By now, most people should understand the risks of being complacent with cyber protection. Cybersecurity Ventures reports that cybercrime will cost victims US$9.5 trillion worldwide in 2024.. As enterprises continue to invest in digitization, cyber threat actors see additional devices and systems as new opportunities to enter a network. Cyber threat actors use various tactics to carry out cyberattacks, particularly social engineering attacks, phishing attacks, ransomware, distributed denial of service (DDOS) attacks, malware, etc. A successful attack not only costs a company money, but it can damage brand reputation and result in trade secrets or Intellectual Property (IP) being compromised.
In ABI Research's 2024 technology trends whitepaper, the company's analysts forecast five cybersecurity trends that will emerge this year.
Table of Contents
- Increased Use of AI and ML for Cybersecurity Applications
- OT-Originated Attacks Will Remain Limited
- Cloud Security Is a Key Focus
- Traditional Passwords Are Here to Stay (For Now)
- The First SGP.32 eSIM Projects to Take Off in 2024
1. Increased Use of AI and ML for Cybersecurity Applications
Our first cybersecurity trend for 2024 is the increased fusion of Artificial Intelligence (AI) and Machine Learning (ML) with security solutions. As hackers use these technologies themselves, cybersecurity professionals must leverage them for countermeasures, creating a zero-trust architecture.
This zero-trust architecture steps away from a flat network and instead segments and isolates various operational areas. The addition of generative AI and ML allows organizations to detect anomalies and discover industrial assets in real-time. ML models are also key in facilitating Identity and Access Management (IAM) solutions that authenticate user access to devices, systems, and networks. This way, unusual activities within the network can be detected, prompting a quicker resolution.
2. OT-Originated Attacks Will Remain Limited
ABI Research has seen signs that cyberattacks on OT environments may be on the rise, but most of these attacks originate in Informational Technology (IT) environments first. Companies in critical infrastructure are the primary targets of these attacks, as they are symbolically high-value targets for activist or state-sponsored groups.
While cyber threats will be high for industrial firms in 2024, attacks can be mitigated by protecting the barrier between IT and OT domains. Cybersecurity professionals can use firewalls to barricade the OT from the IT. Therefore, our analysts expect software and hardware firewall shipments to increase this year and beyond.
For companies in highly sensitive industries, cybersecurity options include one-way diodes and unidirectional gateways. These solutions facilitate data transmission from the OT to the IT, while blocking the flow of data from the IT to the OT. This ensures that network security vulnerabilities in an IT environment do not bleed over to the OT environment, which could potentially lead to downtime.
3. Cloud Security Is a Key Focus
By 2026, ABI Research forecasts 70+ billion connected device installations worldwide. Many of these devices are placed in the cloud for computing, storage, data analytics, real-time monitoring, remote access, and firmware/software updates. However, the more devices installed, the wider the net cast by malicious actors.
The cloud is a common way a cyber threat actor gains access to sensitive information via an organization’s credentials. In other cases, data breaches are caused by the cloud provider’s servers being compromised. Businesses in the Asia-Pacific region are especially vulnerable to cloud-based cyberattacks. As reported in a recent ABI Insight written by Michela Menting, Senior Research Director at ABI Research, data leaks in the region due to cloud misconfiguration were five percentage points higher than the global average (5% versus 3%).
Enterprises should mandate that employees use Multi-Factor Authentication (MFA) encryption or other two-step security solutions to prevent unauthorized access to cloud-based information. Theft of data in the cloud also requires organizations to choose a cloud provider carefully. Does the provider have robust cybersecurity solutions and expertise? Has the provider had data leaks in the past?
Finally, a sound cloud network security strategy involves segmenting the environment into various silos, making it more difficult to steal large sums of corporate data stemming from Internet of Things (IoT) devices. To address this challenge, cloud-based firewalls and cybersecurity services should be top-of-mind for organizations.
4. Traditional Passwords Are Here to Stay (For Now)
Quantum computing applications have gained some traction in IoT cybersecurity, but our analysts expect the technology to still be nascent in 2024. Therefore, traditional password-based methods for device onboarding and access management will continue to be used by companies.
Cybersecurity teams will also continue to deploy two-factor and MFA methods that leverage passwords and codes. Other IoT security methods exist, such as zero trust, biometric, behavioral, certificate-based, and blockchain. But again, traditional passwords will remain more popular this year as these other technologies will serve as secondary solutions.
5. The First SGP.32 eSIM Projects to Take Off in 2024
Our last cybersecurity trend for 2024 is the emergence of the SGP.32 technical specification for the Embedded Subscriber Identity Module (eSIM). Being ratified in 2Q 2023, much work is still being done in order to mature the SGP.32 specification. The backstory to SGP.32 is that the original Machine-to-Machine (M2M) eSIM specification—SGP.02—did not sufficiently expand use cases beyond the automotive industry.
This year, you can expect to see the first Proof of Concept (PoC) connections under the SGP.32 specification. These projects will be essential in further standardizing eSIM, which will pave the way to eSIM security for smart metering, asset tracking, and other enterprise use cases.
What Do These Cybersecurity Trends Tell Us?
Every organization, no matter its size and industry, must prioritize cybersecurity. For example, Accenture’s recent Cybercrime study indicates that 43% of cyberattacks target Small and Medium Businesses (SMBs). Not only do employees need to be trained in cyber best practices to thwart human error-born attacks, but technological adoption is necessary.
As cybercrime continues to increase, organizations must make themselves resilient. The best way to do this is by staying informed about the latest tactics used by malicious actors and the cybersecurity trends that can make your enterprise network well-guarded. Cyber resilience is especially prevalent as your company digitally transforms, introducing more endpoint devices that can serve as network entry points. At the same time, these security challenges drive further revenue opportunities for cybersecurity software and hardware vendors.
Learn more by downloading ABI Research’s 82 Technology Trends That Will—And Will Not—Shape 2024 whitepaper.
