Imagine a digital world where our lives seamlessly intertwine with an invisible yet robust shield of protection, where data privacy and security are fundamental components of all digital interactions, not an afterthought. Our technologies act as identity guardians, foreseeing our need for privacy by blurring faces in images, concealing voices in recordings, encrypting our messages, and hiding online activity while maintaining functionality. Let’s take a glimpse into this realm:
- Our personal information – from medical records to bank balances – is locked tight in impregnable digital vaults, secured by unbreakable cryptographic chains guarding our most sensitive data.
- Data becomes self-aware, dynamically adjusting access based on a complex matrix of permissions and contexts. Need to share your healthcare info with a specialist? A secure, zero-knowledge proof validates their credentials and allows temporary access to only the relevant segments.
- The fear of data breaches fades into a distant memory. Businesses operate with newfound trust, sharing information freely and securely within established, collaborative ecosystems.
This vision may seem far-fetched today, but it represents a possible future where technology empowers rather than acts as a two-edged sword, and data serves solely as a tool for progress, not a weapon for manipulation. Navigating the ever-evolving digital landscape, achieving this ideal data security landscape is not merely a technological challenge but also a moral imperative.
Yes, this is possible, but it hinges on tech foresight and bold security experiments by agile tech leaders and proactive governments.
The Evolving Landscape of Data Security Stole the Spotlight in 2023 and Will Continue To Do So in 2024 and Beyond.
Data & cyber security concepts were introduced between the 1970s-90s. However, topics once confined to technical brainstorming sessions began making significant appearances in CEO presentations almost two decades ago. Now, it has become the hot topic of everybody’s discussions and an imperative competence factor.
Businesses leverage data for strategic growth decisions, but extensive data accumulation poses a significant risk without proper data protection. The growing reliance on cloud-based data lakes and warehouses and the continual surge in cyber threats have elevated data security to a central focus within organizational priorities.
2023 was a challenging yet thrilling year in data security!
- The era of GenAI took center stage, bringing new breaches, market shake-ups, and the rise of passkeys, notably among consumers.
- Ransomware remains a challenge, with cybercriminals employing advanced tactics to extract funds.
- The escalating political tensions and international conflicts, like the alleged cyberattacks and security warnings amidst the Russia-Ukraine conflict, emphasize the intertwining of kinetic warfare (bombs, guns, bullets, etc.) with cyber warfare.
Headlines brimmed with stories of the largest and most damaging breaches of 2023 due to insufficient, unclear, or absent information and data security management processes.
- Russian hackers, Cl0p, exploited a vulnerability in widely used file transfer software MOVEit, stealing significant data from various companies since May 2023.
- The 2023 Barracuda ESG hack is among the most impactful, affecting undisclosed global customers. The attack exploited a zero-day vulnerability in ESG appliances and enabled unauthorized access to email systems.
- T-Mobile faced data exposure, comprising two breaches. The first, a “system glitch,” unintentionally disclosed some customers’ personal and payment details. The second incident reportedly exposed the personal information of T-Mobile employees.
- The DarkBeam data leak exposed over 3.8 billion records, including billions of login credentials, due to an unprotected database.
These exposures are super-expensive’ is an understatement! Recovering a severe data breach can cost millions, prompting businesses to abandon porous data and network protection.
- According to Gartner, global spending by end-users on security and risk management is expected to reach $215 billion in 2024, marking a 14.3% increase from 2023.
- McKinsey predicts that at the current growth rate, the annual damage cost from cyberattacks is expected to reach around $10.5 trillion by 2025, reflecting a 300 percent increase from 2015.
- IBM Cost of a Data Breach Report 2023 states that the average worldwide data breach cost in 2023 amounted to $4.45 million, marking a 15% increase from 2020.
Evidently, the increasing frequency and sophistication of data breaches and the hefty fines fuel higher investments in data security compliance programs.
Well, this was all about 2023. So, what about the security of business data in 2024? Unfortunately, the data security saga continues!
The cybersecurity attacks landscape has not ended entirely yet. Malicious actors have strengthened their tactics, becoming more sophisticated at infiltrating enterprise networks.
But that doesn’t mean we won’t be able to emerge from this era of cyber attacks. A thing to remember is – “People are the primary threat to and the greatest defense in data security”. So, prioritizing data literacy initiatives will be crucial for educating and training people.
In the present day, no entity is exempt from cyber threats. Every organization, regardless of size, must be prepared. The fact is that today’s emerging technologies will influence the data security trends of tomorrow. In 2024, crucial data security trends stress the importance of businesses staying informed and proactive in their cybersecurity efforts. Insights from breaches in the past year underscore the significance of aligning security strategies with these trends. So, what should one prepare for, and how?
Top 5 Emerging Trends in Data Security
Here are key future data and data security trends, along with ways companies can enhance their defenses.
1. Artificial intelligence and machine learning in security
The rise in cybersecurity threats has exceeded human capacity. Hence, digital-native and big-tech companies use artificial intelligence and machine learning to enhance security. Here’s how AI and ML can strengthen your data security:
- AI is essential for automated security, Natural Language Processing (NLP), face and threat detection. It speeds up analyzing risk data, helping companies with potentially under-resourced security teams. In 2024, an AI-driven platform will consolidate data from various data security solutions, unifying threat detection and prevention.
- ML is vital for discovering sensitive data and identifying malware, insider threats, and policy violations. It excels in automated incident response, constantly refining its algorithms to better recognize and counter new threats over time. Future data security software vendors will use ML to enhance security features and improve user experience.
IBM’s 2023 global survey on the Cost of a Data Breach revealed that adopting AI and automation led to a notable $1.8 million saving in data breach costs for organizations. AI-driven security solutions (AIOps) automate threat detection and incident response, providing IT teams with enhanced capabilities for assessing and filtering threats with superior intelligence, speed, and precision without imposing additional burdens on teams or end-users.
However, AI fuels both sides of the security battlefield, with attackers crafting complex threats and defenders building advanced shields. For example, hackers leverage generative AI for malicious activities, including creating harmful Java code, replicating established malware strains and techniques, and executing them on a system. MIT suggests that ChatGPT can synthesize a company’s marketing materials and create convincing phishing emails in the company’s voice.
Hence, in 2024, structured AI governance is set to advance with stringent laws, industry frameworks, and corporate data security policies. Legislators in the Americas, Europe, and Asia are proposing measures to enforce ethical and legal responsibilities on AI vendors, developers, and enterprises. In Dec 2023, the EU announced a political agreement for an AI act .
Simultaneously, international organizations such as IEEE and ISO are creating comprehensive and unified standards to securely develop, evaluate, and implement ML-driven data security systems across industries and applications.
2. Ransomware protection (Mitigation)
Ransomware had undergone a resurgence in 2023, with certain cybersecurity firms documenting over 400 attacks in March alone! Ransomware groups have targeted at least 34 local governments in the U.S. in 2023. Nearly 60% of these incidents included data theft.
Anticipated to persist as the top threat in 2024, ransomware groups will likely elevate both – attack techniques and targeting sophistication. For businesses, understanding and preparing for Ransomware as a Service (RaaS) threats is crucial. This entails adopting robust data security measures like firewalls and antivirus software, educating employees to recognize phishing attempts (a common ransomware delivery method), and creating a comprehensive response plan that includes regular data backups, clear incident response procedures, and effective stakeholder communication strategies.
There will be increased emphasis on international collaborations, such as the International Counter Ransomware Initiative (CRI), aimed at breaking the ransomware business model . The initiative brings together global policy, law enforcement, and operational agencies to disrupt ransomware while enhancing resilience against malicious cyber actors.
3. Advanced cloud security solutions
In 2024, cloud technology remains vital to the security strategies of many businesses. With the adoption of remote and hybrid work schedules, ensuring secure access to sensitive company data for remote employees is crucial.
Businesses will confront cloud-based threats, including reduced visibility and control, misconfigured cloud storage and settings, vulnerable cloud applications, incomplete data deletion, data security and compliance issues, and migration concerns.
Cloud jacking, the hijacking of cloud accounts by attackers, surged in 2023. Cybercriminals exploited cloud vulnerabilities with tactics like phishing or stolen credentials. Once inside, they could steal data, deploy malware, or disrupt services. The growing reliance on cloud services expanded the potential for such attacks.
So, needless to say, security and IT teams must enhance cloud data security measures to mitigate the risk of significant data breaches. Success requires an efficient cloud governance model, enhancing security response capabilities. Advanced cloud security technologies, like zero trust policies, multi-factor authentication, encryption, and access controls, mitigate risks . Utilizing these ensures businesses safeguard their cloud-stored data.
4. Increased regulation on supply chain security
Gartner forecasts that by 2025, 45% of organizations globally will have encountered attacks on their software supply chains, marking a three-fold rise from 2021.
The interconnected business ecosystems of today expose supply chains to cyberattacks, targeting third-party vendors and service providers to breach customer systems and data.
These incidents involve cyber attackers exploiting vulnerabilities in one organization to compromise data and assets at various supply chain points. Breaches often go undetected for an extended period, with attackers gaining access through third-party open-source repositories, public source code, and login credentials. As incidents accumulate, regulators aim to bolster national supply chain security, potentially resulting in new data security compliance requirements.
In 2024, heightened regulations and data security standards for third-party suppliers will be a focal point as organizations acknowledge the cyber risks linked to expanded digital supply chains. As per President Biden’s cyber executive order, a significant development in the field is the mandatory adoption of the Software Bill of Materials (SBOMs) for federal contractors .
An SBOM provides a detailed inventory of software components and dependencies, improving transparency, compliance, risk mitigation, vulnerability management, and collaboration in the software supply chain.
As May 2024 approaches, the imperative for US organizations to adjust to forthcoming Software Bill of Materials (SBOM) regulations grows more urgent. Rooted in President Biden’s May 2021 executive order, these regulations are not mere suggestions but will soon become enforceable standards. The essence of the proposed legislation is that vendors and contractors supplying software to federal agencies will be obligated to furnish an SBOM.
5. The rise of quantum-safe computing
Quantum computing can revolutionize data security by providing significantly more power than current systems, potentially reshaping fields like science, medicine, and finance. However, it is like discovering a treasure chest packed with significant opportunities and threats to cybersecurity.
Studies from the World Economic Forum, National Security Memorandums, and CNSA timelines suggest that quantum computers could compromise widely used security protocols globally as early as the 2030s.
In 2024, data security analysts must adopt quantum-resistant cryptographic algorithms to counter this evolving threat . For example, quantum computing poses significant threats to current cybersecurity protocols by swiftly compromising traditional encryption methods like RSA (Rivest-Shamir-Adleman) and ECC (Elliptic curve cryptography). This underscores the urgent need to develop quantum-resistant encryption techniques, known as post-quantum cryptography.
Conversely, it also presents an opportunity for enhancing security. For example, modern encryption is expected to be challenged by quantum computing. Big 5 companies, including Google and Microsoft, are developing quantum-safe algorithms in response. Without these safeguards, information transmitted on public channels could be vulnerable.
The data security industry aims to respond by implementing more robust measures, including an increased focus on multi-layer authentication methods and additional biometric measures, to counteract the potential enhanced processing power available to malicious actors.
Conclusion
As we progress in the coming years, organizations must remain vigilant to address evolving challenges and trends in data security. The insights in this blog aim to assist organizations in navigating the dynamic data security landscape.
Stay tuned for insights on emerging data security trends and challenges in the dynamic cybersecurity landscape. Empower your organization with Techwave’s tailored data & analytics solutions to establish a robust, secure, and future-proof data infrastructure, paving the way for success in an increasingly data-driven world. Our Data as a service (DaaS) involves data management, security, governance, and engineering services. Contact us today to get started.
This blog is just the tip of the iceberg; we’d love to hear your thoughts on this evolving saga of data security.