Cyber Security Trends Your Business Should Know in 2024

Oct 24, 2023

As we delve deeper into the digital age, the complexity of the cyber threat landscape continues to evolve. 2023 has seen its share of challenges and revelations in the cyber security realm, shedding light on the pressing need for robust digital defences. In fact, one report found that the economic cost of cyber crime to UK companies is £21 billion per annum — and businesses should only expect that number to keep rising.

To provide you with a glimpse of the current landscape, let’s begin with a quick overview of cyber security statistics from 2023:

1. 72% of businesses worldwide were affected by ransomware attacks.

2. There was a 47.2% surge in phishing attacks.

3. During the first quarter of 2023, data breaches exposed more than six million records worldwide.

 

In this month’s blog, we’ll break down the top cyber security trends your organisation should look out for in 2024 to remain prepared.

By 2026, 70% of boards will include at least one member with cyber security expertise — Gartner

We’re witnessing a big change in corporate board composition, set to take shape by 2026. This shift is a clear indication of the rising recognition of cyber security’s pivotal role in the realm of business operations. It showcases a proactive approach to addressing these digital challenges — organisations are actively seeking guidance from individuals who understand the intricacies of cyber threats, risk management and data protection. By doing so, businesses can improve their ability to navigate the complex cyber security landscape and protect their digital assets effectively.

56% of Organisations Use AI and ML for Cyber security — CompTIA

Over half of today’s organisations are incorporating AI and machine learning (ML) into their cyber security strategies. The automation aspect of AI enhances the efficiency of threat detection and mitigation. AI systems can continuously monitor network traffic, endpoints and user behaviour, instantly flagging anomalies and potential security breaches. This real-time threat detection and response reduces the window of vulnerability and relieves cyber security teams of the burden of manually sifting through massive amounts of data.

Only 20% of businesses avoided cyberattacks last year — Forbes

Recent comprehensive study data reveals a stark reality: a mere 20% of businesses avoided cyber attacks last year. This highlights the ongoing challenge organizations face in safeguarding digital assets and sensitive information. After all, cyber threats are not isolated incidents but ever-present dangers. In 2024, cyber criminals will only continue to evolve their tactics, exploit vulnerabilities and disrupt operations. No organization is immune, making proactive cyber security measures crucial.

Cyber budgets in 2024 are increasing, and at a higher rate compared to last year — PwC

The surge in cyber security budgets for 2024 reflects a crucial shift in how organizations view online security. The tightening grip of regulations and compliance requirements worldwide plays a hefty role. Governments are imposing stricter data protection and cyber security regulations, compelling organizations to allocate more resources to ensure compliance and mitigate legal risks.

At the same time, the widespread adoption of remote work has expanded potential attack surfaces, necessitating additional investments to secure these remote access points and endpoints effectively. These factors highlight the deep need for organisations to adapt, invest in cyber security, safeguard their reputation and maintain trust in our increasingly interconnected digital world.

Keep Up with the Future of Cyber Trends with Entegraty  

In today’s data-driven world, cyber security is indispensable. The cyber security trends and predictions for 2024 emphasise the urgency of proactive measures to protect your digital future.

At Entegraty, we specialise in navigating the ever-changing cyber security landscape with tailored services that address both current and future challenges. We provide a comprehensive suite of cyber security solutions, including cutting-edge AI-driven defences that adapt to new threats.

Partnering with Entegraty means staying ahead of cyber threats, preserving your organisation’s reputation and maintaining stakeholder trust. Cyber security is not a question of if but when the next threat will emerge. Take action now and contact Entegraty to fortify your defences and ensure a secure digital future. Your organisation’s security and resilience are our top priorities.