The ever-evolving landscape of cybersecurity poses new challenges and opportunities for organizations. As we enter the year 2024, it's crucial for MSPs and tech companies to stay ahead of the curve and be aware of the emerging trends and predictions in the cybersecurity industry. CompTIA, a leading association for the technology industry, reached out to industry leaders for their insights on what to expect in the coming years. Here are 10 cybersecurity predictions for 2024.
01. Insurance Providers Will Require Security Stacks in Place:
Cyber insurance companies will play a more significant role in influencing the security stack requirements for their customers. Managed Service Providers (MSPs) will need to focus on delivering managed cybersecurity services, with an emphasis on cyber hygiene, multi-factor authentication, security awareness training, email security, and vulnerability management.
02. Blurred Reality Will Obfuscate Cyber Situations:
The use of artificial intelligence (AI) by bad actors poses a significant cybersecurity threat. AI not only enables faster detection and exploitation of vulnerabilities but also enables the creation of fake news articles, videos, and products. The ability to blur reality will complicate the process of determining what is real and what is fake, making it easier for cybercriminals to deceive and exploit unsuspecting individuals and organizations.
03. Increased Legislation and Regulation:
Business owners of all sizes will become more aware of the need for cybersecurity governance and compliance. As cybersecurity attacks continue to grow and gain public attention, there will be an increase in legislation and regulation to address these threats. Organizations will have to implement policies, procedures, and processes to effectively protect their data.
04. Compliance Frameworks Will Become Essential for MSPs:
Legislation and compliance requirements will impact the MSP industry, particularly those serving the defense industrial base (DIB). Compliance frameworks, such as the Cybersecurity Maturity Model Certification (CMMC) and NIST 800-171, will become crucial for service providers. MSPs that align with security frameworks will have a competitive advantage and attract larger clients.
05. Bad Actors Will Capitalize on AI:
AI-powered generative models will be exploited by fraudsters and bad actors to refine their tactics. Phishing attacks will become more sophisticated, mining data from various sources such as Microsoft 365, social media, and cloud platforms. Organizations will need to be vigilant and adopt robust security measures to combat these blended AI attacks.
06. Governance Pressures Present Opportunities for MSPs:
Increasing legal, regulatory, and contractual requirements around cybersecurity will hold organizations more accountable. MSPs will find themselves increasingly involved in cybersecurity governance, as executive and board fiduciary responsibilities become linked to cyber governance. MSPs can seize this opportunity to assist their clients in meeting cybersecurity governance requirements effectively.
07. FTC Safeguards Rule Sets the Stage:
The introduction of the Federal Trade Commission (FTC) safeguards rule in June 2023 signifies growing federal scrutiny of cybersecurity governance. MSPs will be compelled to take an active role in developing comprehensive cybersecurity programs that facilitate adherence to FTC guidelines. This increased focus on cybersecurity will benefit both MSPs and their clients.
08. Defensibility Drives Documentation:
In the aftermath of a cybersecurity incident, businesses will prioritize detailed documentation of their cybersecurity policies and procedures. This shift towards defensibility will drive organizations to invest in robust documentation, and MSPs will need to incorporate governance and documentation into their service offerings to meet client demands.
09. MSPs Remain Targets for Cybercriminals:
Due to their trusted connection with end-users and the perception that many MSPs are poorly secured, they become attractive targets for cybercriminals. As regulations catch up, MSPs will need to prioritize cybersecurity measures to protect themselves and their clients from attacks. Failure to enhance security can lead to serious repercussions for both MSPs and their clients.
10. MSP Inactivity Poses Threat to Small Businesses:
Many small businesses trust their ICT companies, assuming they have kept pace with industry changes and innovation. However, the lack of initiative in updating security practices makes these businesses vulnerable. The interconnectivity between businesses and their ICT partners can create weak links in the supply chain, making them attractive targets for criminal organizations. It is crucial for SMBs to select MSPs that prioritize cybersecurity measures to protect their valuable data.
Conclusion:
As we progress further into the digital age, the need for robust cybersecurity measures becomes increasingly apparent. MSPs and tech companies must adapt and embrace the evolving landscape to protect their clients and themselves from cyber threats. By understanding these cybersecurity predictions for 2024, organizations can proactively implement measures to ensure their data and systems remain secure in the face of an ever-changing threat landscape.
