2023 Rewind

Happy New Year, and Welcome to 2024! Exciting time ahead of us, and be prepared for the events this year.

Let’s refresh our memories on what happened in 2023:

• The Potential Power of ChatGPT and AI on phishing attacks and malware
• Ransomware set new records for monthly incidents and nearly topped previous yearly payouts
• “MFA fatigue” phenomenon, seen in recent breaches of Uber, Microsoft, and Cisco

The Boardroom Cybersecurity Report 2023 projects that organizations will allocate $9.5 trillion for cybercrime in 2024, rising to $10.5 trillion in 2025, a significant increase from 2015. These projections cover various costs, including data damage, financial losses, intellectual property theft, personal data breaches, fraud, business disruption post-attacks, investigations, data restoration, reputational damage, legal expenses, and potential fines.

In response, cybersecurity investments are set to rise. Gartner predicts a 14.3% annual growth in global cybersecurity and risk management spending, reaching $215 billion.

So, what are we expecting to see in 2024?

Expert Predictions for Cybersecurity in 2024

AI Adoption in CyberSecurity

In 2024, AI governance and visibility technologies will be crucial for safe AI adoption, emphasizing proper use and minimizing misuse. AI will also be critical in enhancing endpoint and vulnerability management, particularly during software deployment, by identifying security flaws and ensuring secure configurations.

And with the increased speed of AI-driven cyberattacks, continuous updates and hyper-automation are important to counteract evolving threats. AI’s integration into the software development process ensures security from the start and provides a comprehensive cybersecurity approach.

Cyberattacks will continue to rise in the coming year, targeting various sectors like government agencies and critical infrastructure. Threat actors can leverage AI, especially generative AI, to enhance their tactics, creating convincing phishing emails. On the other hand, AI offers organizations automation for preventative measures, specialized AI application testing for security assessments, and improved cyber defense strategies.

Third Party Risks

Third-party risk management (TPRM) has evolved to a standard expectation, especially with increasing vulnerabilities like MOVEit and regulatory demands.

Despite economic challenges, investments in TPRM are anticipated to remain steady in 2024. The generative AI, machine learning, and automation advancements enhance TPRM efficiency and effectiveness.

Get ready for 2024 with LOGON

Our dedicated team is standing by to help you in the new year with our certified technical support against the evolving threats. Our solutions include zero-trust solutions, threat intelligence, third-party risk management, and many more. Get the best possible solutions that fits your budget and IT requirements.