View | From Threats to Trends: Navigating cyber resilience in 2024

Data is an organisation’s most valued asset and yet, organisations today are the most vulnerable to data breaches. PwC reveals that Indian organizations are most concerned about cyber risks or potential threats associated with the cloud (52%), attacks targeting connected devices (45%), hack-and-leak operations (36%), and compromise of software supply chains (35%) in 2024. 

The rise of AI-powered cyberattacks in India is a significant concern, posing risks to the country's economic and digital operations, with manufacturing, pharmaceuticals, and BFSI sectors as the worst hit. The integration of AI to combat sophisticated threats and the emergence of novel approaches to securing decentralised technologies promise a plethora of possibilities and complexities in the landscape. As organisations strive to balance technological innovation, address cybersecurity skills gaps, and adopt robust security measures, cyber resilience will gain the spotlight as a boardroom priority.

Navigating the dynamic terrain of the data-driven world, let's delve into the trends that will impact the industry in the coming year.

In 2024, cybercriminals are poised to amplify the impact of their attacks by strategically employing defender tools. This paradigm shift sees attackers utilising such tools for asset discovery and vulnerability analysis across various assets. Cyber adversaries will thus harness advanced tools and technologies to exploit vulnerabilities that promise maximum impact with minimal effort. 

The looming threat landscape is further complicated by the rise of AI-driven adaptive malware and botnet generation, presenting an escalating risk for IT and security teams. These intelligent threats dynamically evolve during attack stages, shifting their form to evade security measures. According to a PwC study, almost half of respondents felt that the outcome of a cyber-attack could result in loss of customer data and revenue, followed by more than a third of them highlighting operations downtime to be a key outcome of a cyber attack. The emphasis is now not merely on detection and prevention but equally on achieving rapid recovery, challenging organizations to shift their perspective from weeks or months to hours. To counter this and navigate the complexities of this landscape, organisations must adopt comprehensive cyber resilience strategies in 2024. 

The distinction between cybersecurity and cyber resilience is becoming increasingly critical, with the latter gaining prominence in 2024 and beyond. The focus for business leaders has now moved to ensuring operational stability through resilience. Enterprises are now anticipated to adopt a more defined approach towards AI, both offensively – to extract more insights from data, and defensively – to combat AI-driven attacks. 

AI will significantly shape cyber resilience by facilitating faster and more accurate threat detection. As enterprises integrate AI with data protection tools, leaders must choose platforms that align with business goals to avoid tool fragmentation risks. Evaluating AI use cases will involve a strategic approach to reducing complexity in the sprawling SaaS and IaaS environments. As AI becomes a linchpin in identifying complex cyber threats, its broader strategy will encompass proactive measures like data classification and network isolation, ensuring a comprehensive and forward-looking approach to cyber resilience.

Looking at cyber preparedness from a leadership perspective, senior executives, including CEOs, are expected to significantly increase their engagement in cyber initiatives in 2024. According to a recent IDC-Commvault survey, only 33% of CEOs or MDs and 21% of other senior leaders actively engage in current cyber preparedness initiatives. This indicates the need for a top-down approach and increased participation from the C-suite to ensure a comprehensive security posture assessment. 

Additionally, boards are expected to become more adept at identifying enterprise risks and playing a crucial role in risk management decisions. This shift, coupled with an increasing emphasis on cybersecurity expertise in board composition, reflects a strategic response to the evolving threat landscape. 

Decision-makers should also focus on the technical aspects of cyber initiatives and understand the impact on the overall customer journey. Aligning cybersecurity efforts with customer expectations involves safeguarding sensitive data and ensuring a seamless and secure experience throughout the customer lifecycle while positively influencing the customers' perception of the brand.

Ransomware-as-a-Service (RaaS) has democratically enabled cybercrime, empowering even unskilled individuals to execute attacks easily. The accessibility of RaaS kits in the market has led to a surge in attacks, posing risks for organisations of all sizes. Amid this, immutable data storage architectures emerge as a formidable defence against RaaS-driven threats. Immutability, preventing unauthorized alterations to data, obstructs attackers from modifying or encrypting data even if they gain system access. This resilience makes it challenging for ransomware to propagate and fulfil its primary function.

In 2024, data immutability will become crucial in thwarting ransomware attacks and strengthening overall data integrity, reinforcing cybersecurity defences within a broader cyber resilience strategy.

In 2024, the data privacy landscape in India is poised for a continued evolution towards a more privacy-centric and ethical approach. As individuals gain empowerment and organisations prioritise responsible data practices, the future promises a more secure, transparent, and privacy-aware digital era.

However, the anticipated challenges, with privacy risks and the complexity of AI-related risks, are expected to grow. In 2024, the industry will witness more legislation tied to AI development, utilization, and governance, with varying policies across countries. It will be essential for businesses to establish dedicated compliance teams to navigate this complex regulatory landscape. Prioritising data governance in the context of AI will be crucial, ensuring the implementation of proper guardrails around data access and privacy.

As organisations embark on the next phase of their data-driven journey, the imperative is clear: those who embrace proactive cyber resiliency strategies will not merely navigate the ransomware age but also pioneer a new era of data resilience, thus paving the way for an innovative and secure digital future.