The cybersecurity sector is one of the booming industries right now, with a growth of US$83.32 billion in 2016 to around US$166 billion in 2023. The industry has gone through a massive transformation, opening doors to new opportunities for young talent. However, along with the benefits, there is a specific set of threats associated with the growth.
The demand for effective cybersecurity solutions has only increased in recent years. In an insightful interview, at the World CyberCon 2023, Pooja Shimpi, cybersecurity expert and the founder/CEO of Sybernow, shared valuable insights with The Cyber Express. She discussed the cybersecurity trends in 2024, challenges, and predictions in the field of cybersecurity.
Talking about the industry and its growth, Shimpi explored trends, challenges, and predictions with TCE. With her expertise in the cybersecurity domain, she envisioned a roadmap for navigating cybersecurity intricacies, stressing continual adaptation, education, and a strategic blend of proactive and reactive measures.
Upcoming Cybersecurity Trends in 2024
Shimpi highlighted the escalating use of artificial intelligence (AI) across organizations and individuals. Anticipating a continued surge in this trend, she also cautioned about the associated threats in 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 cybersecurity community.
“The use of artificial intelligence has been growing in organizations as well as by individuals, we will witness a continued rise in this trend as well as associated threats in 2024. Quantum computing is in talks and this is going to help in breaking existing encryptions. Also, a lot of ransomware attacks are predicted in the upcoming year.”, said Shimpi.
In tandem with the growing integration of artificial intelligence (AI) into the fabric of organizations and personal spheres, cybersecurity experts are sounding alarms about the imminent surge in associated threats. The geography is further complicated by the looming advent of quantum computing, a technological leap capable of dismantling existing encryption methods.
This impending breakthrough presents a profound challenge for the cybersecurity community, requiring innovative strategies to safeguard sensitive data and digital assets.
Cybersecurity Challenges in 2024
Ransomware Threats and General Cyber Awareness
The cybersecurity expert expressed concern about the increasing prevalence of ransomware attacks among cybersecurity trends in 2024. Shimpi underscored the need for enhanced preparedness, questioning whether organizations possess the necessary resources and skill sets to effectively combat these evolving threats.
Amid the escalating concerns voiced by cybersecurity experts, the spotlight is on the rising specter of ransomware attacks projected for the coming year. Emphasizing the gravity of the situation, there is a pressing call for fortified preparedness within organizations.
With the increase in cyber threats, organizations are urged to reevaluate their cybersecurity strategies, ensuring they possess not only the requisite tools but also the expertise to navigate the intricate challenges posed by the relentless evolution of ransomware tactics.
Shimpi pointed out that while the world is embracing artificial intelligence, the cybersecurity community is still figuring out solutions to challenges concerning resource allocation and skill readiness. She emphasized the importance of cybersecurity awareness, especially among the general public, identifying it as a significant challenge that needs immediate attention.
Employee Training and Legislation
Addressing the critical role of employees as the true firewalls of an organization, Shimpi questioned the adequacy of training provided to them. She stressed the necessity of regular and engaging training sessions, advocating for a departure from the traditional annual October cybersecurity training routine. Tabletop exercises and resiliency planning were highlighted as effective methods to uplift an organization’s cybersecurity posture.
“Organizations are investing a lot to uplift their existing technologies. But are we doing enough to provide the right amount of training to our employees, as they are the real firewalls of an organization. Simply being aware is not enough, mindfulness to deal with cybersecurity situations is important”, added Shimpi.
There are concerns about whether the current training methods sufficiently equip them to navigate the evolving cybersecurity trends in 2024. The emphasis on regular and engaging training sessions becomes paramount, challenging the conventional wisdom of an annual October cybersecurity training routine.
Tabletop exercises and resiliency planning emerge as effective methodologies to bolster an organization’s cybersecurity posture, emphasizing the importance of hands-on experiences and strategic preparedness in the face of an ever-changing cyber threat scenario.
Drawing on her experience in Singapore, Shimpi commended the stringent laws in place to protect the nation against cyber adversaries. Comparatively, she called for robust guidelines and regulations in countries like India, given the extensive presence of banking and financial industries coupled with increasing digitization as one of the cybersecurity trends in 2024.
The call is for proactive measures to establish a comprehensive cybersecurity framework that safeguards critical sectors and upholds the integrity of digital ecosystems. This scenario underscores the global imperative for nations to adapt and fortify their regulatory frameworks to address the unique challenges posed by the expanding digital frontier.
Staying Updated with Trends: Proactive vs 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 channels. Following cybersecurity professionals and podcasts, she emphasized, can offer valuable insights into the rapidly evolving dynamics of cybersecurity.
Underscoring the dynamic nature of the cybersecurity field, the emphasis is placed on the need for continuous learning and awareness. Staying abreast of cybersecurity trends in 2024 becomes imperative, and this involves leveraging various information sources.
Shimpi stressed the importance of maintaining a balance between proactive and reactive approaches. While a proactive stance helps in preparing against potential attacks, a reactive approach focuses on responding effectively when an attack occurs. She advocated for regular tabletop exercises as essential components of cybersecurity strategies, ensuring organizations are well-equipped to handle diverse situations.
“It is good to have a balance between proactive and reactive approaches. Proactive approach helps to keep prepared against an attack, it wont shield you completely, but will still reduce the chances of being attacked. Reactive approach is about how you respond when you are attacked. This approach is also crucial because you never know what kind of situation you might face. I suggest that regular table top exercises are a must”, she concluded.
The call for a balanced approach between proactivity and reactivity resonates with the cybersecurity trends in 2024. The proactive stance, akin to fortifying the organizations before an impending storm, is crucial for pre-emptive defense against potential cyber adversaries.
However, the dynamic nature of cyber threats dictates the necessity of a robust reactive approach, honed to respond swiftly and effectively when a breach occurs. It’s a delicate equilibrium that cybersecurity professionals strive to maintain, acknowledging that no defense is impervious.
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 bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
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