I would like to start this article with a fact: by the end of 2025, the global cost caused by cyber-attacks is expected to exceed $10.5 trillion, 15% more than three years ago. This statistic leaves us with a clear message, and that is that there is no doubt that it is increasingly necessary to treat cybersecurity as a strategic business priority.
So, here are 3 key questions that every CEO should know how to answer to understand the cybersecurity context, and be prepared for what’s coming.
1. What will change in cybersecurity in 2024?
Undoubtedly, the most relevant change in cybersecurity will be – and already is – artificial intelligence.
But beware, the impact of AI on cybersecurity is paradoxical: it will be a transformative tool to improve defense against cyberattacks, but, at the same time, it will also increase the quality and quantity of cyberattacks.
We know that AI will be used by cyber attackers to launch more sophisticated and intelligent attacks. This will result in the dominant cybersecurity threats during 2024 being harder to detect, from personalized phishing to automated malware, because they will adapt to try to evade detections and compromise business assets.
However, it will be AI itself that will help us detect and respond to cyber threats in the shortest possible time, thanks to its real-time anomaly detection capabilities, machine learning and automated incident response, among others.
If we compare it to a game of chess, the AI will be the queen and will have the ability to create powerful strategic advantages for both the attacker and the defender.The management committee will have to make the most of the moves of this key piece because one wrong move could lose them the game.
2. Is there a way to get ahead of the attacker?
“Know your enemy and know yourself, and you will win hundreds of battles,” says Sun Tzu in the military treatise “The Art of War.” Personally, I like to use this famous phrase as an analogy for cybersecurity…
- Know your enemy: It is vital to have up-to-date and accurate information about the cyberattack, based on 3 key elements: the techniques used by the attacker, the common characteristics of the cyberattack and the behavior of the cybercriminals once they have compromised the organization.
- Know yourself: For example, you should know what your business assets and weaknesses are, perform regular security audits, encrypt information, foster a culture of cybersecurity at all levels, etc.
Once we have identified both the enemy and ourselves, we have one last point to anticipate the attacker. To do so, I will use another phrase from Sun Tzu: “The best defense is a good offense”. In other words, it is going to be very important to have modern security solutions based on AI and behavioral analytics, along with a team of cybersecurity specialists and an incident response plan.
All this will allow us to identify the threat at an early stage, anticipate it quickly and effectively, improve our security posture, prevent in many cases a breach before it occurs, and minimize the impact on the business, thus becoming more cyber-resilient.
You must know the enemy, know yourself and counterattack when an incident occurs, as this will be the art of getting ahead of the attacker.
3. What is the first step my company should take in 2024 to increase its cybersecurity?
There are several steps companies should consider to boost their cybersecurity. The first of these is not technical, but rather organizational: raising awareness of the need to invest in cybersecurity and adapt it to business models and assets.
It is common for most companies not to question investing in ERP, inventory software or invoicing processes, for example. But only companies with ambition know that if none of them are secured, the moment these assets are compromised, the business will be affected and thus cause a total shutdown of the company with all the economic and reputational damage that goes with it.
Security must be brought into the digital environment just as physical security is invested in and prioritized with security cameras, access controls or anti-theft locks, among many others.
Once this is clear, there is one more step. Last but not least, it is essential to have a team of cybersecurity specialists.
This is where a security operations center(SOC) comes into play, bringing together technologies and a cybersecurity team to analyze, manage and respond to emerging security breaches.
As a cybersecurity guard and 24×7 video surveillance service, a modern SOC allows you to reduce the risk that your assets could be compromised by a security breach.
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Don’t wait for an attack to protect your business
Those of us who work in the world of cybersecurity know the great consequences that cyberattacks can have for a company, no matter how common they may seem. Therefore, the main mistake is that many – not to say the vast majority – are still waiting for problems to appear before taking action. And sometimes it’s too late, because being reactive is very expensive.
Digitally ambitious CEOs know that in this new era of artificial intelligence, they will only be able to protect business assets well if, on the one hand, they promote cybersecurity awareness throughout the organization, and, on the other hand, if they adopt a Zero Trust security strategy.
As a conclusion, in 2024 the dangers will advance, but so will the technology and the awareness of the importance of cybersecurity in companies. However, it is up to each individual which path he or she wants to take. Shall we move forward together?