Top 10 Tech Trends In 2024 Everybody Must Be Ready For
Originally published in Global Banking and Finance Review
A lot of ink has been spilled about current cybersecurity threats to the financial services industry. It can seem like you’re under attack by a veritable laundry list of threats while you focus on preventing data breaches and ensuring regulatory compliance. In the end, you need to be able to keep money flowing safely and securely, keep customer data safe, and keep regulators off your back while minimizing the cost of compliance.
Here are ten of the top tech trends to be aware of in 2024.
1) Resilience planning is increasingly important
Cyber resilience planning is paramount for financial services companies due to the criticality of maintaining trust and confidence in financial systems. Even the best cyber security can’t guarantee 100% protection. Cyber resilience focuses on mitigating potential disruptions and ensuring continuous operations during an attack or other disaster, thereby protecting both your organization and customers from loss and damage. By proactively identifying critical business functions and asset dependencies, your organization can uphold regulatory compliance standards and adapt to evolving cyber threats in a dynamic digital landscape.
2) The rise of artificial intelligence (AI)
AI is increasingly incorporated into solutions ranging from portfolio management to customer service. For cybersecurity, AI can be both an asset and a liability. Incorporating AI into cybersecurity solutions helps them detect and respond to cyber threats quickly. Leveraging AI also helps fill the cybersecurity skills gap and manpower shortage by allowing analysts to operate at a higher level. However, threat actors are also using AI to improve their operations. Attackers are using AI to create new strains of malware and to fine-tune social engineering attacks.
3) Transformation of third-party relationships to reduce risk
Instead of using due diligence checkbox surveys, companies are moving toward mutually beneficial partnerships to lower risk and safeguard against breaches.
4) Increased regulation and oversight
New regulations include the EU Digital Operational Resilience Act (DORA) which creates a regulatory framework for digital operational resilience for financial institutions, the updated NIST Cybersecurity Framework (CSF) 2.0 guidelines to manage cybersecurity risk, and the updated New York State Department of Financial Services (NYDFS) Cybersecurity Regulations.
5) Nation-state attack risks
Even if not the direct target of a nation-state attack, organizations can become collateral damage. For example, when NotPetya was deployed against Ukraine in 2017 it also took out several companies including Maersk, Mondelez International, and DHL. Outside of conflicts including Ukraine/Russia, US/China, Armenia/Azerbaijan, Israel/Gaza, and others, there are also major elections taking place in countries including the US, UK, and India where cyberattacks may be used to disrupt the process.
6) Digital currencies and blockchain
Digital currencies and blockchain technology have introduced new cybersecurity challenges and opportunities. While blockchain’s decentralized nature enhances data integrity and reduces the risk of fraud, cryptocurrency transactions have facilitated ransomware attacks and illicit activities. Consequently, cybersecurity must evolve to address the unique threats posed by digital currencies, including securing cryptocurrency wallets, protecting against cryptojacking, and ensuring the integrity of blockchain-based systems against manipulation and exploitation.
7) Migrating to the cloud
While cloud adoption improves scalability, agility, and cost-efficiency, it also introduces risks related to data privacy, compliance, and unauthorized access. Financial institutions must implement robust security measures, such as encryption, access controls, and continuous monitoring, to safeguard sensitive financial data in the cloud environment.
8) Move to hybrid work
The shift to hybrid working has expanded the attack surface as employees access corporate networks from various locations and devices. Asset inventory plays a crucial role by providing visibility into all devices and endpoints accessing the network, allowing organizations to monitor and secure their digital assets effectively.
9) Continuous threat exposure management
Continuous threat exposure management prioritizes the real-time monitoring of evolving cyber threats and vulnerabilities in your attack surface. By continuously assessing and prioritizing threats, organizations can proactively mitigate risks and enhance their cybersecurity posture. This approach ensures that financial institutions stay ahead of emerging threats, safeguarding sensitive data, and maintaining customer trust in an increasingly dynamic threat landscape.
10) Cybersecurity moves to the boardroom
Gartner has predicted that, by 2026, 70% of boards will include one member with cybersecurity expertise. Including cybersecurity in boardroom discussions ensures that leaders understand the strategic implications of cyber threats and vulnerabilities. By having cybersecurity on the agenda, boards can allocate resources effectively and align business objectives with security goals. This proactive approach not only protects the company from potential breaches but also enhances resilience and fosters a culture of security throughout the organization.
