Find out how defenders, organizations and cybersecurity vendors need to collaborate proactively to take the bull by the horns this year.

According to the World Economic Forum, the average cost of cybercrime is expected to increase from US$8.4T in 2022 to more than US$23T in 2027, with the Asia Pacific region (APAC) becoming a new ‘ground zero’ for cyberattacks. 

This is unsurprising given the region’s super-accelerated COVID-linked transformation over the past few years; an explosion of hybrid working models; plus a new generation of mobile-first users seemingly unaware of cyber risks. The region has also gained economic importance globally thanks to its burgeoning semiconductor and manufacturing sector, which again makes it an attractive target for cybercrime.

 In addition to this, ISC2 analysts believe that the APAC cybersecurity workforce gap has reached a record high, with a shortage of 2.6m cyber/IT professionals. This may explain how a substantial number of cybersecurity professionals feel the current threat landscape is the most challenging it has been in the last five years.

Mark Lukie, Director of Solution Architects (APAC), Barracuda

 Key Cyber Threats in 2024

‘Ever heard the expression “Why fix it if it isn’t broken?” Well, this goes for cybercriminals, too, it seems.

    • In 2024 we can expect cybercriminals to continue to build on their tried-and-tested methods for exploiting system vulnerabilities in businesses. From ransomware to phishing, account takeover, to quishing, and more, we expect to see more of these attacks, because guess what? They work! Some firms will always pay the ransom; some employees will always click on malicious links; and some leaders will never take cybersecurity seriously enough to ensure they are doing everything they can to keep their business protected. Cybercriminals know this — in fact, they are counting on it. In addition, they are continuing to improve their tactics via the use of AI to improve their chances of success.
    • In addition to this, as more businesses across APAC recognize the value of adopting AI and automation tools, new vulnerabilities and attack surfaces will continue to be exposed. IDC has recorded how generative AI has gained a huge momentum in the region, seeing a majority of organizations investing in the technology or exploring its potential last year. This has created a wide range of new security challenges ranging from vulnerabilities in AI systems and automation tools to the complexity of AI ecosystems expanding the attack surface; to a lack of comprehensive regulations and standards, plus insufficient employee training on AI-related ethics and risks, and more.

The proper way forward

 As AI-enabled cyberattacks become increasingly sophisticated and prevalent this year, security vendors will undoubtedly face a growing responsibility to enhance their offerings and support companies in defending against these threats. 

The evolving nature of cyber threats demands continuous innovation and adaptation from security providers to stay ahead of malicious actors. Vendors must not only develop more advanced detection and prevention mechanisms, but also provide comprehensive solutions that address the evolving tactics employed by cybercriminals.

Additionally, fostering collaboration between security vendors and their clients will be crucial. Establishing proactive communication channels, sharing threat intelligence, and offering tailored guidance will empower organizations to strengthen their cyber defenses. 

Finally, security vendors should not only focus on reactive measures but also play a proactive role in educating and preparing organizations to mitigate potential risks. In this dynamic landscape, a holistic approach that combines cutting-edge technology, ongoing support, and collaborative partnerships will be essential for security vendors to remain relevant in 2024.