As we step into 2024, cybersecurity continues to top the list of C-level executive concerns. This should come as no surprise. In 2023, more than 72 percent of businesses worldwide were affected by ransomware attacks. As part of a continued effort to curb these attacks, it is worth predicting trends that may come to fruition in 2024 and beyond, and the roles that C-suite executives must play:
- Ransomware attacks are executed by malicious software that encrypts the victim's data and demands a ransom for its decryption. Ransomware attacks can result in significant financial losses, operational disruptions, and reputational damage to organizations.
To address this challenge, C-suite executives should invest in preventive measures such as backup and recovery systems, endpoint protection, and employee awareness training. They should also have a clear and tested incident response plan and collaborate with law enforcement and other stakeholders in case of an attack.
- Supply chain attacks target the vendors, partners, or service providers of an organization, rather than the organization itself. By compromising the trusted third parties, attackers can gain access to the organization's network, data, or systems.
To combat this, C-suite executives should conduct regular cybersecurity audits and assessments of their supply chain partners and enforce strict contractual obligations and standards. They should also monitor and limit the access and privileges of third parties and implement multi-factor authentication (MFA) and encryption.
- Cloud security breaches exploit the vulnerabilities or misconfigurations of cloud services or platforms. This attack vector can expose sensitive data, compromise applications, or disrupt operations.
C-level executives can prevent cloud breaches by adopting a shared responsibility model wherein they ensure that their cloud providers meet the required security and compliance standards and that they implement their own security controls and policies. They should also use tools and services that can monitor and detect cloud security issues and remediate them quickly.
- IoT and 5G security risk stems from attacks that target devices, networks, or applications that are connected to the Internet of Things (IoT) or the fifth generation (5G) of mobile technology. IoT and 5G offer many benefits, such as increased speed, efficiency, and connectivity, but they also introduce new security challenges, such as device heterogeneity, data privacy, and network complexity.
To mitigate this risk, C-suite executives should integrate security into the design and development of their IoT and 5G solutions and use tools and services that can help manage and secure their IoT and 5G devices and networks. They should also comply with the relevant regulations and standards and collaborate with other stakeholders to share best practices and threat intelligence.
- Regulatory and compliance challenges are the legal and ethical issues that arise from the use or misuse of data, technology, or cybersecurity measures. Organizations must comply with various regulations and standards, such as the EU General Data Protection Regulation (GDPR), the US State of California Consumer Privacy Act (CCPA), the Payment Card Industry Data Security Standard (PCI DSS), and the US Health Insurance Portability and Accountability Act (HIPAA). Non-compliance can result in fines, legal action, or reputational damage.
Compliance can be achieved if C-suite executives establish a compliance framework that requires them to assess and monitor their compliance status and implement necessary policies and procedures. They should also stay up to date on the changing regulatory and compliance landscape and engage with regulators and policymakers.
- The persistent cybersecurity skills gap is the shortage of qualified and experienced cybersecurity professionals on the job market. The cybersecurity skills gap can affect the ability of organizations to prevent, detect, and respond to cyberthreats.
To help fill the skills gap, C-level executives should invest in the recruitment, retention, and development of their cybersecurity talent, and offer competitive compensation and benefits. Promoting a culture of learning and innovation supports the education and training of the future cybersecurity workforce. To supplement internal capabilities, leadership can also leverage external resources and partners such as consultants, vendors, or managed security service providers.
- Cyberresilience and recovery are what enable organizations to withstand, adapt to, and recover from cyberattacks. Cyberresilience and recovery require a holistic and proactive approach that accounts for people, processes and technology.
To strengthen their cyberresilience and recovery, C-level executives should have a clear and tested incident response plan, a robust backup and restoration system, and a continuous improvement and learning culture. They should also implement best practices and standards of cyberresilience such as the US National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and use tools and services such as MITRE cyberresiliency metrics that can measure and improve their cyberresilience. Finally, collaborating with other stakeholders such as customers, partners, regulators and peers is useful for sharing lessons learned and best practices.
- AI and ML threats use or target the technologies of artificial intelligence (AI) or machine learning (ML). AI and ML can enhance the capabilities of both attackers and defenders, creating a dynamic and evolving cyber landscape. Some examples of AI and ML threats are adversarial attacks (attempts to fool or manipulate AI and ML models by injecting malicious inputs or perturbations that cause the models to behave incorrectly or unpredictably), deepfakes (synthetic media that use AI and ML techniques to create realistic but fake images, videos, or audio of people or events), automated hacking (the use of AI and ML to automate or enhance the process of finding and exploiting vulnerabilities in systems or networks), and weaponized AI (the use of AI and ML to enhance the capabilities or effectiveness of weapons or warfare).
However, C-suite executives can leverage AI and ML to augment their cyberdefense and use tools and services that can detect and mitigate AI and ML threats. They should also adopt ethical and responsible principles and practices for their AI and ML applications, and participate in the global dialogue about, and governance of, AI and ML.
Conclusion
As the world becomes more digital and interconnected, the challenges and opportunities for C-suite executives also increase. The cybertrends of 2024 will require leaders to adopt a proactive and strategic approach to managing the risk and benefits of AI, ML, and other emerging technologies. C-suite executives can leverage the cybertrends of 2024 to create value and competitive advantage for their organizations.
Hafiz Sheikh Adnan Ahmed, CGEIT, CDPSE, GDPR-CDPO
Is an analytical thinker, writer, certified trainer, global mentor, and advisor in the areas of information and communications technology (ICT) governance, cybersecurity, business continuity and organizational resilience, data privacy and protection, risk management, enterprise excellence and innovation, and digital and strategic transformation. He is a certified data protection officer and was awarded Chief Information Security Officer (CISO) of the Year awards in 2021 and 2022, granted by GCC Security Symposium Middle East and Cyber Sentinels Middle East, respectively. He was also named a 2022 Certified Trainer of the Year by the Professional Evaluation and Certification Board (PECB). He is a public speaker and conducts regular training, workshops, and webinars on the latest trends and technologies in the fields of digital transformation, cybersecurity, and data privacy. He volunteers at the global level of ISACA® in different working groups and forums. He can be contacted through email at hafiz.ahmed@azaanbiservices.com.
Author’s note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any organization. The content is based on the author’s research and understanding of the subject matter.