Understanding the gaps in the global cybersecurity landscape in 2024

Cybersecurity is more than a buzzword today. It is more of a necessity for every organization, whether big or small. We say this because all of them are connected to the internet in some way or another, which means that they are also exposed to the risks. Moreover, hackers, cybercriminals, and state-sponsored attackers are continuously devising new ways to exploit vulnerabilities in the digital ecosystem.

According to experts, the ‘Estimated Cost of Cybercrime is expected to take a leap by 69.41% by 2029, amounting to 6.4 trillion U.S. dollars. These numbers certainly paint a dire picture. But does it have more to do with the growing sophistication of cyberattacks or the unpreparedness of organizations to defend against them? We’d say it’s both of them. 

Despite the efforts made by organizations to keep up with the ever-evolving threat landscape, they are falling short. Even though businesses are investing in cybersecurity tools, gaps in strategy, expertise, and infrastructure still leave them vulnerable to emerging threats. Let’s just say that the global cybersecurity landscape is a double-edged sword, with increasingly sophisticated threats on one side and organizational unpreparedness on the other. 

In this article, we will delve deep into the gaps in the current cybersecurity landscape, understand why these gaps exist, how they impact organizations, and what steps should be taken to patch them before it’s too late.

Widening gap in skilled cybersecurity professionals 

One of the reasons cyber attackers are overpowering the digital landscape is that there is a scarcity of skilled cybersecurity professionals. According to Fortinet’s 2024 Global Cybersecurity Skills Gap Report, around 90% of the breaches that targeted organizations were because of a lack of cyber skills, and 70% attribute increased cyber risks to the skills gap.

The problem is not that companies are not hiring but in the way they operate when it comes to cybersecurity. Most organizations do not have the time or resources available to train new cybersecurity professionals or help their current teams hone new skills. Meanwhile, cyber threats are growing increasingly complicated. 

What this means is that when there aren’t enough people to handle cybersecurity, companies face grave risks and worse repercussions. It takes longer for them to fix vulnerabilities, respond to attacks, and secure sensitive data. Hackers leverage this opportunity and launch more severe attacks to cause significant damages. 

Advanced threats are outpacing the defenses

Cyberattackers are getting smarter than you think. They’re constantly upgrading their techniques and utilizing state-of-the-art technologies to carry out more sophisticated attacks. While these technologies are available to both the defender and the attacker, the scales are tipping towards the latter. A survey by the World Economic Forum highlights that 55.9% of security experts believe that generative AI will put attackers ahead of defenders in the next couple of years. On the contrary, just 8.9% believe defenders will keep the upper hand, and 35.1% think the battle will remain balanced.

Attackers are using Gen-AI to automate phishing attacks, create advanced malware, and deploy deepfake-based social engineering to make their campaigns faster and more difficult to detect. Meanwhile, defenders are struggling to keep up with traditional tools that fail against adaptive, AI-driven threats.

Emerging technologies opening up new risks 

Latest technologies like such as cloud computing, Internet of Things (IoT), and artificial intelligence have changed the course of many industries, for good. But they have also opened up avenues for attackers to exploit vulnerabilities. IoT devices, for instance, come with very weak security measures, so they become easy prey for hackers. Compromised smart devices such as connected thermostats or cameras can serve as a doorway into a company’s entire network.

This lack of IoT security not only creates risks but also holds back the potential for growth and benefits. If IoT security risks are managed effectively, they could open up an additional $125 billion to $250 billion in value for IoT suppliers in the market by 2030, pushing the total market size to an estimated $625 billion to $750 billion.

Underinvestment in cybersecurity

Major security problems stem from the fact that most organizations do not allocate sufficient funds to cybersecurity. Although these businesses may be aware of its importance, they are usually derailed by other priorities and hence spend less time and resources on it.
According to the Wall Street Journal, on average, security budgets grew by just 6% in 2023. But many security leaders reported that their budgets remained flat or even declined – despite growing risks for businesses.

This leaves their systems and data exposed to threats because they do not have the tools, trained staff, or proper strategies to combat modern threats. The reality is that not spending on cybersecurity today may lead to much bigger problems later. A single cyberattack can lead to huge losses, ruin a firm’s reputation, and even halt operations in some cases. 

How can you fill gaps in your cybersecurity strategy? 

By now, one thing’s clear: to stay ahead of the attackers and their malicious attacks, you need a well-rounded proactive approach. You can no longer take cybersecurity lightly. Here are a few strategies you should follow to protect your organization from the dangers of cyberattacks:

• Educate your employees on how to identify phishing emails, use strong passwords, and maintain good security hygiene. The reason this training is necessary is because human error is one of the most common reasons for breaches.
• Leverage the latest technologies, such as AI and machine learning-based tools, to quickly identify and respond to threats. These technologies help identify unusual activity and stop attacks before they cause harm.
• You should also protect your IoT devices and cloud storage systems by following basic precautions, such as updating the software and controlling their access.
• Ensure that your organization understands the gravity of the situation and prioritizes cybersecurity as a critical business function and not as an afterthought.

When it comes to employing robust cybersecurity strategies, email authentication protocols like SPF, DKIM, and DMARC are essential. What’s more important is keeping track of how these protocols are performing within your email ecosystem. To gain insights into how effectively your DMARC policy is working and whether any adjustments are needed, you should leverage DMARC reports. Reach out to us to get your reports handled.