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TCS identifies five key cybersecurity trends for 2024
Mon, 30th Oct 2023

Tata Consultancy Services (TCS) has highlighted the top five cybersecurity trends it believes will shape global enterprise in 2024. TCS's insights were developed by Margareta Petrovic, Global Managing Partner, Risk & Cybersecurity Consulting & Service Integration, and Dr. KPS Sandhu, Head of Global Strategic Initiatives, Cybersecurity.

According to Tata Consultancy Services, Generative AI and machine learning are set to increase the frequency and complexity of cyber-attacks, thereby creating new pressures on companies. To counter these advanced threats, enterprises must use AI-driven cybersecurity. This technology promises transformation in the industry by improving enterprise posture through automated hardening of configurations and compliance. To elevate their cyber resilience programs, companies may turn to cyber insurance and real-time threat dashboards.

Increased cyber-attacks and breach opportunities will likely draw the C-suite into cyber risk-related decisions more frequently. The EU’s NIS2 Directive and changes by the Securities and Exchange Commission (SEC) regarding material cybersecurity breaches could have significant implications on board and cyber organisation structures, influencing decisions about investing in security access management, cloud security, and data security.

The adoption of sovereign cloud is expected to grow significantly as more countries and regions develop data sovereignty laws and initiatives. This will enable companies to protect valuable data and systems from unauthorized foreign access. The regulatory landscape and the geopolitical shifts constantly influence the control and flow of data. Thereby, adopting a sovereign cloud solution can reduce the risk of data breaches and sabotage while enhancing trust with investors, customers, and regulators.

As cybersecurity threats emerge and evolve, organisations often respond by adding more security products and partners, but this can ultimately work against their security goals. To solve this, many organizations are considering opting for vendor consolidation so that security posture can also be improved. In fact, 75% of organisations are pursuing a security vendor consolidation, which is a substantial increase when compared to figures of 2020 when it was only 29%. The rationalisation of the cybersecurity vendor portfolio is urgently needed to provide the security team with an efficient platform to manage risks effectively across the broad threat landscape.

With over 700,000 job openings in the United States and an estimated need for more than 2.7 million cyber professionals globally, the talent gap is more pronounced than ever., Tata Consultancy Services says.

Companies should consider hiring in-house specialists or outsource the required skills to large external resource companies, such as consulting firms or cloud providers. If immediate recruitment is not possible, an alternative approach can be partnership with a managed services provider.

Expanded Digital Ecosystems Leave Room for Attack, Altering Vendor Strategy

As business models involving digital ecosystems (complex networks of businesses, individuals and various systems and stakeholders that use technology to interact) become more sophisticated, we expect cyber threats to be more imminent. Right now, it is no longer feasible to address every threat identified in an organization’s digital ecosystem. Because of this, it is recommended that enterprises adopt a continuous approach to threat management which involves expanding threat assessments to include integrated supply chains while consolidating vendors.