As we embark on 2024, the cybersecurity landscape in India continues to evolve rapidly. As 2023 ends, we look at the cybersecurity trends and predictions that will shape 2024. From the use of AI and ML in security infrastructure, to the growth of Zero Trust Model and Operational Technology Vulnerabilities, 2024 cybersecurity trends see micro segmentation and AI as the leading trends. Let’s look at the cybersecurity predictions and trends for India in 2024.
Let’s Recap Cyber security Trends 2023
In 2023, India witnessed significant cybersecurity developments, with a notable rise in AI-powered threats, increased focus on cloud security, and persistent challenges in IoT and OT security.
- ML and AI technologies continued to advance and improve, these technologies were integrated to more threat hunting tools.
- EDR has been a great tool for threat detection and response, but with it’s shortcomings integration of EDR and NDR into XDR made more sense.
- Governments globally, including India with its Digital Personal Data Protection Act (DPDP), enhanced cybersecurity regulations, pushing businesses to adhere to stricter standards.
- The growing number of connected OT devices raised concerns over their security, with manufacturing sectors becoming increasingly aware of these vulnerabilities
- The move towards Zero Trust architecture, focusing on continuous verification and strict access controls, gained momentum across various industries.
Cybersecurity Predictions for 2024
1. Ransomware and Data Breaches
Growing Digital Infrastructure of your organization also increases the attack surface, thus making it more vulnerable. In 2022 and 2023 there was an increase in persistent sophisticated ransomware and data breaches. The 2024 forecast expects heightened attacks with evolving and new techniques targeting emerging vulnerabilities.
Increase in Ransomware Attacks: The number of ransomware attacks targeting Indian organizations is expected to increase by 20-30% in 2024 compared to 2023. (Source: Cyfirma India Threat Landscape Report 2023)
Shift to Double Extortion: Double extortion attacks, where attackers steal data before encrypting it, are predicted to see a 35-40% rise in India. (Source: IDC Security Services Forecast 2023-2027)
Focus on Critical Infrastructure: Attacks targeting healthcare, education, and government sectors are likely to grow by 15-20% due to their high impact and potential ransom payouts. (Source: Kaspersky Secure Technologies Report 2023)
2. Quantum Computing Threats
The advent of quantum computing due to exponential developments in computing power and processors. The initial quantum computing research shows potential to disrupt traditional as well as new cybersecurity measures. Organizations will start preparing for quantum resistant cryptography to counter these threats.
Increased Research and Development: Indian organizations are expected to invest 10-15% more in research and development for quantum-resistant cybersecurity solutions. (Source: NASSCOM Report on Emerging Technologies 2023)
3. Deepfakes and AI-Based Threats
AI algorithms are becoming more sophisticated for deep fakes, making it more convincing and harder to tell what’s real. This is a direct sign of new scams, frauds and spread of misinformation. Organizations who are prone to be a victim of these threats must invest in deepfakes detection and mitigation tools, also there will be a demand for creation of new advanced deepfakes detection technologies.
Deepfake Detection Market Growth: The market for deepfake detection and mitigation tools in India is projected to grow by 30-40% in 2024. (Source: Frost & Sullivan Cybersecurity Market Forecast 2023-2028)
Rise in AI-powered Social Engineering: AI-powered spear phishing and automated disinformation campaigns are likely to increase by 25-30%. (Source: McAfee Labs Threats Report Q3 2023)
4. Enhancement of Zero Trust and Micro Segmentation Technologies
2023 was the year of Zero Trust Model, as it is relevant that threats can originate from even the 1% of vulnerability, the Zero Trust Model which operates on never trust always verify principle, This model will be adopted widely by most organizations.
With the growing need of securing internal networks as the network perimeters become more ambiguous with remote work and cloud adoption. Microsegmentation addresses this by dividing the network into smaller zones to control access and movement within it.
Zero Trust Adoption Acceleration: The adoption rate of Zero Trust security models in India is expected to double in 2024, reaching 40-45% of organizations. (Source: Gartner Security Trends 2024)
Microsegmentation Market Expansion: The Indian microsegmentation market is predicted to grow by 25-30%, driven by increased cloud adoption and remote work practices. (Source: IDC India Infrastructure Predictions 2024)
5. Supply Chain Attacks
In 2024 companies need to reassess their weak links in their supply chain, companies are more vulnerable to attacks that can infiltrate through third-party vendors or software supply chains. Vetting third party vendors, implementing robust security protocols and ensuring continuous monitoring for anomalies will be prioritized.
Third-Party Vendor Scrutiny: Due to increasing supply chain attacks, Indian organizations are expected to spend 15-20% more on third-party vendor risk management tools and services. (Source: Deloitte Cyber Risk Report 2023)
Software Supply Chain Attacks Rise: Attacks targeting software supply chains through compromised libraries or dependencies are expected to increase by 10-15%. (Source: Sonatype 2023 State of Software Supply Chain Report)
6. Operational Technology Security
As industries adopt smart technology for operational efficiency, they become targets for cyberattacks, 2024 expects a focus on organizations in manufacturing, energy and utilities increasing their spend in security for their technology.
Focus on Manufacturing and Energy: Indian manufacturing and energy sectors are likely to invest 20-25% more in securing their operational technology systems. (Source: PwC Global Cybersecurity Outlook 2024)
Growth in OT Security Solutions: The market for OT security solutions in India is predicted to grow by 25-30% in 2024. (Source: Technavio OT Cybersecurity Market Forecast 2023-2028)
2023 Trends Continuing into 2024
Several of these trends are expected to remain focal points in 2024, including the continued threat of ransomware and data breaches, the evolving role of AI and ML in cybersecurity, the importance of securing cloud computing environments, and the ongoing challenges posed by IoT device vulnerabilities. The adoption of Zero Trust architecture is also expected to continue as a key defensive strategy against emerging cybersecurity threats.
How it affects CISOs and Cybersecurity Experts?
Cybersecurity Predictions for India will test Indian organizations to their Limits in 2024. For CISOs and cybersecurity professionals, these trends underline the urgency to adopt a multi-faceted and proactive approach. This includes investing in AI and ML for enhanced threat detection, prioritizing cloud and data security, and staying ahead of the curve in understanding and mitigating emerging threats like quantum computing and deep fakes.
