Cybercrime is projected to cause $9.5 trillion in damages across the globe in 2024, according to Cybersecurity Ventures. By the time we hit 2025, that number is expected to grow 15% to reach $10.5 trillion — up from $3 trillion in 2015.
“This represents the greatest transfer of economic wealth in history, … is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined,” the report reads.
One of the best ways to protect against cybercrime is to stay up to date on the latest cybersecurity trends. Relying on a variety of sources, we identified the top 5 trends in cybersecurity for 2024 and beyond.
1. AI and Machine Learning
The proliferation of artificial intelligence and machine learning has both helped and hindered cybersecurity efforts, as both attackers and defenders have used the two to ramp up operations. According to the Google Cloud Cybersecurity Forecast 2024 report, phishing and information theft operations will be more convincing thanks to AI tools, but response and analysis are expected to be faster, too.
“The use of AI and machine learning has undoubtedly complicated cybersecurity,” says Tiffany Laitola, academic department chair in the School of Business and Information Technology at Purdue Global. “A layered defense approach is still necessary, but greater diligence from cybersecurity professionals and all users is needed to implement and exercise these layered defenses.”
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2. Smart Homes and IoT security
In a 2023 Statista report, researcher Lionel Sujay Vailshery projected that more than 25 billion connected IoT devices would be in operation worldwide by 2030. There is increasing concern that as the number of devices and their interconnectivity grow, so do cyber threats.
“Anytime there is an introduction of new devices — more assets into an environment — there is an increase in the ‘attack surface’ for cybercriminals to commit malicious acts,” says Laitola. “One more device connected is just one more device that becomes susceptible to a possible attack.”
A possible security issue businesses and people may face is that there is now an additional item that has to be managed and secured from attack. “Exercise the same diligence with this newly added device as you did with the others already interconnected,” Laitola advises.
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3. Multifactor Authentication and Going Passwordless
According to the Secure Sign-in Trends Report 2023 from Okta, use of multifactor authentication has nearly doubled since 2020. Use of multifactor authentication will continue to grow and will be even more prevalent in 2024, Laitola predicts.
Simultaneously, there is growing interest in going passwordless — using biometrics, a QR code displayed at login, a physical USB key, hardware tokens — to validate the user. Passwordless authentication can provide a seamless log-in experience while eliminating password-related risks. In a global forecast on the passwordless authentication market, MarketsandMarkets projects it will reach $21.2 billion by 2027.
“Both are equally important, and both come with their pros and cons,” Laitola says. “I do believe that there is a comfort and familiarity with multifactor authentication that will lend itself to being more prevalent.”
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4. Zero-Trust Systems
In a zero-trust system, all users are assumed to be untrustworthy and must verify their identities and devices at every login attempt, regardless of location or network, to ensure each has the right privileges and attributes. According to the State of Zero Trust Security 2023 report, use of zero-trust systems is growing: 61% of information security decision-makers reported having a zero-trust initiative in place in 2023, compared to 55% in 2022 and 24% in 2021.
“While zero-trust systems can enhance overall security, implementation has some challenges,” says Laitola. “These systems require a high level of diligence and time to correctly identify each user, application, or device in their environment. This can be a large undertaking for some organizations, which could be a deterrent to implementation.”
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5. Regulatory Compliance
“Regulatory compliance is ever-changing and growing to hold accountable those who handle data in and through their hands and systems,” says Laitola. “With the new privacy laws and Securities and Exchange Commission regulations, chief information security officers can now be held personally and legally responsible for data breaches. Adhering to the regulatory requirements has never been more important.”
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