Cybersecurity continues to be a top concern for companies all over the world. Tech research and consulting firm Gartner estimates that global spending on information security controls and risk management products and services will total more than $215 billion in 2024—a 14 per cent increase over 2023.
So, given the growth in this field, what can you expect in the year ahead?
In this post, we provide an in-depth description of the top projected cybersecurity trends in 2024, including potential threats and common security measures that will likely be widely implemented. We also look at the state of the cybersecurity job market in Canada and highlight a few roles that are in demand right now.
Keep reading to learn about the evolving threat landscape and the cyber trends that will have an impact in 2024.
TABLE OF CONTENTS
- IoT Security Challenges
- Advanced Phishing Tactics
- Zero Trust Security
- Growing Use of AI by Cyber Defenders
- Changing Regulatory Landscape
- Cyber Insurance Trends
- Global Dynamics and Cyber Warfare
- Cybersecurity Careers in 2024
- 2024 Cybersecurity Salary
IoT SECURITY CHALLENGES
The Internet of Things (IoT) ecosystem is growing at an enormous rate. But as the devices in our lives integrate more connective technology, the associated security risks also multiply. Anything that connects to the internet can potentially be hacked. That includes everything from thermostats and security cameras to vehicles and wearable health monitoring devices.
A lot of such devices are not designed with security in mind and are vulnerable to zero-day exploits (when attackers take advantage of a software vulnerability unknown to the creator or vendor). Research has revealed that the firmware on the average IoT device is six years out of date. And with more people working remotely and accessing corporate systems or data from their personal devices, a single IoT cyber threat can result in a major security breach.
Worldwide, there were close to 78 million IoT malware attacks in the first half of 2023 alone—a jump of 37 per cent over the previous year. Expect an increased focus on IoT security solutions throughout 2024.
Home control systems are often lacking in security
ADVANCED PHISHING TACTICS
While not new, deceptive phishing attacks will continue to pose a major problem in 2024. Scammers are expected to find even more sophisticated ways of using email, voice, or SMS (text) messages to fool people into revealing sensitive data, wiring money, or clicking on malicious links that download new malware onto their devices.
Artificial intelligence tools like ChatGPT allow bad actors to craft very convincing and tailored messages that are increasingly harder for users and even email security pros to pick up on. Programs designed to detect AI-generated content exist, but they aren’t 100 per cent reliable.
Advances in AI have also led to a rise in deepfake phishing. This is when attackers use AI and machine learning to create believable but fake video or audio content of notable people, such as company executives. For example, an employee could get a legitimate-looking video call from their boss asking them to transfer funds to a fraudulent account.
Phishing prevention involves IT tools as well as general cybersecurity awareness. Both will need to keep evolving in 2024 as threats continue to grow.
Deepfake technology is posing a greater threat
ZERO TRUST SECURITY
Zero trust is an approach to cybersecurity preparedness that requires all users to be continuously authenticated and validated before being given access to data and applications. This contrasts with the traditional model of network security, which relied on a perimeter and operated on the concept that once a user was inside, they could be implicitly trusted. With zero trust, the motto is “never trust, always verify.”
The idea that even known users should be challenged while on the network has been around for many years. However, it has taken centre stage since huge numbers of people began working from home and using their own devices to connect to corporate networks. In a world of cloud computing and distributed workforces, perimeter-based security has become increasingly irrelevant.
You can expect zero trust to remain one of the top trends in cybersecurity for the next few years. Indeed, Gartner forecasts that more than 60 per cent of organizations will adopt a zero trust security model by 2025.
GROWING USE OF AI BY CYBER DEFENDERS
The use of AI in cybersecurity is expected to expand considerably in the coming year. In an Axonius survey of security decision makers, 76 per cent said they were spending more on automation compared to a year earlier, and 85 per cent said they were interested in using AI in their IT and security operations in 2024.
Machine learning algorithms can take data analytics to a new level, detecting patterns that could indicate an imminent threat. For instance, they can analyze linguistic patterns and help identify the code words hackers use for their techniques.
While AI won’t replace human analysts just yet, it will help those analysts predict, detect, and respond to attacks more quickly and accurately. That results in huge savings: IBM found that companies that used AI extensively in their security saved an average of $1.76 million compared to those that didn’t use the technology.
So while cybersecurity won’t be fully automated in 2024, it will likely rely more on AI-enabled tools.
AI advances will help cybersecurity pros do their jobs better
CHANGING REGULATORY LANDSCAPE
Governments and regulatory agencies around the world are increasingly stepping in to try to mitigate the risks of cyber attacks.
Under new Securities and Exchange Commission regulations that took effect in December 2023, publicly listed U.S. companies have four business days to disclose cybersecurity incidents that are determined to be material. They must spell out the impact of the incident and what the company has done to address it.
In the U.K., new cybersecurity regulations come fully into force in April 2024. The new rules apply to businesses that make or distribute IoT devices like kitchen appliances, security cameras, game consoles, and home control systems. Compliance standards include not shipping such devices with a default password and being clear about whether the manufacturer will provide security updates.
New rules in the U.K. mean security cameras can’t be shipped with a universal default password
Here at home, federal cybersecurity legislation that would give Ottawa more power to protect critical infrastructure and require companies to report cyber incidents has been in the works for over two years. There may be more news on that front in 2024.
CYBER INSURANCE TRENDS
Cyber insurance is designed to protect individuals and organizations from the financial fallout of cyber incidents. It typically provides coverage for expenses related to investigating security breaches, notifying those affected, and recovering compromised data. It can also cover loss of income due to an interruption in business services.
As regulations around data protection become more stringent and the frequency of cyber attacks continues to rise, cyber insurance is becoming increasingly common. One estimate says that the global cyber insurance market will be worth $22.5 billion by 2025.
Cyber insurance premiums rose dramatically in the wake of the pandemic, when the world suddenly went all-digital. The latest trend is lower premiums but more exclusions. As Google’s Cybersecurity Forecast 2024 notes: “While we expect to continue to see a general trend towards restrictions in systemic risk coverage, it’s possible that insurers may broaden coverage in other ways to compete in this new landscape.”
GLOBAL DYNAMICS AND CYBER WARFARE
Cyber warfare commonly accompanies military operations. With the ongoing Russian operations in Ukraine as well as the conflict between Israel and Hamas, the world has seen a rise in hacktivist activity. Threat actors are increasingly using tactics like distributed denial-of-service (DDoS) attacks to make a political or social point.
Plus, dozens of countries are set to hold major elections in 2024, including the U.S., Mexico, U.K., and India. Bloomberg estimates that over 40 per cent of the world’s population will choose their next leader in the coming year. With so much on the line, we can expect more cyber attacks targeting electoral systems and the democratic process in general.
With much of the world going to the polls in 2024, expect more cyber attacks aimed at disrupting elections
CYBERSECURITY CAREERS IN 2024
Canada is grappling with a cybersecurity skills shortage that is expected to continue. The Conference Board of Canada notes that the demand for skilled cybersecurity pros is forecast to grow by 2.9 per cent in each of the next five years.
On any given day, there are thousands of cybersecurity jobs across Canada that need to be filled. Below are a few examples of cybersecurity roles that have hundreds of job openings across the country right now, according to TECHNATION:
- Operational Technology Systems Analyst: Develop and maintain cybersecurity solutions for systems that control industrial operations
- Security Automation Engineer: Research, develop, and implement automated security solutions
- Supply Chain Security Analyst: Collect data on supply chain vulnerabilities and recommend ways to reduce risks
- Security Architect: Oversee the network and computer system infrastructure for an organization and ensure proper defensive measures are in place
2024 CYBERSECURITY SALARY
According to the Government of Canada Job Bank, cybersecurity specialists in this country make a median salary of about $91,000. The top earners make upwards of $143,000.
PREPARE YOURSELF FOR THE TOP CYBERSECURITY TRENDS OF 2024
Want a cybersecurity education that can help you develop the skills you need to defend against the latest attacks and help organizations protect their critical data?
Have a look at the online cybersecurity diploma offered by Herzing College. The program takes just 12 months to complete and includes a five-week internship for real work experience.
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