BOSS Magazine

6 Cybersecurity Trends All Business Owners Should Account for in 2024

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The key to a successful company is to plan ahead, but there are many uncertainties to navigate, with cyberspace at the top of the list. Everything that’s digital is constantly changing and developing.

Following these trends is paramount to ensure fellow enterprises and competitors won’t leave your business behind. They can also improve your digital security and reputation.

Implementing Zero-Trust Architecture

Zero-trust architecture is used in almost every business now. Many have already lauded the model as the most secure model compared to others like VPN and SASE. It’s unique since it bases itself on the presumption that a user cannot be trusted repeatedly unless thoroughly verified and approved by a system.

Repeatedly asking for validation with different authentication tools in a supply chain will keep attackers at bay. But while zero trust is highly discouraging, many persistent people still bypass this form of cybersecurity.

Between 2022 and 2023, supply chain attacks jumped by 115%, totaling 242 claims. That figure alone should raise questions about what you can do beyond the blueprint zero trust has already set out.

Companies may want to evaluate whether their implementation of zero-trust architecture is correct. Fortinet’s survey in 2022 found businesses face multiple challenges in implementation, with 24% citing a lack of vendors with a complete solution as the main reason.

Migrating to zero trust can be a long process for many businesses. It requires an investment of time, money and effort. However, with the proper integration, it can prevent further cyberattacks on multiple facets of your operations.

Escalating AI Usage in Cybersecurity

AI is a powerful tool people take advantage of — sometimes, not for the better. The Social Security Administration recalls an incident where an overseas chatbot impersonated different SSA beneficiaries to switch direct deposit account information. Seeing as attackers could infiltrate a government-operated scheme, firms should prepare.

Cybersecurity should be at the forefront when it comes to industries adopting AI. Currently, many applications and software programs provide a vital way of identifying and mitigating cyberattacks. Even zero-trust architecture has such a step.

Unfortunately, cybersecurity solutions are incapable of authenticating users and devices continuously. This gap is typically where cyber attackers can penetrate, which is why it’s imperative for organizations to cover up.

Automation-powered authentication is an excellent step towards automating and achieving security online, but it can’t stop there. Incorporate it into cybersecurity aspects like incident response and threat detection.

AI can operate on historical data, but it’s also possible to supply and train it with new information. As a result, it can predict patterns and mitigate attacks. Businesses would be able to keep their equipment and consumers safe.

Improving Device Protection

Cyberattack happens every 39 seconds or so. Phishing is the most popular and traditional cyber threat but, as mentioned, attackers are evolving with their use of AI and other means.

While computers and mobile devices are the primary targets, they can affect various forms of technology. Here are some examples of devices vulnerable to cyberattacks:

  • Wireless charging stations: Electric vehicles are slowly becoming more widespread and wireless charging stations are distributed nationwide for consumer convenience. However, a study finds EVs are vulnerable to interceptions when plugged into a charging station since that space and its server are not secured.
  • Smart home security systems: Many smart home security features like cameras and sensors are IoT-enabled. Attackers can hijack one device and gain access to all of a consumer’s belongings, making information theft relatively easy. Manufacturers need to adopt cybersecurity solutions to lower these risks.
  • Bluetooth smartwatches: Smartwatches have a Bluetooth feature that allows users to connect their mobile devices and laptops. However, attackers can use bluesnarfing to interfere with the wireless connection and to gain access to consumers’ gadgets. It’s imperative to have built-in authentication in these Bluetooth devices.

Many customers are willing to part ways with goods and brands without adequate cyber protection on their offerings. It’s important to recognize these different lapses and showcase improvements to maintain trust.

Viewing Cyber Insurance as a Necessity

The need for cybersecurity is growing because of the associated risks. Businesses can ruin their reputation or lose money when attackers infiltrate them. It’s been predicted that global cybercrime damages will grow by 15% annually, totaling $10.5 trillion by 2025, so it’s critical to get cyber coverage.

In 2020, about 47% of insurance clients adopted cyber liability insurance into their plans — a considerable increase from 26% back in 2016. However, it’s ideal for all businesses to adopt these measures and stay prepared for cyberattacks.

Introducing More Teleworking

Many businesses had to adapt to the pandemic by making teleworking arrangements for their employees. While some professionals have returned to the office, there’s an increasing preference for working remotely. About 75% of U.S. workers say they prefer working from home, making health concerns a secondary reason instead.

It’s possible to have people continue remote working operations, but streamlining communications and data online can come with problems. Plus, human error is one of the most significant ways brands can inadvertently expose themselves to attackers. Imagine having an employee using a public network and leaking sensitive information.

Instill the necessary cybersecurity procedures directly in company tech. Provide cyber training to employees as well. Discuss how they should handle your technology, laying out what processes they should remember and follow to keep your data safe.

Tightening Cybersecurity Regulations

Cybersecurity regulations may extend and tighten up, specifically regarding data privacy. The American Data Privacy and Protection Act introduced in 2022 establishes how companies will handle personal data from their consumers. While it hasn’t been passed yet, it’s essential to keep this in mind as businesses operate throughout 2024.

Other cybersecurity requirements under the U.S. Securities and Exchange Commission involve disclosing material cybersecurity incidents to the agency up to four business days after identifying the incident. Materiality refers to the threat’s impact on the finances or operation of the public company or third-party investors.

Apart from disclosing cybersecurity incidents, public enterprises are amenable to sharing their processes for assessing material risks from different cybersecurity threats. They will also note the oversight that had resulted in the potential threat.

Adapt to the New Trends

Business owners need to look into their cybersecurity if they aren’t already. While some may have seen its integration as optional, current circumstances prove it’s necessary. Take notes of the trends above and adapt to keep your organization operational.

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