Key Strategies for Enterprise Cybersecurity in 2024

As data breaches, threats, and frauds have become smarter, more intense, and more impactful than before, businesses will require tougher cybersecurity solutions for better chances at diminishing their impact.

According to Cybersecurity Ventures’s report

The attacks could be:

• Data breach
• Theft of intellectual property
• Theft of personal and financial data
• Fraud
• Recovery and removal of hacked data and systems

Any of these cyber-attacks could do untold damage to the organization, so it is important for leaders to take suitable precautions to ensure minimal impact. With proactive monitoring and cyber safety tools, businesses could save billions in terms of financial and business losses every year.

So, what should be the focus for businesses to implement effective cybersecurity strategies in 2024?

Below are some ways enterprises can secure their businesses in 2024:

Strategy 1: Zero-trust Security Policies

Zero-trust security strategy will be a must-have approach in 2024 because:

• Data breaches could cripple the brand:

A zero-trust model will ensure it can control the damage even before a breach occurs. It can initiate immediate restrictions to access points, network entries, servers, and system logins. The models can also limit the exposure of sensitive data by keeping firewalls updated all the time.

• Network security:

Due to the increased use of a hybrid work models, the network security risks have increased over the last three years. With remote connections on the enterprise network, the perimeter may become weak and open to hacking. So, now enterprises need to deploy tools to support secure remote access at scale.

Perimeter-based security zero trust allow enterprises to securely and selectively connect users to applications, data, services, and systems on the cloud.

Zero Trust Security focuses on securing individual devices and users ahead of network security. Companies implementing zero trust security can:

1. Protect sensitive data
2. Conduct compliance auditing
3. Detect risks faster
4. Gain visibility into network traffic
5. Control over access in cloud environments

• Continuous verification:

1. Zero Trust security strategy will help in continuous verification of users’ identity, device security, and types of data access points.
2. Enterprises can update their end-to-end encryption anytime to protect IPs, keep devices secure and authentic, and detect malicious activities.
3. Identity management will further improve data behavior analysis to identify potential threats and mitigate them.

Strategy 2: Multi-factor Authentication (MFA)

The enterprise cybersecurity in 2024 must focus on updating its multi-factor authentication parameters at scale.

The process of verifying identities will include a strong password management system, smart cards for verified access permissions, and fingerprint or face scans as biometric solutions.

An updated MFA system should enable “Notification through mobile app” method and an Authenticator to gain and provide access to key data sources.

Global Password Security Report reveals that

Since mobile apps are becoming ubiquitous, companies need to ensure security of data access through the apps.

Amazon Web Services (AWS) has recently implemented policy that mandates a secure MFA for all accounts in 2024. This move will improve cyber security and reduce the risk of account hacking for its clouds. B2B customers signing into the AWS Management Console must use MFA to proceed.

• Security Updates

To tighten enterprise cybersecurity, businesses must comply with modern data privacy regulations by government data protection authorities. To stay compliant, security teams should update systems and networks regularly.

• Password-less authentication

In 2024, companies will see more adoption of passkeys and other MFA methods to access business assets.

Passkey adoption, along with biometrics, hardware tokens, and public-key cryptography, will replace the use of passwords.

These security technologies will also help mitigate phishing and social engineering, which target credential theft.

Here’s how it will reduce risk and boost security patches:

1. Usage of proximity badges, physical tokens, or USB devices (FIDO2-compliant keys)
2. Usage of tokens or certificates
3. Use of fingerprint, voice, facial recognition, or retina scanning
4. Use of mobile phone application for authentication

In its report Passwordless authentication market revenue worldwide from 2021 to 2030, Statista  says that

Strategy 4: Targeted Ransomware

As cybercriminals employ AI-driven ransomware, its impact is becoming more intense. With the help of AI, threat actors can deploy encryption techniques to penetrate data networks and other digital assets, easier and faster than before.

Here’s how enterprises can defend against ransomware in 2024.

• Decryption Tools

Decryption tools are important for data recovery. They provide keys to unlock data from specific ransomware attacks.

There are different decryption tools for targeting threats, decrypting them, recovering data, and encrypting data. They help to safeguard sensitive data from exposure.

• Multi-Layered security

Integrating multiple security layers across the digital assets will help to build a strong security system. These may include:

1. Security Information and Event Management (SIEM) analysis logs for threat detection
2. Regular Patch Management updates systems to spot and end vulnerabilities
3. Endpoint protection to stop ransomware upon entry.
4. Network segmentation that secure pathways and isolate attacks.

• Backups

Backups are a critical activity in ransomware defense and useful for recovering data after an attack. Security teams can take backups effectively by employing the following:

1. Backup encryption: It protects backup data from unauthorized access.
2. WORM Storage: It ensures backups to remain unchanged
3. Backup verification: It will conduct automated checks to confirm backup reliability

Also Read: The Impact of the Pandemic on the Future of Enterprise Cybersecurity

Strategy 5: Cloud Security

The advanced version of cloud cybersecurity is evolving into predictive and inventive security.

AI-driven security tools will help provide precise reports on the type of threats to expect. These predictive models can alert security teams about upcoming risks and attackers’ moves.

A Wrap up!

In 2024, cybersecurity risks will increase with the continuous digital transformation and technology deployment in enterprises. With emerging new technologies and tools, the threats are also constantly evolving. Interestingly, the same technologies that help fight threats will also aid attackers in creating the biggest risks.

How to use sharp technology is now in the hands of the security teams to ensure their enterprises stay safe and compliant.