Trends to watch in cybersecurity: Regulatory compliance, technology, and emerging threats
As we step into 2024, the landscape of cybersecurity is evolving at an unprecedented pace. With the increasing reliance on digital technology, the threat landscape is constantly shifting, and organisations must adapt to protect their data and systems. In this article, we will explore three key trends to watch in cybersecurity for 2024: regulatory compliance, technology advancements, and emerging threats.
Regulatory compliance becomes stricter and more global
One of the most significant trends shaping the cybersecurity landscape in 2024 is the increasing stringency of regulatory compliance requirements. Governments and regulatory bodies worldwide are recognising the need for more comprehensive cybersecurity measures, and they are enacting stricter regulations to enforce them.
Data protection regulations
Data protection regulations like the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) have already set the tone for stringent data protection standards. In 2024, we can expect more countries to follow suit by implementing their own data protection laws. This will create a complex web of compliance requirements for multinational organisations.
Cross-border data transfer
The issue of cross-border data transfer will become more critical in 2024. Regulations such as the Schrems II ruling in Europe have raised concerns about the legality of transferring data between jurisdictions. Companies will need to find secure and compliant ways to transfer data internationally.
Supply chain security
Governments are increasingly concerned about the security of supply chains, especially in critical industries like healthcare and defence. Regulations will require organisations to ensure the cybersecurity of their suppliers and partners.
Incident reporting
Regulations will also demand faster and more transparent reporting of cybersecurity incidents. Organisations will need to have robust incident response plans in place to comply with these requirements.
Technology Advancements: AI, IoT, and Quantum Computing
Cybersecurity technology is continually evolving, and 2024 will see several significant advancements that both defenders and attackers will leverage.
Artificial Intelligence (AI)
AI and machine learning will play a more prominent role in cybersecurity. AI-powered tools will help organisations detect and respond to threats more quickly and accurately. At the same time, cybercriminals will use AI to automate attacks and evade detection.
Internet of Things (IoT)
The proliferation of IoT devices will continue in 2024, creating more entry points for cyberattacks. Organisations will need to focus on securing IoT devices and networks to prevent vulnerabilities from being exploited.
Quantum Computing
While still in its infancy, quantum computing has the potential to break current encryption methods. As quantum computing technology advances, organisations will need to invest in quantum-resistant encryption to protect their sensitive data.
Zero Trust Architecture
Zero Trust Architecture will gain more traction in 2024 as organisations move away from traditional perimeter-based security models. Zero Trust assumes that threats can originate from both inside and outside the network, requiring continuous verification and strict access controls.
Emerging threats: Ransomware, Nation-State attacks, and AI-powered attacks
As technology evolves, so do the threats facing organizations. In 2024, several emerging threats will demand increased attention.
Ransomware
Ransomware attacks are growing in scale and sophistication. Cybercriminals are demanding higher ransoms, and they are increasingly targeting critical infrastructure and supply chain partners. Organisations will need to invest in robust backup and recovery solutions and strengthen their cybersecurity posture to defend against ransomware.
Nation-State attacks
Nation-state-sponsored cyberattacks will continue to be a significant concern. These attacks can disrupt critical infrastructure, steal sensitive information, and sow chaos. Organisations must remain vigilant and adopt advanced threat intelligence capabilities to detect and respond to nation-state threats.
AI-Powered attacks
The use of AI in cyberattacks will become more prevalent in 2024. AI can be used to automate phishing attacks, generate realistic deepfake content, and enhance social engineering techniques. Defenders will need to leverage AI for threat detection and prevention to counter these evolving attack vectors.
In 2024, the cybersecurity landscape will be marked by stricter regulatory compliance, rapid technological advancements, and the emergence of new threats. Organisations must stay proactive and adaptive to navigate these challenges successfully. Prioritising cybersecurity investments, building robust incident response plans, and fostering a cybersecurity culture will be essential to safeguarding sensitive data and critical systems in the years ahead. As we continue to witness the evolving cyber threat landscape, staying informed and agile will be the key to cyber resilience in 2024 and beyond.
Contact HLB today If you would like some help with your cybersecurity and don’t forget to check out the HLB Cybersecurity report 2023. The report, based on a comprehensive survey of 750 senior IT professionals conducted in August 2023, provides a current snapshot of the cyber-threat landscape.
1. Enhancing innovation and creativity
Gender and diversity inclusion in succession planning introduces a wide range of perspectives, experiences, and ideas to the decision-making process. A diverse talent pool is more likely to think creatively, offering innovative solutions to challenges that may not have been considered otherwise. Teams composed of individuals from varied backgrounds are known to develop breakthrough ideas that can drive the organisation forward.
2. Reflecting demographics
Clients come from diverse backgrounds, and their needs and preferences can vary significantly. A diverse leadership team is better equipped to understand these nuances and tailor products and services to cater to a broader audience. Inclusion in succession planning ensures that the leadership team represents the demographics of the customer base, leading to improved customer satisfaction and loyalty.
3. Enhancing employee engagement and retention
Employees are more likely to be engaged and motivated when they see leaders who resemble them and value their contributions. A diverse leadership team can foster a sense of belonging and inclusion among employees, which in turn boosts morale and reduces turnover rates. Succession planning that takes diversity into account can create a workplace culture where every individual feels valued and supported.
4. Mitigating groupthink
Homogeneous leadership teams are susceptible to groupthink, a phenomenon where individuals conform to prevailing opinions without critically evaluating them. Diversity in succession planning introduces healthy debates, challenges assumptions, and encourages a more thorough examination of strategies and decisions. This, in turn, leads to better decision-making and risk management.
5. Meeting legal and ethical obligations
Many jurisdictions have enacted laws and regulations aimed at promoting gender and diversity equality in the workplace. Organisations that prioritise these aspects in succession planning not only ensure compliance with legal requirements but also demonstrate their commitment to ethical business practices. Such a commitment can positively impact the organisation's reputation and relationships with stakeholders.
6. Leveraging a broader skill set
Different individuals bring a diverse range of skills, experiences, and expertise to the table. By incorporating diversity into succession planning, organisations can tap into a broader skill set that aligns with the evolving needs of the business. This enables the organisation to adapt to changes more effectively and seize new opportunities.
7. Global perspective and expansion
In an interconnected world, businesses often operate on a global scale. Having leaders with diverse cultural backgrounds and perspectives can be a significant advantage when navigating international markets and establishing global partnerships. A diverse leadership team is better equipped to understand cultural nuances and adapt strategies accordingly.
Beyond compliance
The importance of gender and diversity inclusion in succession planning cannot be overstated. It goes beyond meeting legal requirements and extends into creating a thriving, innovative, and adaptable organisation. As businesses continue to face complex challenges, the diverse insights and experiences that a well-rounded leadership team brings can be the key to sustainable growth and success. By embracing diversity in succession planning, organisations pave the way for a more inclusive and prosperous future.
If you or another female member of your business is positively paving the way forward, why not get involved in this year’s Women of the Future Awards in both the UK and Southeast Asia. The mission of these awards is to unearth incredible stories and give a platform to talented and inspiring women from all industries, as well as their mentors and companies (in the UK). The entry deadline is September 7th and nominations can be submitted directly via the website
Learn more about these awards in this short conversation with Pinky Lilani, Founder and Chair of the Women of the Future Awards and HLB’s Chief People Officer, Marina Kooijmans.
