SMEs will face a slew of cybersecurity challenges in 2024. According to a detailed study by Gartner (February 22, 2024), several major threat vectors imperil small and medium-sized enterprises around the world. These include identity-first approaches to security, third-party risks, boardroom communication gaps, insecure employee behavior, open-source code vulnerabilities, and continuous threat exposure.
Generative AI (GenAI) is one of the biggest threat vectors to SMEs, yet it also presents opportunities for harnessing threat mitigation capabilities and augmenting security. Over the short term, GenAI leads the online revolution with massive and unprecedented real-world applications. Besides Gemini and ChatGPT, dramatic strides are being made, especially regarding AppSec, productivity, and profitability.
Boardroom Communication Gaps: A Gateway to Cyber Vulnerability
Cybersecurity challenges, such as boardroom communication gaps, are central to a company’s overall security in 2024. ODMs (Outcome-Driven Metrics) are being implemented across the board, allowing stakeholders to connect investments in cybersecurity with the ironclad protection it generates.
Addressing Human-Centric Cybersecurity Risks
Human risks pose substantial challenges to the overall security of SMEs in 2024. Behavioral changes are needed to reduce cyber risks. Gartner analysis reveals that 50% of large SMEs will implement human-centric security designs by 2027 to reduce cyber-induced friction, maximize control, and tighten security protocols. SPCP (Security Behaviour & Culture Programs) implemented by companies typically enjoy greater employee adoption and reduced security risk as a consequence.
Third-party Cyber Security Risk Management Imperatives
Third-party cyber security risk management is an important consideration for companies in 2024. In this vein, it’s imperative to strictly police, analyze, and thwart threats using a combination of tools, resources, and approaches. Software Composition Analysis (SCA) systematically scans applications to detect open source code/third-party resources within app codebases. SCA involves scanning the source code/binaries to pick up third-party components and dependencies. If any of these are sourced from external projects, they will be identified and reported to developers.
The importance of SCA scanning, analysis, and remediation efforts is important on several levels. For starters, it identifies security vulnerabilities and licensing risks. These tools are automatically deployed to scan apps to determine whether third-party components exist in the software/source code. Plus, this powerful resource scans binaries, including container images, application executables et al. As a result, SCA confers many benefits to SMEs, notably full visibility, reduced business risk, vulnerability detection, and automated security assessments.
Continuous Threat Exposure Management (CTEM) in Focus
Yet another important reason why cybersecurity is at the forefront of SMEs priorities in 2024 is that of continuous threat exposure. CTEM (Continuous Threat Exposure Management) efforts are fast gaining momentum globally. This systemwide approach used by companies assesses the multi-faceted aspects of a company, including physical and digital assets. The assessment and remediation-style initiatives are aligned with threat vectors as opposed to infrastructure components.
Gartner studies tend to affirm the POV that companies prioritizing security investments using Continuous Threat Exposure Management will enjoy the benefits of a dramatic reduction in security breaches. This is true of hybrid work environments, where it is possible to detect vulnerabilities early on to maintain ironclad security systems.
The direction of SME cybersecurity initiatives is clear. It’s all about an identity-first paradigm for security. The focal point is now identity and access management, known by its acronym IAM. This is central to business objectives and security goals. Indeed, overall business practices must be geared towards improved resilience through the hardening of systems and a more focused approach to overall security.
Concluding Remarks
2024 heralds a dynamic era in SME cybersecurity, where challenges mix with opportunities. Gartner’s insights reveal a spectrum of threat vectors, from identity-first security to continuous exposure. Yet, amidst this landscape, technologies like SCA, GenAI, and Continuous Threat Exposure Management (CTEM), among others, promise transformative solutions, ushering in a new era of fortified cyber defenses.
Overall, the global cybersecurity milieu has the potential to transform the way companies maintain ironclad controls while improving productivity, efficiency, and value. The net effect is a shift away from traditional systems to a hybrid model with powerful tools and resources to monitor source code and AppSec, improve human training, enhance IoT security, and identify, report, and mitigate any security threats that crop up.
