DigitalXRAID’s Cybersecurity Predictions 2024
DigitalXRAID's Cybersecurity Predictions 2024
The cyber landscape is a constantly shifting battleground, where cyber security professionals and threat actors continually adapt to outwit each other. As we venture into 2024, it’s imperative to consider the significant trends and challenges that will shape our cyber reality. Here’s what you need to know.
Attacks on Critical National Infrastructure continue to proliferate
Critical National Infrastructure (CNI) continues to be the prize bullseye for cybercriminals and nation-state actors alike. With geopolitics, such as the Russia-Ukraine conflict, serving as a volatile backdrop, it’s safe to say that the digital front lines are more fraught than ever.
A whopping 90% of CNI industries have fallen prey to a successful ransomware attack in the past year, underscoring the urgent need for fortified defenses. Further ratcheting up tensions, nearly 80% of CISOs feel that we’ve crossed into an era of constant cyber warfare.
We predict that in 2024, critical sectors such as energy & utilities and financial services will face amplified threats, particularly sophisticated tactics like double extortion. In this bleak context, the double extortion method entails not only encrypting a victim’s data but also threatening to leak or sell it—doubling the headache and the urgency to pay up.
The Fix:
It’s high time organisations double down on basic but powerful defenses—cyber security training, patch management, and network segmentation. Simply put, you can’t afford to cut corners.
One pivotal way to enhance your cyber defences is by outsourcing your Security Operations Centre (SOC) service to seasoned experts in cybersecurity. By outsourcing your SOC service to cybersecurity specialists, you can leverage cutting-edge technologies and practices, freeing you to focus on what you do best: running your organisation. Plus, you get the bonus of peace of mind, and in today’s climate, that’s worth its weight in Bitcoin. So, if you’re in critical industries such as the energy or finance sector—or any part of the CNI for that matter—don’t roll the dice; level up your cybersecurity game with a dedicated SOC.
Generative AI: A Double-Edged Sword
Artificial Intelligence (AI) is no longer just a buzzword. AI can be both a transformative ally and a formidable foe in the world of cybersecurity. While innovations like machine learning algorithms have fortified our defences, the dark side of AI also looms large. Imagine phishing scams so cunning that they evade traditional filters or automated malware so sophisticated it bypasses conventional firewalls. And yes, even platforms like ChatGPT are chiming in to raise the alarm against the impending AI-driven threats in the next year and beyond.
What’s Next:
Security teams need to be on their toes to leverage AI as a defensive tool as well. As exhilarating as it is to use AI for good, it’s equally chilling to think about its misuse. But your traditional antivirus software and your neat firewall configurations won’t cut it anymore. Take, for example, the emergence of QR code phishing emails. These intruders can bypass front-door defence tools with ease because there’s no URL contained in the phishing email to flag as suspicious.
In this rapidly evolving battlefield, what you really need is an adaptive, vigilant, and live human touch. Enter the 24/7 Security Operations Centre (SOC) service. Unlike static security tools, a SOC provides real-time analysis of your security alerts. This means that emerging threats like AI-generated phishing can be identified and neutralised within minutes.
AI is incredible, but it can’t think creatively or adapt like a human can. A SOC service consists of highly skilled and certified experts who are constantly trained on the latest threats and can analyse complex attack vectors. Ultimately, knowing that experts are watching over your digital assets 24/7 lets you focus on your core business operations, without the nagging worry of a cyber catastrophe.
So, if your organisation is reliant on traditional security setups, it’s high time you thought about stepping up to a 24/7 SOC service. Being part of a connected world shouldn’t come at the detriment of security. Stay a step ahead of the bad guys and put experts on your frontline. It’s not just a recommendation, consider it a mandate for the digital age.
Supply Chain Attacks: The Hidden Weakness
As we peer into the cyber landscape of 2024, there’s one threat vector we can’t afford to overlook: supply chain attacks. If you thought the SolarWinds incident was a one-off, brace yourself. Supply chain attacks are rapidly evolving to become the silent predators of the cyber jungle. No organisation exists as an island; we’re all part of an intricate web of dependencies. When one organisation is compromised, it can reverberate like a shockwave, affecting an entire business ecosystem.
In 2024, these attacks are anticipated to be more sophisticated and clandestine than ever.
Action Items:
It’s crucial to vet your suppliers meticulously and follow architectural best practices. A proactive approach to third-party risks is your best bet for dodging this bullet. Learn more about how DigitalXRAID have helped a supply chain specialist take a proactive approach.
- Supplier Vetting: Never take your suppliers at face value. Conduct comprehensive risk assessments, and don’t shy away from asking hard questions about their cybersecurity measures. Making sure that suppliers comply with standards such as ISO 27001 can provide assurance that they also adhere to data and security best practices.
- Architectural Best Practices: Design your network architecture to minimise risk. Isolate critical systems, implement strong authentication protocols, and keep up to date with patch management.
- Third-Party Risk Management: A well-defined third-party risk management plan can be a lifesaver. Continuously evaluate and monitor the security postures of your partners. If they aren’t up to par, it’s time to consider if they’re worth the risk.
You’re only as strong as your weakest link. And when it comes to supply chain attacks, those weak links can be numerous and elusive. That’s why you need something – or rather, someone – to keep an eye out 24/7.
A 24/7 Security Operations Centre (SOC) service isn’t just a line of defence, it’s your watchtower, your early warning system, and your rapid response team all rolled into one. In today’s volatile cyber landscape, this isn’t a luxury, it’s a necessity.
Board of Directors: The New Cybersecurity Stakeholders
The corporate boardroom will be increasingly responsible in the battle against cyber threats over the next year. The notion of accountability is indeed climbing up the corporate ladder at a rapid pace. Just take the case of Uber, where the CISO faced a potential custodial sentence for a data breach cover-up.
We’ve already seen a further move in this direction when, in June this year, it was announced that The Securities and Exchange Commission (SEC) had notified the chief financial officer and CISO of SolarWinds about potential enforcement actions related to the 2020 cyberattack against the company’s Orion software platform, which the company had disclosed in a regulatory filing with the agency. This was further compounded when in October of this year, the SEC finally charged SolarWinds and its CISO Timothy Brown with fraud and internal control failures for allegedly misleading investors about its cybersecurity practices leading up to the Sunburst attack discovered in December 2020.
It is a clear requirement from the Digital Operational Resilience Act (DORA), which is in the process of coming into effect for the Financial Services industry, that the Board of Directors and the CEO must have the knowledge and skills necessary to assess cybersecurity risks, challenge security plans, discuss activities, formulate opinions, and evaluate policies and solutions that protect the assets of their organisation. The failure to maintain adequate risk oversight can expose companies, officers, and directors to liability. Under DORA, the Board has ultimate responsibility for the covered entity’s ICT risk management and operational resilience strategy.
Over the next year, we will see more regulation compliance and formal processes mandating Board responsibility in the case of an attack.
Future Outlook:
In light of these developments, boards must go beyond mere discussions. They need to critically evaluate, challenge, and oversee an organisation’s cyber strategy. The ever-evolving threat landscape necessitates that they actively manage risk.
Here’s our recommendation: Boards must seriously consider partnering with experts through a Security Operations Centre (SOC) service. A SOC service provides 24/7 surveillance of your business environment, identifying and neutralising threats before they can escalate. By outsourcing this critical function to highly trained cyber experts, boards not only elevate their cybersecurity posture but also gain invaluable peace of mind.
So, as the clock ticks closer to 2024, board members must become proactive stakeholders armed with an outsourced SOC, ready to take on the cyber challenges of tomorrow. The choice is clear. It’s time to step up and be the custodians of not just profitability, but also security.
It’s no exaggeration to say that staying static in the realm of cyber security is akin to moving backward. Adaptability is our greatest weapon. At DigitalXRAID, our mission is to ensure that the bad guys don’t win, 24/7. As we navigate these complex challenges, rest assured that we’re on the front lines, keeping your business secure so you can focus on what you do best.
To stay ahead of the curve, connect with DigitalXRAID for industry-leading solutions, tailored to your specific needs.
