27 June 2024

5 key trends in cybercrime: What GRC professionals need to know

Is 2024 the year the GRC sector ups its cybercrime game? Or how quickly will it be left behind?

SoSafe’s “Cybercrime Trends 2024” report provides valuable insights into the challenges firms face in staying current.

MBK Search has pulled out five key takeaways for GRC professionals:

AI-Powered Cyberattacks on the Rise

Artificial intelligence is becoming a double-edged sword in cybersecurity. While AI can help organizations strengthen their defenses, cybercriminals are also leveraging the technology to launch more sophisticated attacks. The report warns that AI-powered threats, such as deepfakes and voice cloning, will become more prevalent in 2024, making it harder for businesses to distinguish between genuine and malicious content.

Cybercriminals Exploit Emerging Technologies

As organizations adopt new technologies like 5G and quantum computing, cybercriminals will exploit vulnerabilities in these systems. The report highlights the concept of “harvest now, decrypt later” attacks, where hackers steal encrypted data today, hoping to decrypt it in the future when quantum computing advances. Risk professionals must ensure that their organizations are prepared to mitigate the risks associated with emerging technologies and adopt solutions that anticipate this behavior.

Disinformation-as-a-Service Threatens Reputations

Disinformation campaigns, fueled by the rise of generative AI, are becoming a potent tool for cybercriminals and hacktivists alike. The report introduces the concept of “disinformation-as-a-service” (DaaS), which enables bad actors to purchase and disseminate fake news and misinformation easily. Organizations must be prepared to counter these campaigns to protect their reputations and maintain public trust.

Public Sector and Critical Infrastructure at Risk

The public sector and critical infrastructure, including healthcare, education, and government organizations, will face heightened security challenges in 2024. Due to their sensitive information and essential services, these entities are attractive targets for cybercriminals. The report emphasizes the importance of implementing preventative measures, such as security audits and Zero Trust Architecture, to safeguard these critical sectors.

Burnout Plagues Cybersecurity Teams

As cyber threats become more complex and frequent, security professionals face unprecedented stress and burnout. The report cites a survey revealing that 66% of security team members suffer from significant work stress, with many resorting to medication or alcohol as coping mechanisms. Organizations must prioritize the well-being of their security teams by investing in mental health support, employee retention, and automation to alleviate the burden on these critical staff members.

Demand for Cybersecurity Talent Surges

The increasing complexity of the cyber threat landscape and the shortage of skilled professionals will drive demand for talent in governance, risk, compliance, and internal audit roles. The report highlights the need for organizations to invest in employee retention, training, and upskilling programs to build resilient security teams. Professionals with expertise in risk assessment, compliance, and auditing will be highly sought after as businesses strive to strengthen their defenses against the growing array of cyber threats.

MBK Search is uniquely placed to help firms find top cybersecurity talent. Talk to us today about how we can find top talent for your firm.

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