Cybersecurity, the other big trend standing in the shadow of AI

New tools to create images or songs from scratch. Debates on the extent to which machines may replace humans in jobs. Software that helps diagnose diseases. By simply glancing at the technology section of any media outlet, it's hard not to come across news about artificial intelligence (AI). This is the area receiving the most attention among current innovation trends. However, this interest has not come out of the blue: its enormous potential to transform the way things are done in all sectors means that we must place the spotlight on it.

However, this is not the only significant movement in the current technology environment. Alongside the “artificial intelligence revolution,” the international consultancy firm KPMG lists “the critical role of cybersecurity” among the five main trends that will mark digital transformation. It believes that it is “a fundamental pillar to ensure the integrity, confidentiality, and availability of information” and that it not only involves “protecting digital assets” but also “building an organizational culture that is risk-aware and prepared to respond to emerging threats.”

Furthermore, the Global Digital Trust Insights 2024 survey, conducted by the international audit firm PwC, reveals how cybersecurity is a higher priority than ever for the leaders of organizations. The consulting firm indicates that “the number and economic impact of cyber incidents have grown once again this year, while the adoption of incident response and resilience plans by organizations is progressing more modestly.”

Cyber threats have become more sophisticated and complex in recent times. Among the most worrying threats in 2024 is ransomware, attacks that lock users out of their systems and hold them hostage until the victim pays a ransom. Initially, these attacks simply encrypted the data and demanded an amount of money in exchange for releasing it, but recently, there has been an increase in attacks that outright steal people's data and extort money in exchange for keeping the data undisclosed.

Another threat that is now gaining traction involves attacking the supply chain. Trust relationships between organizations are exploited, and vulnerabilities are embedded in the software they share. Of these risks, there is one that is particularly concerning due to its complexity: multi-vector attacks. These combine different techniques within a single cyberattack campaign, making them harder to detect and contain, which ultimately increases their chances of success.

Companies and organizations with insufficient protection are vulnerable to significant losses and damage to third parties that can lead to sanctions and serious reputational problems. To prevent this from happening, cybersecurity, which, according to the specialist company NTT Data, includes “all practices, means and measures designed to protect systems, networks, and data from various threats,” is crucial.

Designing an effective prevention strategy starts with conducting a detailed assessment of the risks to which an organization is exposed, with a view to developing specific protection policies and procedures. However, the action plan should not be something that is drawn up once and set in stone: continuously updating and improving the plan is crucial to be able to address shortcomings and respond to emerging threats.

Although cybersecurity seeks to prevent attacks and their consequences, the truth is that there will never be zero risk. Therefore, it is crucial to have contingency plans in place to respond to any cyberattacks that cannot be prevented. These measures should be aimed at mitigating the impact and minimizing the chances of repeat attacks.

An increasingly digitalized society is also increasingly exposed to potential cyberattacks. As a result, the cybersecurity sector is continually growing as more and more resources and innovation are required to address evolving threats. This consolidation of the sector is also affected by regulatory developments, with increasing privacy and data security requirements.

For this reason, it is a particularly appealing sector for potential investors. Indeed, participating in the financing of cybersecurity businesses may yield good returns. What's more, as our world becomes increasingly online, there can never be too many solutions to prevent and mitigate cyberattacks.