How to prepare your business for the cybersecurity threats of 2024

How to prepare your business for the cybersecurity threats of 2024

Each year heralds a new wave of cybersecurity challenges, and with the current advancements in quantum computing, cloud platforms, and online workplaces, 2024 is set to have its fair share. It's therefore essential for your business to stay ahead of these threats by implementing best practices and preparing accordingly. Below are our top tips for an effective, up-to-date security roadmap for the new year.

What cybersecurity threats should you expect in 2024?

2024 will likely witness a rise in such threats as phishing and ransomware, as cybercriminals use advanced generative AI to create more elaborate and effective phishing lures with greater efficiency.

Ransomware 2023 statistics

Regarding ransomware specifically, according to a Sophos report, while 2023 attack rates have remained mostly consistent at 66% compared to 2022, attackers’ success at encrypting data has risen to a four-year high of 76%. In addition, there are also concerns that cybercriminals are developing means to bypass multifactor authentication, which could lead to a significant increase in stolen credentials and data breaches.

How to prepare your business for future cybersecurity threats

To successfully navigate these threats, your business should focus on the following strategies:

Implement a zero trust initiative

In response to escalating cyberthreats, businesses have increasingly turned to a proactive security approach known as the “zero trust framework.” Rather than traditional security models that assume everything within a corporate network can be trusted, a zero trust initiative operates by treating every user and device as potentially compromised. By promoting the need for continuous user verification, you can significantly mitigate the risk of both external and insider threats.

To help with this strategy, companies are also creating new roles dedicated to overseeing and enforcing zero trust principles. These include the Zero Trust Officer (ZTO) and the Zero Trust Architect, responsible for designing and implementing the zero trust framework. In tandem with these roles, the concept of the Citizen Developer further encourages employees to assume an active role in protecting their data, having them take control and engage with security protocols to contribute to the overall safety of sensitive information.

Leverage the power of AI

Incorporating AI technology into cybersecurity allows for real-time threat detection and response, making AI a highly critical tool in an environment where attacks continue to grow in number and sophistication. AI cybersecurity tools can analyze vast amounts of data with speed and accuracy, identifying patterns and anomalies that may elude traditional security systems. Additionally, AI-powered endpoint protection tools can autonomously respond to potential threats on individual devices, securing potential entry points into your network.

It's important to note that the integration of AI into your cybersecurity framework may result in a shift among staff roles or the creation of new ones entirely. Cybersecurity analysts, for example, may transition to roles that involve overseeing and fine-tuning AI models, ensuring they align with the organization’s security objectives. A new position, such as an AI Security Engineer, may also emerge to handle the integration, optimization, and maintenance of AI-driven security solutions.

Keep your cloud security up to date

As cloud environments become an increasingly integral part of modern business, regular updates and patches are crucial to addressing vulnerabilities and ensuring the resilience of your cloud security infrastructure. Hackers often target outdated systems or inadequate security, leading to over a third (39%) of businesses experiencing a cloud data breach in 2022.

To stay ahead of threats, be sure to stay abreast of and promptly apply any new patches or fixes offered by cloud service providers. Automated tools can help streamline this process, ensuring your measures remain current as you focus on other important business tasks.
It’s also important to educate your employees on best practices and emerging risks. Effective training programs address topics such as recognizing phishing attempts, secure data handling procedures, and reinforcing the importance of strong authentication measures.

Prepare for post-quantum cryptography

Unlike traditional cryptographic algorithms that could potentially be broken down by quantum computers, post-quantum cryptography employs mathematical approaches resistant to quantum cyberattacks. Businesses must thus proactively engage with technology vendors to discuss post-quantum strategies, helping them and their workers stay abreast of emerging cryptographic solutions. By conducting a comprehensive review of your existing cryptographic protocols and identifying vulnerable systems, you can ensure the most sensitive and essential assets are properly secured.

In addition to the technical aspects of these solutions, you also have to focus on the training and awareness your employees may need. The right educational tools could ensure optimal use of these new technologies and assist your workforce with adapting to these shifting trends in cryptography.

Venture into 2024 with confidence in your cybersecurity. Our experts at XBASE can help advise you on the right solutions for keeping your data safe against emerging online threats. Create a tailored security strategy for your business today, and get in touch for a free consultation.