Faisal Bhutto is the SVP of Cloud & Cybersecurity at Calian IT & Cyber Solutions.
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Last year was marked by the irrefutable surge of artificial intelligence. The rapid expansion of AI and similar technologies has outpaced the development of effective cybersecurity management strategies. Consequently, many companies find themselves vulnerable to attacks and uncertain about how to mitigate digital risks. McKinsey reported a 15% increase in cybersecurity costs per year that is projected to total nearly $10.5 trillion by 2025—and still, people are not investing as much in cybersecurity as they should.
Ninety percent of consumers reportedly have concerns about their privacy on the internet, and 50% have changed their online habits as a result. Amid growing geopolitical tensions, many are concerned about what this means for individuals and businesses going forward. Is there going to be state warfare with cyber capabilities that continue to develop because of global conflicts? What does that mean for different industries? For everyday people?
Cyberattacks are equal-opportunity offenders—just as the "good guys" have been introduced to AI and have learned how to use it to improve their business models, so have the "bad guys." Consumers and businesses alike are scrambling to protect their information in an age driven by AI-powered processes. Increasing concerns and challenges with cybersecurity have paved the way for a transformative year ahead.
The AI Revolution
2023 was the year of AI and the "art of the possible." Its profound impact revealed the potential to reshape business operations and demonstrated how new tech can disrupt businesses’ operations. The AI boom has set itself up for continued growth into 2024 and beyond, marking it as an essential tool for organizations looking to streamline procedures.
This is just the beginning of what’s to come with AI; the competition is heating up. Major tech players enthusiastically embraced these technologies, some even racing to launch their own AI-capable models for public use. AI has optimized processes, automated tasks and enhanced decision-making across all industries, which has had major impacts across all trades.
The initial excitement has been met with rising concerns about AI being used in ways that could be detrimental to humans and businesses. Fraudulent use of AI has sparked conversations about a need for ethical constraints and security guidelines in AI development. AI has assisted in an increase in ransomware, denial of service and very advanced phishing campaigns. It became much easier for people to run adversarial campaigns to steal data or manipulate the public.
And these schemes are becoming increasingly more sophisticated. Laws and regulations have been passed permitting SEC involvement in handling data concealment and fraud, as seen in a few recent cases this past year. Government agencies are only starting to get involved in AI regulation, and that is expected to continue into 2024.
What’s Next
Data privacy will continue to be an issue in the upcoming year. There is a significant need for sufficient IT hygiene in all industries, but budgets are still very tight. 2023 was more of a wait-and-watch year for the economy; there was a bit of a storm cloud with prevailing fears of a looming recession. But it looks like that may be in the rearview, and things seem to be starting to rebound.
Certain healthcare verticals are now vulnerable because of funding, and even as the economy has shown signs of revival, small businesses in the U.S. will likely be overcome with cybercrimes that they are woefully unprepared for. Simply put, cybersecurity is not the first thing businesses are thinking about when considering attacks facilitated by AI.
As always, more talent development is needed, particularly for women and minorities in technology and cybersecurity. Although there has been a 350% increase in cybersecurity jobs from 2013 to 2021, there is still so much room for growth. In an age where social media prevails in sharing information, the younger generation must get involved in cybersecurity education, awareness and innovation.
The good news about the financial industry—if you talk about the bigger banks—is that they’ve got their defenses fortified. That’s not to say they’re immune to being attacked, but they’re better prepared than the average business or individual. If there is an AI-powered cyberattack, what we need to be worried about is credit unions, mortgage brokers and everyone in related businesses, from top to bottom. How well prepared are they?
The task at hand for information technology and cyber professionals is not easy. There is an age-old mantra in IT: "Do more with less." It’s a complicated landscape, but we can look toward security partners who are making progress in simplifying cyber programs for customers.
2024 is rife with opportunities for new technology and growth. The job market is coming back, and this hopefully means a turn toward innovation. There is great potential for the country to be on the brink of many exciting and new tech developments implemented for the benefit of human lives in the coming months.
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{URL}https://www.forbes.com/sites/forbestechcouncil/2024/02/12/2024-cybersecurity-trends-ai-and-whats-next/{/URL}
{Author}Faisal Bhutto, CommunityVoice{/Author}
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{Source}Forbes – Innovation{/Source}
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