Cybersecurity projection for 2024: Regulation, consolidation, and SIEM decommissioning:
For cybersecurity companies in 2023, layoffs, bankruptcy, and macroeconomic conditions generated turbulent waters. That was the year the industry, which had appeared unstoppable, began to falter. However, industry experts predict that 2024 will mark the sector's rebirth, unlike the Titanic. But before those sunny days, there will be formidable obstacles to overcome, such as technological upheaval, consolidation, and innovative ideas that will challenge the established cybersecurity paradigm.
The following is a round robin by SC Media featuring well-informed perspectives from thought leaders in the industry on what to anticipate in 2024 in terms of software supply chain problems, industry mergers, impending regulations, and new technology replacing outdated technology.
Rules and corporate accountability:
According to Mike DeNapoli, director and cybersecurity architect at Cymulate, cybersecurity cannot remain silent any longer:
In 2023, a significant precedent was established when U.S. federal courts found Uber's former CSO guilty of two felonies, and SolarWinds received not one, but two Wells Notices. Senior leadership and even board-level conversations about cybersecurity are expected to pick up significantly in 2024 as a result. These discussions will center on what is needed to comply with the SEC's new rules, as well as what is needed to prevent board members and leadership from facing federal criminal charges and indictments.
Internet protection:
Eli Nussbaum, managing director of Conversant Group, believes that insurance will cost more and cover less.
The cyber insurance market, which has less visibility to risk than other insurance industries, is projected to continue raising premiums, limiting coverage, and reducing capacity in response to an onslaught of claims from big breaches [since] 2022. Although we haven't heard of carriers rejecting claims because firms claim to have specific controls in place in their applications, these controls are obviously absent after a breach is found. I wouldn't be shocked if we started to see this in the coming year.
Regarding cyber insurance providers, businesses will persist in letting their cyber providers and regulatory obligations dictate the course of their security investment choices.
According to Pascal Menezes, CTO of MEF, there will be greater similarities between cybersecurity certification and cyber insurance:
It is anticipated that organizations will more closely coordinate their insurance policies with cybersecurity initiatives, resulting in a comprehensive approach to risk management. In addition to strengthening their digital defenses, businesses investing in certified cybersecurity services hope to obtain better policy rates from cyber insurance providers. Through this integration, businesses are encouraged to implement strong security measures to reduce possible financial risks connected with cyber threats. This constitutes a paradigm shift where cybersecurity measures directly effect insurance prices.
You must be logged in to post a comment.