As we approach 2024, CEOs in the cybersecurity industry share their insights and predictions, offering a glimpse into the evolving landscape of data security, threat detection, third-party breaches, and boardroom cybersecurity literacy. Ameya Talwalkar, CEO and Founder of Cequence Security
Consumer-centric industries such as retail and healthcare will face increasing scrutiny and regulation over their data-sharing practices.
This fall, the Consumer Financial Protection Bureau (CFPB) published a new rule that reshapes data handling practices in the financial sector. The highly anticipated regulation simplifies bank switching for consumers and enforces stringent data security standards for financial organizations.
In 2024, the United States will see more data-sharing regulations that put consumer privacy front and center. This will empower consumers with greater control over their data, particularly in data-sensitive industries such as healthcare, retail, and finance.
Secure data sharing becomes the linchpin in robust and resilient Generative AI-driven cyber defenses.
Generative AI is a dual-use technology with the potential to usher humanity forward or, if mismanaged, regress our advancements or even push us toward potential extinction. APIs, which drive the integrations between systems, software, and data points, are pivotal in realizing the potential of AI in a secure, protected manner. This is also true when it comes to AI's application in cyber defenses.
In 2024, organizations will recognize that secure data sharing is essential to building a strong, resilient AI-powered future. While AI is undoubtedly a testament to human ingenuity and potential, its safe and ethical application is imperative. It's not merely about acquiring AI tools; it's the responsibility and accountability of secure integration, primarily when facilitated through APIs.
The chief information security officer will become the chief risk officer.
In the wake of the SEC's charges against the SolarWinds CISO for allegedly misleading investors about cybersecurity practices, the role of the CISO is poised to undergo a significant transformation, evolving beyond a purely technical position into a more comprehensive chief risk officer role.
As cyber risk increasingly permeates the broader business landscape, CISOs are set to assume a more prominent role in shaping company strategy and decision-making. This shift will necessitate a broader skillset, encompassing technical expertise and a deep understanding of business operations, regulatory compliance, and risk management.
In 2024, CISOs will be expected to actively participate in the company's overall business strategy, providing valuable insights on risk mitigation and cybersecurity implications. Their expertise will be crucial in guiding the executive team and board of directors as they navigate the ever-evolving cybersecurity landscape, ensuring informed decisions that safeguard the company's reputation, assets, and future.
Jim Brear, CEO, Swimlane
Automation and AI will converge to create a more effective and efficient SOC, accelerating threat detection and response by 50%.
Generative AI has dominated conversations in the cybersecurity world in 2023, with 69% of organizations saying they will use generative AI for cyber defense in the next 12 months. As AI continues to gain momentum, security teams will converge AI with automation to more efficiently and effectively protect organizations from evolving threats in 2024.
AI has the innate ability to make decisions, while automation has the power to automate tasks. Even if AI solutions can make decisions, they still need a mechanism to instrument them. For security teams grappling to keep up with security alerts, the use of AI-powered automation will be a catalyst for both innovation and cyber resilience.
Dr. Aleksandr Yampolskiy, Co-Founder and CEO of SecurityScorecard
Small but mighty: The rise of specialized language models in cybersecurity.
Large language models (LLMs) ignited a transformation in organizational cybersecurity. LLMs arm security teams with the incredible power to distill mountains of data into actionable insights through simple queries. Yet, while LMMs have been game-changers, their limitations in comprehending the intricacies of specialized cybersecurity datasets often leave practitioners struggling with business-specific challenges.
In 2024, security teams will transition to small language models. These agile, specialized models will crush the barriers posed by their larger counterparts, providing tailored and actionable insights. Real-time data training will be the secret weapon, empowering security teams to adapt swiftly to the ever-shifting threat landscape.
Threat actors will win the AI battle in 2024.
The rise of generative AI has ignited a critical debate. Will organizations harness generative AI in time, or will threat actors exploit faster to gain an advantage? Unfortunately, the scales will tip in favor of the dark side as threat actors outpace organizations in adopting generative AI. Brace for a relentless onslaught of deepfakes, sophisticated phishing campaigns, and stealthy payloads that evade endpoint security defenses. These challenges will test the mettle of cybersecurity defenders like never before.
2024 will bring five major third-party breach events, leading to record amounts of stolen customer data.
2024 is set to unleash a tidal wave of third-party breaches. Major tech companies with sprawling customer bases will bear the brunt of this storm as cybercriminals pivot toward high-value targets. The perfect storm of factors, from API proliferation to data digitization, has created a breeding ground for third-party risks. Urgent action is needed to establish and enforce clear KPIs for measuring and managing these risks.
2024 is the year of the cyber-sophisticated boardroom.
The Securities and Exchange Commission's groundbreaking cyber rules will force boards of directors to shine a spotlight on cybersecurity. SEC disclosure requirements will empower CISOs to engage in meaningful discussions with their board members, cultivating a culture of cybersecurity literacy. Just as board members understand financial concepts like gross margins, they'll now develop a technical understanding of cybersecurity's business impact. Cyber resilience can turn into reality as the board of directors embraces cyber-literacy.