Tech Predictions for 2024

In 2023 one of the biggest lessons learnt has been not to underestimate the continuous threat of cyberattacks and the constant effort that is required by organisations to try to mitigate system and information security breaches.

Consolidation

Throughout 2023 we have seen a shift, where organisations are consolidating the number of cybersecurity suppliers and solutions they use. Organisations are reaching out to specialist, third party IT consultancies, who can provide a suite of cybersecurity solutions and professional security consultancy, rather than having to deal with multiples.

By doing this, organisations can simplify the buying process, reduce the management time required to maintain solutions, and establish a single point of contact for the numerous solutions that are in use. An example of this would be whereby an organisation is using a variety of cyber security products or services, such as Managed Detection and Response, Incident Response and Vulnerability Management Services, all being provided and delivered by a single provider, rather than having three independent solutions from three separate technology vendors and then having to try to piece together the output from each one, and then make sense of that.

Mature, third-party IT consultancies have a deep understanding of the cyber market and the huge array of products and services which are available. They can provide advice and guidance to help to simplify the complex cycle that organisation face with regards to procuring, designing, installing, maintaining, reviewing, and updating cyber security technology solutions.

This frees up valuable time required to review cyber security strategy, processes and policies, which are equally important to sustain an appropriate cyber defence and to satisfy compliance for legislation, such as GDPR or to maintain accreditations such as ISO27001.

Cybersecurity pain points in 2023

For many enterprises the challenge of being prepared for and preventing a cyberattack has been a pain point in 2023. Choosing the right solutions, the complexity of installing and configuring these solutions, as well as obtaining budget approval has truly been a challenge. Organisations have had to update or replace existing systems to remain secure, but do not have the internal skills needed to effectively manage and maintain those solutions and respond to the threats that have being identified by them.

Too many Cyber teams don’t have the time they require to step back and regularly review the cybersecurity technology solutions, strategy, processes and policies that are in place to determine whether they are still fit for purpose or need upgrading and / or replacing, leaving themselves at risk.

In 2024, organisations will look to third party IT consultancies, such as Northdoor plc , to help them overcome these challenges and select and deploy services which historically they may have felt that they haven’t needed, some of which are described below:

Key cyber security services considerations for 2024

Managed Detection and Response (MDR) will be crucial for organisations in 2024. MDR is?an external cybersecurity service that provides organisations with an outsourced team of security experts who monitor your endpoints, networks and cloud environments and respond to cyber threats 24/7.

Vulnerability Management (VM) will also play a key role in 2024. Vulnerability management is the "cyclical practice of identifying, classifying, prioritising, remediating, and mitigating" software and network vulnerabilities. Vulnerability management is an integral to computer and information security and organisations must look at implementing this as a priority with the help of third-party IT consultants.

Incident Response (IR) is?the process by which an organisation manages a data breach or cyberattack. It is an effort to quickly identify an attack, minimise its effects, contain damage, and remediate the cause to reduce the risk of future incidents.

CISO as a Service (CISOaaS) is where third-party cybersecurity experts play a continuous role as advisors, technologists, roadmap strategists and operational experts. 2024 will see a rapidly evolving threat landscape. Third-party cybersecurity experts can help mitigate these risks by providing support in the following areas: Advise senior management and the boardroom on the state of the organisation’s security and potential cyber risks with a focus on people, process, technology and information safeguards.

Trends, issues and technology to be aware of in 2024

Cyber Resilience

Over the past three years one in two organisations have been targeted by a successful cyber attack . By the end of 2024 the cost of these attacks is set to rise to a staggering 8 Trillion GBP. With this ever-present, fast-growing threat, enhanced cybersecurity solutions that bolster defences and mitigate risks are now a must-have for organisations, rather than a nice-to-have.

Cyber resilience is the ability of an organisation to protect itself from, detect, respond to and recover from cyberattacks, ensuring continuity if and when there is a breach. By being resilient, organisations can reduce the impact of an attack and ensure that they can continue to operate effectively. Cyber defences can be automated through the use of Artificial Intelligence (AI) and Machine Learning (ML). This ensures that security solutions merge with continuity protocols which form part of a robust cyber resilience strategy.

With the threat landscape becoming increasingly sophisticated in 2024, there will be competition to bring innovative solutions and technologies to the market to mitigate these challenges, thus making cyber resilience a continued key focus in 2024. Other areas of focus will include:

Generative AI

Generative AI burst into the mainstream in 2023. In 2024 we will see generative AI used in more everyday applications- from search engines to office software. If used properly, generative AI will help us to become more efficient, faster and productive. By handing over everyday tasks to AI, employees will find themselves with more time to explore new ideas and to be creative. Inarguably, there are still ethics and regulation issues to be explored, but in 2024 we will see just how transformative generative AI can be.

Sustainable Technology

As organisations continue to work on meeting their net-zero commitments and leveraging technology to minimise their impact on the environment- sustainable technology will be a hot topic in 2024.

The circular economy will become increasingly important in 2024, as durability, recyclability and reusability are built directly into products. Furthermore, organisations will need to look at embracing innovations such as green cloud computing, where infrastructure and services prioritise the reduction of energy consumption and carbon emissions. Third-party IT consultancies can help organisations to implement sustainable technology to help them meet their net-zero targets.

Quantum Computing

Quantum Computers are capable of conducting massive calculations simultaneously. Early adopters of quantum technology such as the financial and Insurance sectors, will be looking to harness the power of AI to help with fraud detection, risk management, high-frequency trading, modelling and underwriting.

One key concern of Quantum Computing is that threat actors or rogue states will use it for the purposes of cybercrime- including attempting to break traditional data encryption solutions and codes. Organisations, especially Independent Software Vendors, will look to third-party IT consultancies to help them to start planning to upgrade or replace traditional encryption technology currently in use.

Compliance and Regulation

More organisations will be striving to obtain the ISO 27001 (Information Security Management) accreditation, ISO 14001 or other environmental accreditations and Cyber Essentials. Cyber Essentials is?a set of basic technical controls all organisations should have in place to protect themselves against common online security threats.

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