Cybersecurity Predictions for India in 2024

At the beginning of 2024, the cybersecurity environment in India is developing at a very high pace. We will see the cybersecurity trends and predictions that will define 2024 as we head to the end of 2023. 

The top trends in cybersecurity in 2024 are micro segmentation and AI, which were initially brought about by the use of AI and ML in security infrastructure, the expansion of the Zero Trust Model, and Operational Technology Vulnerabilities, etc. We can now consider the forecasts of cybersecurity in India in 2024.

Let’s Recap Cybersecurity Trends 2023

In 2023, the world based in India has seen major changes in the field of cybersecurity, involving a higher number of AI-backed threats, growing attention to cloud security, and ongoing problems with the security of IoT and OT.

• The improvement of ML and AI technologies went on. A greater number of threat hunting tools were incorporated into these technologies.
• EDR has served well in detecting and responding to threats, but with its limitations, it is more reasonable to incorporate EDR and NDR into XDR.
• Governments around the world, such as India with its Digital Personal Data Protection Act (DPDP), are strengthening cybersecurity laws and compelling business organizations to follow more stringent standards.
• The increasing amount of interconnected OT devices posed issues regarding their security, and manufacturing industries became more conscious of those weaknesses.
• The shift to Zero Trust architecture, with its emphasis on continuous verification and strict access controls, was boosted in a number of industries.

Cybersecurity Predictions for 2024

1. Ransomware and Data Breaches

Growing the Digital Infrastructure of your organization also increases the attack surface, thus making it more vulnerable. In 2022 and 2023, there was an increase in persistent sophisticated ransomware and data breaches. The 2024 forecast expects heightened attacks with evolving and new techniques targeting emerging vulnerabilities.

Increase in Ransomware Attacks: The number of ransomware attacks targeting Indian organizations is expected to increase by 20-30% in 2024 compared to 2023. (Source: Cyfirma India Threat Landscape Report 2023)

Shift to Double Extortion: Double extortion attacks, where attackers steal data before encrypting it, are predicted to see a 35-40% rise in India. (Source: IDC Security Services Forecast 2023-2027)

Focus on Critical Infrastructure: Attacks targeting healthcare, education, and government sectors are likely to grow by 15-20% due to their high impact and potential ransom payouts. (Source: Kaspersky Secure Technologies Report 2023)

2. Quantum Computing Threats

The advent of quantum computing is due to exponential developments in computing power and processors. The initial quantum computing research shows potential to disrupt traditional as well as new cybersecurity measures. Organizations will start preparing for quantum-resistant cryptography to counter these threats.

Increased Research and Development: Indian organizations are expected to invest 10-15% more in research and development for quantum-resistant cybersecurity solutions. (Source: NASSCOM Report on Emerging Technologies 2023)

3. Deepfakes and AI-Based Threats

AI algorithms are becoming more sophisticated for deep fakes, making them more convincing and harder to tell what’s real. This is a direct sign of new scams, frauds, and the spread of misinformation. Organizations that are prone to being victims of these threats must invest in deepfake detection and mitigation tools. Also, there will be a demand for the creation of new advanced deepfake detection technologies.

Deepfake Detection Market Growth: The market for deepfake detection and mitigation tools in India is projected to grow by 30-40% in 2024. (Source: Frost & Sullivan Cybersecurity Market Forecast 2023-2028)

Rise in AI-powered Social Engineering: AI-powered spear phishing and automated disinformation campaigns are likely to increase by 25-30%. (Source: McAfee Labs Threats Report Q3 2023)

4. Enhancement of Zero Trust and Micro Segmentation Technologies

2023 was the year of the Zero Trust Model, as it is relevant that threats can originate from even the 1% of vulnerability. The Zero Trust Model, which operates on the ” never trust, always verify principle, will be adopted widely by most organizations.

With the growing need to secure internal networks as the network perimeters become more ambiguous with remote work and cloud adoption. Microsegmentation addresses this by dividing the network into smaller zones to control access and movement within it.

Zero Trust Adoption Acceleration: The adoption rate of Zero Trust security models in India is expected to double in 2024, reaching 40-45% of organizations. (Source: Gartner Security Trends 2024)

Microsegmentation Market Expansion: The Indian microsegmentation market is predicted to grow by 25-30%, driven by increased cloud adoption and remote work practices. (Source: IDC India Infrastructure Predictions 2024)

5. Supply Chain Attacks

Firms should re-evaluate their weak areas in the supply chain in 2024. Attacks that can bypass using third-party vendors or software supply chains have an increased likelihood of attacking companies. Investigating third-party suppliers, putting strong security measures in place, and having constant monitoring of any abnormalities will be emphasized.

Third-Party Vendor Scrutiny: Owing to the growing supply chain attacks, Indian organizations are likely to invest an extra 15-20% in the third-party vendor risk management tools and services. (Source: Deloitte Cyber Risk Report 2023)

Software Supply Chain Attacks Rise: Software supply chain attacks are anticipated to grow by 10-15 per cent. (Source: Sonatype 2023 State of Software Supply Chain Report)

6. Operational Technology Security

With industries transitioning to smart technology as a way to be efficient in their operational aspects, organizations in the manufacturing, energy, and utility sectors are likely to be targeted in their expenditures to secure their technology in 2024.

Focus on Manufacturing and Energy: Indian manufacturing and energy industries will increase their investment in securing their technology systems of operations by 20-25%. (Source: PwC Global Cybersecurity Outlook 2024)

Growth in OT Security Solutions: The business of OT security solutions in India is expected to experience growth of 25-30% in 2024. (Source: Technavio OT Cybersecurity Market Forecast 2023-2028)

2023 Trends Continuing into 2024

Many of these trends are projected to continue to be central to 2024, such as the threat of ransomware and data breaches, the changing role of artificial intelligence and machine learning in cybersecurity, the need to secure cloud computing environments, and the fact that IoT device vulnerabilities are here to stay. The implementation of Zero Trust architecture will also remain a primary defensive mechanism against new cybersecurity threats.

How does it affect CISOs and Cybersecurity Experts?

Cybersecurity Predictions of India will challenge Indian organizations to the Brink in 2024. These trends highlight the need to take a multifaceted and proactive approach by CISOs and cybersecurity professionals. It will involve investing in AI and ML to detect threats better, focusing on cloud and data security, and being ahead of the curve in learning and addressing the new threats, such as quantum computing and deep fakes.