That is, if the region’s public and private sectors unite in a concerted effort to boost resilience, security and technological oversight.
In 2024, business leaders in the Asia Pacific region (APAC) and beyond will deepen their focus on cyber resilience. According to an IDC report, over 90% of respondents had expressed concern about ransomware attacks, showing the correlation between cyber resilience and operational stability.
We anticipate 2024 to be a year of even more pervasive threats than those of 2023. However, it is also a year when enterprises are going into fiercer battle against bad actors. Cyber resilience is all the rage, but the real, simple story and every organization’s concern is business continuity. Thanks to transformative technologies such as AI and ML being further developed and leveraged, more firms will be fighting AI with AI.
Governments and regulators will also be providing the framework and environment to make it happen, to secure their digital economy: businesses working in siloes will get tighter, the C-suite and boards will be more engaged; and IT and security teams will be working more closely and aligned together. Following are the trends we anticipate in 2024.
- Data and cyber resilience must form the core
In 2024, the ability to protect data and to recognize and respond to cyber threats swiftly will become a competitive differentiator. Firms that focus on achieving strong cyber resilience will have the upper hand. The growing sophistication of cyber threats will necessitate advancements in data security technologies and strategies, with businesses that adapt promptly likely to stand out in the industry and gain more public trust.
Data intelligence will be a board-level priority. Forrester’s research estimates that organizations will need to manage twice the amount of unstructured data in 2024. With more data than ever, a firm’s ability to leverage data intelligence to detect early warnings of a breach, and recover in hours versus weeks or months, will gain a competitive edge. We should expect to see a priority on the entire lifecycle of a potential breach or ransomware attack — not just the recovery phase.
- AI will shape cyber resilience
AI will significantly shape cyber resilience by enabling faster and more accurate threat detection. The success of AI-powered data intelligence will be measured by reduced incident rates and faster recovery times. Using AI to fight AI-driven threats will be a common theme in 2024. As the integration of AI with data protection tools is already underway in many enterprises, leaders must keep pace with these developments to ensure their strategies are robust.
With so many AI platforms to choose from, firms will need to select the best solution for their needs. Considering that tool fragmentation is a known risk to cyber resilience, firms must focus on a potential solution’s simplicity and alignment with their business goals. Evaluation must involve a critical look at data protection tools’ impact on cyber resilience, with a strategic approach to reducing complexity and addressing the sprawling growth of SaaS and IaaS environments.
- Adept understanding of AI and AI regulation and policy is vital
Despite the diversity and different levels of technology adoption in APAC, governments and regulators are working towards creating an environment that promotes a common goal: responsible AI and balanced innovation that supports their economy.
As a step in the right direction, China and countries in the Association of Southeast Asian Nations (ASEAN) and the Asia Pacific Economic Cooperation (APEC) are seeking to establish shared standards and regional guidance on AI governance and ethics. Having an adept regulatory understanding will be as crucial as the technology’s adoption.
Navigating the complex landscape of emerging global AI regulations will demand a proactive and well-informed approach, with businesses establishing dedicated teams to maintain compliance.
- Greater senior and board-level involvement
In 2024, board members will be more attuned to identifying enterprise risks, and be particularly engaged in decisions around risk management. Although the level of board engagement has not been high in 2023, we anticipate this will improve in the new year.
We anticipate greater investments in training and access to security experts and initiatives to advance boards members’ knowledge of enterprise risks. Within the next several years we will see more compliance, security, and cybersecurity experts fill board seats, similar to financial experts that have long been recruited as necessary board members.
By approaching cyber resilience in a more holistic manner, enterprises in 2024 will be reducing the risks in their business, brand and reputation. With the right amount of engagement and cooperation, internal (boards, C-suite, IT and security organizations) and external stakeholders (governments, regulators, industry players) will play a role in the best use of technologies to elevate cyber resilience and to secure APAC’s digital future.
