In a glimpse of the future, BeyondID's CEO & co-founder, Arun Shrestha, shares key insights into the evolving cybersecurity landscape for 2024. From the pivotal role of artificial identity recognition to the growing importance of compliance automation and the outsourcing trend in IT, these predictions provide a roadmap for navigating the complex world of cybersecurity. Additionally, security operations centers (SOCs) emerge as the gatekeepers of identity management in an era of increasing threats and breaches. BeyondID’s Predictions for Cybersecurity in 2024 from Arun Shrestha, CEO & co-founder:
Artificial identity will help determine good from evil: Artificial intelligence will continue to dominate IT and cybersecurity security in 2024 but the nature of these conversations will evolve. President Biden’s October 30th Executive Order established new standards for AI safety, security, and privacy and it’s the first step to help protect organizations and individuals from the threats of artificial intelligence. More will certainly follow and regulation around AI is a key element to managing these attacks. At the same time, the cybersecurity industry will be driving advanced technologies and capabilities in AI to help protect people from…AI. This will include new algorithms utilizing AI that will recognize fake identities when bad actors are impersonating people through video, voice or images. IT will also require more expertise to help manage AI security and AI threats within organizations.
Compliance will be front and center: As cybersecurity requirements continue to evolve and mature, compliance – including compliance automation - will be a major consideration for companies. While compliance has always been an important part of an overall security strategy, new requirements will force organizations to improve their compliance capabilities. The SEC is imposing significant new disclosure mandates for publicly traded companies by June 2024. The new rule requires U.S. public companies to report material cybersecurity breaches within four business days of their determination. Implementing robust strategies to preserve security and compliance won’t just protect companies from significant fines in the years ahead. It’s also essential to protecting brand reputation, customer retention and staying competitive in an uncertain economy.
IT will achieve better ROI through outsourcing: Industry analysts are predicting that IT spending will increase between 6-8% in 2024, surpassing $5 trillion dollars. However, the challenge will be resources, especially in AI where it’s estimated that only 2% of IT personnel are considered to have the experience needed. This is not only true in AI; the rising level of specialization across the technical stack requires expertise best achieved through outsourcing those resources.
SOCs will become the gatekeeper for identity management: With the ever-increasing volume of security threats and breaches, it has become nearly impossible for even the best IT teams to manage all of it around the clock. Security operations centers focused on real-time monitoring and threat assessment will become a key part of an overall identity management blueprint for organizations. The ability to automate threat detection and response as well as remediate these incidents will help organizations stay ahead of emerging threats and prevent costly security breaches.