends in 2024 becomes imperative, and this involves leveraging various sources of information.
Shimpi stressed the importance of maintaining a balance between proactive and reactive approaches. While a proactive attitude helps prepare against potential attacks, a reactive approach focuses on responding effectively when an attack occurs. She advocated regular simulation exercises as essential elements of cybersecurity strategies, ensuring that organizations are well equipped to handle various situations.
“It’s good to have a balance between proactive and reactive approaches. A proactive approach helps you stay prepared against an attack; it won’t completely protect you, but it will still reduce the chances of being attacked. The reactive approach is about how you react when you are attacked. This approach is also crucial because you never know what kind of situation you may face. I suggest that regular tabletop exercises are a must,” she concluded.
The call for a balanced approach between proactivity and reactivity echoes cybersecurity trends in 2024. The proactive stance, akin to fortifying organizations before an impending storm, is crucial for preemptive defense against potential cyber adversaries.
However, the dynamic nature of cyber threats dictates the need for a robust reactive approach, designed to respond quickly and effectively in the event of a breach. It’s a delicate balance that cybersecurity professionals strive to maintain, recognizing that no defense is impervious.
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