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Increased cloud security spending, new technologies will change the IT security landscape in 2024

This guest post was contributed by Subhalakshmi Ganapathy, IT security evangelist at ManageEngine

Subhalakshmi Ganapathy, IT security evangelist at ManageEngine

With AI playing a pivotal role in today's threat landscape, 2024 promises to see a paradigm shift in the way organizations, most of whom are strategically shifting to the cloud, approach IT security. As we look to the future, several key trends are likely to emerge, including increased IT security spending, an enhanced focus on new technologies that showcase risk management, and the rise of Ransomware as a Service (RaaS).

Trends in security spending and market drivers

The trajectory of IT security spending in 2024 is poised to take a quantum leap, with a pronounced jump into cloud security solutions. Enterprises are gearing up to increase investments in cloud access security broker and cloud web application and API protection solutions. This shift signifies a broader movement towards secure access service edge (SASE) and cybersecurity mesh architecture adoption, as organizations increasingly migrate to cloud environments.

With the movement to the cloud, identity-driven security implementations will shift to the forefront, ensuring a robust defense against evolving threats. The market will witness a surge in the adoption security solutions such as SIEM, endpoint detection and response, and network detection and response in the cloud. Additionally, to address staffing shortages in the cybersecurity landscape, managed detection and response and managed SIEM services will witness increased adoption.

Security vendors will also adopt to these changes. After the consolidation of security functionalities into a unified console, vendors will promptly adopt to a cloud-native environment aligning with the preferences of customers, service integrators, and managed security service providers.

Greater spotlight on new technologies

The maturation of the cybersecurity market will prompt increased adoption of new technologies that focus on risk management and contextual analytics. Proactive security measures will gain prominence along with adopting reactive approaches. Enterprises will start considering technologies like trust, risk, and security management (TRiSM), attack surface management, and continuous threat exposure management. These technologies will enable organizations to systematically assess and remediate risks, exposure, and the exploitability of digital and physical assets. This shift in strategy will integrate cybersecurity seamlessly into business functionality, breaking down security into granular-level implementations that are aligned with threat vectors and business projects.

Attack and threat landscape changes

Ransomware, a long-standing threat, continues to evolve into a lucrative business for cybercriminals. The rise of RaaS is imminent, and the utilization of AI in reconnaissance and intrusion stages amplifies the sophistication of attacks. Critical infrastructure, operational technology, healthcare, and government sectors will face more targeted attacks due to their heightened profitability. The attackers' focus will intensify on exploiting cloud infrastructure, leveraging insider threats, and capitalizing on weaker identity security implementations.

Strengthening identity-focused security measures will become paramount in safeguarding enterprises against evolving threats in this dynamic landscape. As AI evolves, cybercriminals will quickly adapt it to launch more targeted and sophisticated attacks. Mutating malware, deep fakes, and AI-powered phishing attacks are already breaking through security defenses with increased accuracy. However security operations centers (SOCs) are not far behind; they are embracing AI not just for automation but also to revamp threat detection logic, response mechanisms, and contextual enrichment. This strategic adoption positions SOCs at a significant advantage for countering targeted attacks.

Adapting to changes is key to thriving in the present era

In the 2024 landscape, the synergy of cloud security investments, emerging technologies, the strategic use of AI, and strengthened security postures will be the linchpin of resilient cybersecurity. Organizations that adapt and evolve with these changes will not only survive but thrive in an era where the cyberthreat landscape is more dynamic than ever. As we stand on the precipice of this transformation, the need to embrace these shifts cannot be overstated—it's not merely a matter of timely importance, it's a strategic imperative for survival in the digital era.

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