With over 17 billion records breached in 2023, data breaches have reached an all-time high.
Businesses are more vulnerable than ever before due to increased ransomware attacks, third-party hacks, and the increasing sophistication of threat actors.
Still, many security teams are ill-equipped, particularly given new data from our team shows that 55% of IT security leaders believe modern cybercriminals are more advanced than their internal teams. The perpetrators are raising their game as they adopt and weaponize the new generation of emerging artificial intelligence (AI) technology, while companies continue to slip behind. Security teams require the necessary technology and tools to overcome common obstacles and avoid falling victim to these malicious actors.
It takes minutes, not days, for an attacker to exploit a vulnerability. Cybersecurity Ventures predicts that by 2031, a ransomware assault will occur every two seconds. The most powerful new instrument for fuelling attacks is generative AI (GenAI).
It enables hackers to find gaps, automate attacks, and even mimic company employees to steal credentials and system access. According to the findings, the most concerning use cases for security teams include GenAI model prompt hacking (46%), LLM data poisoning (38%), RaaS (37%), API breaches (24%), and GenAI phishing.
Ultimately, GenAI and other smart technologies are catching security personnel off guard. Researchers discovered that 35% feel the technology used in hacks is more sophisticated than what their team has access to. In fact, 53% of organisations fear that new AI tactics utilised by criminals are opening up new assault spots for which they are unprepared. Better technology will always win.
As attack methods evolve, it is logical to expect additional breaches, ransomware installations, and stolen data. According to 49% of security leaders, the frequency of cyberattacks has increased over the last year, while 43% think the severity of cyberattacks has increased. It's time for security teams to enhance their technology in order to catch up and move ahead, especially while other well-known industry pain points linger.
While the digital divide may be growing due to new criminal usage of AI, long-standing industry issues are making matters worse. Despite the steady growth of the cybersecurity industry, there are still an estimated 4 million security experts needed to fill open positions globally. One analyst now performs the duties of numerous. Lack of technology causes manual labour, mistakes, and exhaustion for understaffed security teams. Surprisingly, despite the ongoing cybersecurity talent need, our team found that only 10% of businesses have boosted cyber hiring in the last 12 months.