Cybersecurity Leadership: What You Need To Know Now
As technology continues to evolve, so do the challenges facing IT leadership. Ensuring your organization stays secure is no longer a back-office function, it's a core part of your business strategy.
In 2024, the landscape shifted further. 42% of organizations globally experienced some form of cyber-related attack, marking a 3% increase in attacks year over year. The top weaknesses exploited by attackers where phishing, weak credentials, and unpatched software vulnerabilities. The cost of these incidents has been staggering, with its average cost rising to $4.65 M. For US based companies, this number is even higher, averaging $10.2 M per incident, underscoring the growing financial risk of poor cybersecurity defenses.
5 key security trends you should know to stay ahead of the curve in 2024:
1. AI-driven threats are on the rise
Cybercriminals are increasingly using AI and automation to scale their attacks. AI-powered phishing attacks rose by 60% in 2023 and are expected to continue growing in 2024.
2. Zero Trust Architecture (ZTA) is gaining momentum
In 2024, 78% of organizations have adopted or plan to adopt ZT security principles.
3. Ransomware is targeting supply chains
61% of businesses experiencing supply chain disruptions due to ransomware attacks. Most of these attacks are focused on critical infrastructure, highlighting the need for organizations to evaluate not only their own security programs but also that of their suppliers and partners.
4. Hybrid work models introduce new risks
58% of data breaches in 2023 were linked to employees working remotely, highlighting the need for stronger endpoint security and remote access policies.
5. Unfilled cybersecurity roles continue to be a problem
Although the global cybersecurity talent gap is projected to reach 3.5 million unfilled positions by the end of 2024, the underlying issues are related to working conditions rather than a shortage of qualified professionals.
Cybersecurity has increasingly become a board-level issue, with over 70% of board members discussing it in the past year. As we now know, it's no longer is an IT problem, security Is now a key business risk that must be prioritized by both executives and the board. At the same time, compliance requirements are becoming more complex, with evolving frameworks like NIST, CMMC, and GDPR. 75% of organizations face mounting pressure to meet stricter standards, with non-compliance leading to hefty fines and reputational damage. As well as the rising threat of ransomware and data breaches has caused cyber insurance premiums to skyrocket, with expected increased of 20-30% in 2024.
Organizations that invest proactively in cybersecurity can reduce these costs. The trend is shifting from reactive to proactive security approaches, with 54% of organizations focusing on threat intelligence, continuous monitoring, and vulnerability management to prevent incidents. Last but not least, third-party risk management is becoming crucial, as supply chains are a frequent target, prompting 44% of organizations to increase budgets for 3rd party assessments to ensure security standards are upheld.
September 26, 2024
