Innovative tactics for defeating cyber threats in 2024

In 2024, cybercrime shows no signs of slowing down. Cybercriminals are targeting citizens and businesses worldwide with sophisticated, hard-to-detect scams, causing operational disruptions and damaging reputations.

According to research, the global average cost of a data breach in 2024 is USD 4.88m – a 10% increase on last year and the highest total ever, underscoring the rising financial burden on organisations.

With this in mind, below we look at the innovative strategies companies can take in their fight against cybercrime, including incorporating cybersecurity into their ESG strategy, using AI wisely in cybersecurity, and aligning cyber practices with cyber regulations.

The need to incorporate ESG factors in cybersecurity

Across the globe, cyber threats are soaring. In particular, we are seeing an increasing number of attacks on critical infrastructure such as financial networks, healthcare and other networked systems. The problem, well despite the widespread nature of cyber threats, many companies continue to prioritise Environmental, Social, and Corporate Governance (ESG), which focuses on environmental and social issues, without giving enough attention to cybersecurity. Now, given that cyber risk is the most immediate threat to companies globally, organisations need to start considering it as part of their ESG strategy, and a failure to do so could lead to businesses being less resilient and sustainable.

So how can businesses incorporate cybersecurity into their ESG strategy? Businesses can align cybersecurity objectives with broader ESG goals. For example, if a company focuses on social responsibility, ensure that data privacy and protection measures are part of that commitment as well. Likewise, companies can include cybersecurity metrics and performance in ESG reports, as well as implement ongoing training programs at all levels.

At Exclusive Networks, we are embedding cybersecurity into our sustainability agenda, training cybersecurity experts of the future, and partnering with non-profit organisations to promote CyberESG.

Unlock the potential of artificial intelligence in cybersecurity

Next, AI is imperative in cybersecurity strategies, bolstering digital defences by identifying anomalies, automating routine tasks, and enabling faster threat detection and proactive responses. However, AI is both a tool and a threat. Undeniably, AI is lowering the barrier to access for cybercriminals and enhancing existing tactics, techniques, and procedures.

For instance, AI is boosting threat actors’ capabilities, enhancing their social engineering skills and increasing the effectiveness of cyber operations such as reconnaissance, phishing, and coding. According to research, the rise of generative AI-powered attacks has seen the estimated cost of cybercrime for businesses average $5.34 million annually in recovery expenses.

To strategically navigate the use of AI in cybersecurity, businesses can seek to understand AI-driven threats and employ defensive measures against them, including updating employee training programs to recognise these threats and respond appropriately. Alongside this, businesses should regularly update their knowledge on AI advancements and the emerging threat landscapes to adjust strategies accordingly, as well as continuously invest in R&D to explore innovative solutions for emerging cybersecurity challenges.

By adopting a balanced approach that considers ethical solutions and continuous learning it will help businesses navigate the complexities of AI in cybersecurity.

Align cybersecurity practices with evolving cyber regulations

Lastly, businesses need to align cybersecurity practices with evolving cyber regulations, to manage legal, financial, operational, and reputational risks. Keeping up with regulatory changes ensures practices reflect the best ones and incorporate the latest technological advancements.

A recent example of this, is the EU AI Act, which among other things highlighted in Article 15 that high risk AI systems should adhere to the “security by design and default principle” and that measures should be taken to protect against attacks. By regularly tracking updates from regulatory bodies and conducing internal audits, businesses will be able to maintain compliance and minimise breach-related losses.

The landscape of cybercrime in 2024 underscores the critical need for innovative and proactive strategies to combat increasingly sophisticated threats.  With the financial toll of data breaches reaching unprecedented levels, businesses must prioritise cybersecurity as a fundamental component of their operational and strategic framework. Incorporating cybersecurity into ESG strategies not only enhances security but also fosters long-term value creation and sustainability, while leveraging technologies like AI, organisations can strengthen their defences while remaining vigilant against cyber threats.