Top Cybersecurity Trends for Global Enterprises in 2024

July 3, 2024

Global enterprises operate in a digital environment where cyber threats are ever-present. Thousands of companies fell victim to cyberattacks and ransomware demands in 2023, impacting millions of individuals. Cyberattacks like these are expected to rise by 15% each year, leading to an anticipated cost of $10.5 trillion by 2025.

The health and pharmaceutical industries have been particularly hard hit, causing not only financial loss including regulatory fines, but also damage to customer and investor confidence. Not to mention disruption to patient diagnosis and care, which serves as a stark reminder of the devastating impact these attacks can have. According to IBM, the average cost of a data breach globally in 2023 was $4.45 million, emphasizing the need for continuous vigilance.

Adopting proactive cybersecurity strategies to deal with constantly changing and unpredictable threats effectively is crucial.

This blog post will equip you with the knowledge and insights to identify the top cybersecurity trends for global enterprises in 2024, empowering you to safeguard your organization. In addition, we recommend you download our latest e-book, “A Visual Future of Cybersecurity,” which lays bare some recent developments and illustrates why you should be looking ahead.

The Human Element: Social Engineering's Resurgence

Despite advancements in security technology, social engineering attacks continue to pose a significant threat. By exploiting human trust and psychological vulnerabilities, attackers trick individuals into divulging sensitive information or granting unauthorized access to systems. Disinformation campaigns, phishing emails crafted to appear legitimate and deepfakes – which leverage artificial intelligence to create realistic-looking video forgeries of a person’s image and likeness– are just a few tactics employed by attackers.

User Education Is the Frontline Defense of Cybersecurity

In the ongoing battle against ever-more sophisticated threats, we cannot overstate the importance of educating and training users to be aware. Conducting simulated phishing training exercises not only helps evaluate employee readiness, but also pinpoints any knowledge gaps. Recurring phishing simulations help employees to continually apply the knowledge they have learned through annual cybersecurity training in real-world situations where they least expect an attack—just as an attacker would do.

The best practice is to encourage a culture of cyber hygiene within a cyber-savvy environment where individuals remain alert to suspicious emails, promptly report any concerns, and prioritize robust password management, thereby equipping employees to serve as the frontline guardians of security.

Living Off the Land and the Expanding Attack Surface

Cybercriminals constantly adapt their tactics, exploit new vulnerabilities and leverage legitimate tools for malicious purposes. Last year cyber criminals acquired access to one or more source code repositories of a software development company and inserted malware into the company's desktop application. A few months later, another cyberattack on an app exposed more than 300 million data records.

The rise of living off the land (LOTL) tactics, where attackers evade detection by using legitimate system administration tools that are native to a device, add another layer of complexity to securing systems against breaches. By using system tools and processes in a way that does not initially look malicious or out of the ordinary, attackers seek to avoid triggering alerts or arousing suspicion.

Staying Informed with Proactive Threat Detection

Early detection is paramount in cybersecurity. Subscribing to industry reports, continually reviewing security thought leadership and leveraging threat intelligence solutions can provide valuable insights into the latest attack methods and vulnerabilities.

The Looming Challenge: The Cybersecurity Skills Gap

The cybersecurity industry faces a substantial skills gap, marked by a persistent scarcity of adequately trained and qualified professionals, which can severely impede an enterprise's capacity to detect, respond to and recover from cyberattacks.

According to a 2023 Cybersecurity Workforce Study report, the demand for qualified cybersecurity experts worldwide surpasses the available supply, with projections indicating that the workforce gap could reach four million by 2025. Furthermore, Gartner forecasts that, by 2025, over half of significant cyber incidents will arise from talent shortages and general human error–highlighting the formidable challenge facing the cybersecurity sector.

Addressing the Skills Gap with a Multi-Pronged Approach

To address the skills gap, it is important for security teams to prioritize upskilling and reskilling existing IT staff. This means ensuring that they maintain their certifications, conduct regular training simulations based on real-world scenarios and focus on shaping a career path. Offering competitive salaries and benefits attracts top talent while fostering partnerships with universities and cybersecurity training programs to strengthen the talent pipeline.

To make up for any specialized skill gaps or better ensure global 24/7/365 protection, organizations can also effectively expand their security staff by utilizing a managed security service provider (MSSP). Accessing advanced technologies and expertise comes with multiple benefits, including predictable costs without the need for hefty upfront investments. Scalability is another key benefit, allowing organizations to adjust their cybersecurity strategies according to evolving threats and business needs without hiring additional staff.

MSSPs often have expertise in navigating regulatory requirements, ensuring compliance with data security and privacy regulations and mitigating the risk of penalties. By leveraging MSSPs, organizations can bolster their cybersecurity posture while optimizing resource allocation for sustainable growth and success.

Ransomware as a Service: Democratization of Cybercrime

The emergence of Ransomware-as-a-Service (RaaS) business models, where cybercriminals offer their malicious tools for rent, has significantly lowered the entry barrier for would-be attackers. This model often involves a threat actor selling their stolen credentials or malware to the highest bidder in exchange for a percentage of commission earned from victim payments.

Not only does this method allow initial access brokers (IABs) to earn more profits, but it also emphasizes the decline in the perception that a “lone hacker” carries out an attack from start to finish. In a similar way that legitimate organizations are seeking new ways to navigate the cybersecurity skills gaps, cybercriminals, too, are addressing that by leveraging more decentralized approaches. Even individuals with limited technical expertise can launch sophisticated ransomware attacks. Organizations are now working to collectively pool their resources, expertise and tools as they strengthen RaaS operations and even ransomware cartels.

Data Protection Is the Key to Ransomware Resilience

Fostering a proactive culture, launching resilience initiatives and keeping them up to date are key to business continuity. Data protection is critical in the face of ransomware threats. Implementing the principle of least privilege reduces the attack surface by limiting access to critical data only to those who absolutely need it.

Encryption at rest and in transit safeguards sensitive information even if it is compromised. Robust backup and recovery strategies are essential for restoring operations quickly in the event of an attack. Regularly testing backups ensures their continued functionality and minimizes downtime.

Strategic Defense: A Layered Security Approach

The cybersecurity field is in constant flux, demanding a comprehensive approach that covers people, processes and technology. You can bolster your organization's cybersecurity defenses by providing practical security awareness training and continual access to threat intelligence.

Understanding what constitutes critical business and its interdependencies is a crucial first step. Delving into the specific details of each system, application and data involved in critical business processes clarifies how to secure them effectively. Regular security assessments and vulnerability scans are essential for identifying and addressing weaknesses before attackers can exploit them.

Partnering for a Secure Future with Optiv and Optiv + ClearShark

Optiv and Optiv + ClearShark understand the challenges global enterprises encounter due to the dynamic nature of security threats, emphasizing the importance of proactively safeguarding their business for the future. Our team of cybersecurity experts can collaborate with you to develop a comprehensive security strategy tailored to your specific needs.

We offer a range of solutions, including:

We have assisted numerous global enterprises to strengthen and future proof their security posture and help them reach their business goals. Take a look at our success stories spanning numerous sectors such as: healthcare, pharmaceuticals, oil and gas, banks, food and beverage, retail, insurance, aviation, entertainment and federal agencies. These diverse examples showcase our expertise in driving positive outcomes across various sectors, highlighting our commitment to delivering robust security solutions tailored to each unique business environment.

Let's work together to build a more secure future for your organization. Contact us today for a free cybersecurity consultation.

Optiv + ClearShark is a cybersecurity and IT solutions provider focused exclusively on serving the U.S. federal government. From the data center, cloud and to the edge, we have decades of experience securing and modernizing federal agency data and infrastructure. Learn more at optivclearshark.com