The impending year 2024 is poised to witness a paradigm shift in the landscape of cybersecurity, with predictions indicating that the cost of global cyber attacks will soar to over £10.5 trillion. This staggering figure underscores the critical need for cybersecurity to be accorded strategic significance at the individual, organisational, and governmental levels. As technological advancements continue at an accelerated pace, the field of cybersecurity is no exception, experiencing a proliferation of sophisticated threats.
Artificial Intelligence (AI) is anticipated to play a pivotal role, both in the evolution of cyber threats and in fortifying defence mechanisms. However, a persistent shortage of skilled cybersecurity professionals poses a significant challenge, prompting efforts to address this shortfall through increased salaries and intensified investment in training programs. Against this backdrop, the following analysis outlines key trends and predictions that will likely shape the cybersecurity landscape in the United Kingdom throughout 2024.
- Cost of Cyber Attacks: The cost of cyber attacks on the global economy is predicted to exceed £10.5 trillion by the end of the coming year. This emphasises the urgent need for cybersecurity to be treated as a strategic priority at individual, organisational, and governmental levels.
- Role of Artificial Intelligence (AI): AI is expected to have a transformative impact on both cyber attacks and defence. Its influence will be pervasive across various cybersecurity trends.
- Skills Shortage: There continues to be a shortage of professionals with the necessary cybersecurity skills. Efforts to address this shortage include increasing salaries for skilled professionals and investing in training, development, and upskilling programmes.
- Sophisticated AI-Powered Attacks: As AI becomes more sophisticated, cyber-attacks are expected to become smarter and more advanced. This includes deepfake social engineering attempts and automated malware that adapts intelligently to evade detection. AI will also play a crucial role in real-time anomaly detection, smart authentication, and automated incident response.
- Cybersecurity in the Board Room: In 2024, cybersecurity is considered a strategic priority that can no longer be confined to the IT department. Gartner predicts that by 2026, 70% of boards will include at least one member with expertise in cybersecurity, enabling organisations to move beyond reactive defence.
- IoT Cyber Attacks: With the increasing number of devices connected to the internet, there is a growing risk of cyber attacks on IoT devices. The work-from-home trend contributes to the threat, with improperly secured devices posing risks. The slow implementation of IoT security standards is identified as a cybersecurity weak spot, but efforts are being made to address this vulnerability.
These trends highlight the evolving nature of cybersecurity challenges and the importance of staying vigilant and proactive in the face of growing cyber threats. Organisations are encouraged to invest in cybersecurity measures, including AI-powered defences, addressing skills shortages, and integrating cybersecurity into strategic decision-making at the board level. Happy Telecom is here to assist you with all of your cyber security needs. Reach out today to start planning your cybersecurity strategy for 2024. We look forward to hearing from you. Get a head start and the ball rolling to make the most of your security measures in the year to come.
By: Jacqueline Freer
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