Between 2024 and 2031, the global cyber threat intelligence market is poised for growth, with North America and Europe leading the way. However, Forbes reports alarming cybersecurity statistics: 560,000 daily instances of malware and 1,248 weekly cyberattacks per organization. In 2024, ransomware 2.0, information-stealing malware, and cloud malware injection will amplify threats. Ransomware on SAAS infrastructure poses lateral movement challenges for attackers.
While SAAS providers take responsibility for security, customers can reduce risk through mitigation strategies such as multi-factor authentication. The AI/ML hype of 2023 will come under scrutiny in 2024, particularly in phishing defense, where traditional methods and threat intelligence management prove crucial.
Automation, with AI, shows promise in streamlining tasks such as extracting information from reports using natural language processing (NLP). THE Cyber Express reveals how the world of intelligence and threat mitigation strategies will evolve in 2024, highlighting the need for a global approach to cybersecurity.
Mitigation strategies for 2024: a paradigm shift
To combat today’s cybercrime, organizations must understand and embrace cybersecurity as part of the organization and not a subsidiary area. Justin Ong, CISO and CPO APAC at Panasonic Asia Pacific Pte. Ltd, highlights the crucial role of threat intelligence in cybersecurity and its importance in developing effective mitigation strategies.
Threat Intelligence involves the systematic collection, analysis and dissemination of information regarding cyber threats and vulnerabilities. This goes beyond simply compiling data; it improves situational awareness, enabling informed decision-making and the development of proactive cybersecurity measures.
“Threat intelligence helps organizations understand the tactics, techniques, and procedures (TTPs) employed by threat actors, the vulnerabilities they exploit, and the indicators of compromise (IoCs) associated with their activities. By leveraging threat intelligence, businesses can proactively defend against cyberthreats, identify potential risks, and respond quickly to security incidents,” explains Justin.
A common misconception is that acquiring advanced cybersecurity tools alone is enough to ensure robust cybersecurity. While tools are undeniably essential, understanding the world of cybercrime is just as crucial.
This understanding, combined with solid playbooks on how to handle incidents, forms the backbone of a resilient cybersecurity posture. Additionally, some companies fall into the trap of viewing threat intelligence as a one-time task. In reality, it requires continuous updates and adjustments to remain effective against the Pirates. Threat intelligence automation powers defense systems and adds an additional layer of protection.
Another misconception is the exclusive focus on external threats, neglecting the equally perilous possibility of internal threats. Threat intelligence must encompass both external and internal threats, making it imperative to screen and background check employees before their employment begins.
Overcoming fear of sharing threat intelligence is crucial due to concerns about revealing vulnerabilities. Collaborative information sharing strengthens the overall cybersecurity ecosystem, and many original equipment manufacturers (OEMs) are now willing to collaborate for the common good, ensuring that intelligence sharing improves cyber defenses against the myriad of adversaries in the digital domain.
Adapting to new and emerging threats: Justin Ong’s perspective
Looking ahead, Justin Ong anticipates several trends and advancements in threat intelligence, requiring corresponding adaptations in organizational strategies. The increased use of automation and artificial intelligence Processing and analyzing large volumes of threat data for faster, more accurate decision-making is on the horizon.
Modern extended detection and response (XDR) and network detection and response (NDR) products are increasingly integrating AI into their platforms. These systems can autonomously take necessary actions when deviant behavior is detected, representing a significant leap forward in cybersecurity capabilities.
“As the Internet of Things (IoT) and Operational Technology (OT)/Industrial Control Systems (ICS) environments grow, threat intelligence will need to adapt to meet the unique challenges posed by these interconnected systems. Many OT vendors have already begun partnering with solution providers to integrate and certify their products for use on these sensitive networks,” added Justin.
Despite the rise of automation, the importance of skilled human analysts will remain essential for interpreting nuanced threat intelligence and making strategic decisions. The shortage of qualified people cybersecurity professionals remains a critical issue that requires concerted efforts to bridge the gap.
Strategic responses and forecasts for 2024
In preparation for these changes, organizations should focus on improving their analytical capabilities, fostering collaboration within the cybersecurity community, and integrating threat intelligence into their overall risk management strategies.
Cybersecurity discussions should feature prominently in board-level governance, risk and compliance (GRC) discussions. Regular training and updating of cybersecurity staff on emerging threats and technologies is essential to staying ahead of the curve. cybercriminals.
Ransomware, identified as an ongoing problem for organizations around the world, is expected to persist and grow in size and complexity in 2024. Collaborations and partnerships between ransomware families and other threat actors through underground forums will help to this growth.
Social engineering tactics, designed to manipulate and trick individuals into compromising their devices or personal information, are expected to become even more sophisticated and targeted. This increasing sophistication poses challenges for both victims and security tools, making detection and identification more difficult.
THE Trellix Advanced Research Center 2024 Threat Forecast Report highlights the growing complexity of the cyber world. John Fokker, head of threat intelligence at Trellix Advanced Research Center, notes: “Cybercriminals, from ransomware families to nation-state actors, are becoming smarter, faster and more coordinated in revamping their tactics to follow new schemes – and we don’t plan that. change in 2024.”
To break the escalation of attacks, industries must adopt a cybersecurity strategy that is constantly vigilant, understandable and adaptable to new threats.
Cyble’s Cyber Threat Intelligence: A Holistic Approach
Cyced recognizes the broad, complex and changing nature of security threats. Complete protection against all potential external threats is unrealistic. Cyble’s Cyber Threat Intelligence provides insight into the activities of potential attackers and threat actors, enabling organizations to determine, prioritize and track threats that pose a risk.
The process involves collecting information from many sources including Surface, Deep & Dark web, and secret communication channels. By combining various data sources and adding context, Cyble’s intelligence packages provide a comprehensive view of the dark web world, particularly for new and emerging ransomware groups, enabling rapid and informed decision-making.
Integration with security tools allows you to query indicators of compromise (IOCs) to correlate with threat alerts, discover Personally Identifiable Information (PII) or get an overview of critical vulnerabilities and exploits.
Wrap
In summary, 2024 will be a pivotal time for intelligence and threat mitigation strategies. In light of the recent escalation involving RansomwareHacktivists and fledgling hacker groups, cybersecurity organizations and agencies need to prioritize intelligence and threat mitigation strategies, fostering collaboration, leveraging automation, and mitigating upcoming threats .
The interplay of technology, human expertise and strategic foresight will help thwart cybercriminals in the coming year. Integrating threat intelligence into the very fabric of cybersecurity practices is not just a choice; it is a necessity for the digital guardians of today and tomorrow.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only and users take full responsibility for their reliance on it. The Cyber Express assumes no responsibility for the accuracy or consequences of the use of this information.