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Steve Durbin, Chief Executive, Information Security Forum
December 21, 2023
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WHY DATA, AI, AND REGULATIONS TOP THE THREAT LIST FOR 2024



The new year finds us confronted by a landscape characterized by political
uncertainty, social fragmentation, escalating geopolitical tensions, and a
turbulent macro-economic backdrop, making it crucial for security leaders to
strategically prepare for the forthcoming challenges.



Let’s explore the three main security challenges businesses will face in 2024:

1. DATA

Modern businesses generate and manage vast volumes of data daily. Since data is
central to decision-making and competitive advantage, its sudden disruption or
unavailability can lead to severe repercussions for the business.

Some of the essential questions security teams ought to be asking themselves
include: How do we manage and safeguard aspects like confidentiality, integrity,
and availability of data? What strategies can we employ to protect our data
against cyber threats and misuse? How do we address the security challenges that
emerge with expanding data repositories? How do we differentiate between
valuable data and redundant information?

Furthermore, there’s often a misalignment in how data is structured versus the
business framework. Consequently, security teams may need to engage in
discussions with business units to clarify issues such as how we are applying
our data. With whom is this data being shared? Who holds accountability for it?
Who is responsible for making decisions regarding data security? Is it the
information security team, the chief executive, the board, or is it a combined
effort?

2. ARTIFICIAL INTELLIGENCE

Although AI technologies aren’t new, the recent widespread adoption of AI has
introduced a myriad of business and security challenges for organizations. Key
questions to consider include: How do we monitor AI usage within the
organization? How do we regulate the data shared with AI systems by employees?
How do we ensure ongoing compliance with ethical standards and legal
requirements?

Data is the cornerstone of AI. How do we provide sufficient data for AI systems
while ensuring this data is secure, ethical, and transparent? How do we
safeguard AI data and algorithms from manipulation by threat actors? Security
teams need to be vigilant about all AI-related risks, including ethical
concerns. Despite these challenges, AI offers significant opportunity for
companies aiming to evolve and enhance their business models.

In 2024, corporate boards will likely assume a central role in overseeing AI’s
secure deployment across the organization. This scenario presents a prime
opportunity for security teams to align closely with business objectives, be at
the forefront of the AI revolution, and actively participate in key business
decisions alongside management teams.

3. REGULATIONS

Security is rapidly evolving, and so are regulations governing it. Over the next
12 months, several regulations will either be introduced, updated, or reviewed.
For example, GDPR may lead to stringent reinforcements in 2024; the Digital
Operational Resilience Act (DORA) will apply to financial entities across the EU
in January 2025; the EU AI Act may be voted in.

Given these developments, organizations must develop a comprehensive
understanding of the regulations in the jurisdictions where they operate. This
knowledge is crucial for building the necessary processes and frameworks
proactively, as once these regulations are enforced, adjusting to them
retroactively will be challenging. Hence, staying ahead of these regulations in
2024 is imperative, as non-compliance could lead to severe legal, financial, and
reputational consequences.


HOW CAN CYBERSECURITY LEADERS ADDRESS THESE SECURITY CHALLENGES?

Below are four risk management initiatives that cybersecurity leaders can
integrate into their 2024 cybersecurity planning:

1. COMMUNICATE ISSUES IN BUSINESS TERMS

It’s essential for cybersecurity leaders to present issues in a manner that
resonates with business leaders. CEOs typically prefer to avoid technicalities.
Their concern is how technology will impact the business and whether it aligns
with overall objectives. Will it meet stakeholder expectations? What are the
risks in terms of financial, operational, and economic factors, beyond technical
aspects?

2. ESTABLISH CLEAR RISK TOLERANCE LEVELS

For security leaders working with management teams, it’s crucial to define the
company’s risk tolerance concerning cyber loss, akin to other risk types. For
instance, what is the risk tolerance for employing generative AI? Who is
responsible for making this decision? What regulations are relevant, and how
will this affect the information we disclose?

3. IMPLEMENT A ROBUST AND PRACTICED RESPONSE PLAN

Executive teams and boardrooms seek assurance. They require confidence that the
organization is prepared for unexpected crises, ensuring there is comprehensive
situational awareness across the organization, and confirmation that vigilant
monitoring of activities is ongoing. They need reassurance that fundamental
cyber protection measures are implemented and that a thoroughly documented and
regularly rehearsed business continuity and response plan is ready to be
activated in the event of a security incident.

4. BUILD AWARENESS, FOSTER ACCOUNTABILITY IN THE WORKFORCE AND SUPPLY CHAIN

The nature of work has transformed significantly in recent years, necessitating
updates in security policies and procedures to reflect these changes.
Organizations must explicitly outline accountability for data collection and
usage, engage in collaborative and transparent interactions with stakeholders,
and ensure everyone understands their role in safeguarding the business.
Likewise, it’s crucial to extend the same security principles and procedures to
third parties and supply chain partners that handle data on behalf of the parent
organization.

To summarize, we’re facing three key areas that will continue to grow in
complexity and challenge: data, AI, and regulation. There’s an increasing
expectation for closer engagement between security teams and business
operations, coupled with board directors’ growing concerns about their personal
liability. If security leaders concentrate on these threat management
initiatives, they can significantly help mitigate risk and contribute to
building a resilient organization into the future.





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