By Principal Farica Chang
Towards the end of last year, we wrote about the technology trends we expected to see in 2024. With seven months in the bag, we thought it would be a good time to revisit these predictions and see how they’ve played out. From AI to the cloud to cybersecurity, join us as we recap this year’s tech landscape so far.
1. The Rise and Repercussions of Artificial Intelligence
AI Investment Skyrockets
As expected, Artificial Intelligence (AI) continues to be a dominant force in the tech world throughout the first half of 2024, with generative AI (GenAI) funding increasing sevenfold. This surge is driven by the immense potential of GenAI to transform industries by creating new content, designs, and solutions previously unimaginable without human initiative. As businesses race to harness AI’s capabilities, the technology is becoming integral to operations, from optimizing workflows and enhancing customer experiences to continuous threat monitoring. These advanced tools can automatically initiate the first steps of incident response, isolating affected systems or blocking malicious activity, thereby providing a robust layer of security that supports existing IT teams in keeping your business safe.
The Double-Edged Sword: Data Security in the Age of AI
While AI offers remarkable benefits, it also brings forth new security challenges. We saw Samsung ban the use of generative AI tools following several inadvertent data leaks last year. Though it may save time, team members using AI tools like GPTs without proper training may inadvertently share confidential information on public-source forums. This unintentional data leakage can lead to severe security breaches—which is exactly what happened to the electronics giant.
In one case, an engineer submitted proprietary source code to ChatGPT to fix errors, essentially disclosing the code of a top-secret application to the AI tool managed by an external company. Another employee uploaded test patterns and meeting recordings, further exposing sensitive information.
Custom GPT models aren’t necessarily a safer bet. Researchers discovered significant vulnerabilities in these tools, where adversarial prompts could extract sensitive information or manipulate the model’s output. These prompt injection vulnerabilities allowed attackers to access system prompts and retrieve uploaded files, highlighting a substantial security flaw.
Tips for Secure AI Use:
In the new world of AI, responsible use requires both top-down and bottom-up oversight:
- Implementing stringent guardrails and permissions.
- Educating employees on the responsible use of AI tools.
- Establishing clear protocols to prevent the exposure of sensitive information.
The consequences of neglecting these measures can be dire, including data theft, financial loss, and reputational damage—something household names like Samsung may be able to recover from, but SMBs may not.
2. The Cloud Conundrum: Balancing Innovation and Overload
AI pervades even our cloud-hosted trends this year. What we now consider more ‘mature technologies’ (remote storage, platforms, etc.) have continued to see rapid adoption, providing a solid foundation for the deployment of other emerging technologies. However, the widespread integration of AI into these platforms has begun to create challenges.
The AI Overload: A Potential Backlash?
As AI tools are increasingly included by default in cloud-hosted platforms, it’s possible we’re at risk of AI overload. In light of numerous security breaches, users might find themselves overwhelmed by the constant presence of AI, leading some to consider bringing their data in-house to regain control. This shift could see major corporations leading the charge, opting for on-premise edge computing solutions to manage their data more effectively. Additionally:
- Only 43% of employees are happy to embrace changes resulting from AI, down 21% from 2016.
- 96% of C-suite executives feel AI will enhance productivity, however…
- 77% of employees say using AI tools has made them less productive, whilst increasing their workload.
As you can see — there is serious misalignment between expectations and reality that may cause businesses to re-think their AI strategy next year.
3. Navigating the Complexities of Rapid Technological Advancement
Given the meteoric development of technological development, the skills gap between in-house IT personnel and the tools businesses introduce may continue to diverge. Businesses might find themselves equipped with advanced technologies they don’t fully understand, leading to potential security vulnerabilities that go unnoticed. To mitigate this risk, organizations should invest in continuous training for their IT staff and consider partnering with external experts to ensure they stay ahead of the curve.
The Dark Side of AI: Cybercriminal Exploitation
The bad news extends beyond the tools businesses are using. AI usage is now leveraged for malicious activities, such as sophisticated phishing campaigns and deepfake fraud. A sobering 85% of security professionals attribute an uptick in cyber-attacks to hackers using GenAI alone. These malicious actors exploit AI to automate and enhance their attacks, making them more sophisticated and harder to detect. This alarming trend underscores the urgent need for heightened cybersecurity measures to counteract the growing threat—and there’s some positive news on that front.
4. Strengthening Cybersecurity: A Priority Investment.
If there’s a silver lining to be found from the rapid rise in cyber threats, it’s that investing in cybersecurity has increased accordingly. This is predicted to continue as companies focus on protecting their digital assets from today’s biggest dangers. Employee awareness training has also seen a significant uptick, with very public security incidents illustrating the importance of the human factor in secure technology—whilst reminding us that no business is immune to carelessness.
Computer-based training still reigns supreme, with 45% of respondents to a Statistica survey reporting this was the type of session they attended. Only 1% of respondents said their company doesn’t have a security awareness program, which is promising news for the future of SMBs.
The Evolving Role of Cybersecurity Insurance
In light of all these developments, how has cyber insurance evolved? Well, comprehensive coverage remains a critical component of a holistic security strategy. It offers financial protection against the costs associated with cyber events, such as data recovery, legal fees, and business interruption. The accessibility of cybersecurity insurance to small and medium-sized businesses (SMBs) has improved, making it a viable option for organizations of all sizes. Cyber warranties are also becoming more prevalent to help bridge the financial gap in the event of an incident.
However, obtaining cybersecurity insurance is a complex process, even more so now that AI risk has to be factored in. Traditional policies may cover privacy and security concerns, but there’s little in place right now in the realm of AI-based decision-making liability. Collaborating with experienced IT service providers can help organizations navigate these requirements and secure the necessary coverage.
Preparing for the Future
Key Takeaways (and What to Do Next):
- Secure AI Use: Implement strict guardrails and permissions for AI tools, ensuring employees are trained to use them responsibly to prevent data leaks and security breaches.
- Balance AI Adoption: Be mindful of AI overload in cloud-hosted platforms; consider edge computing solutions to maintain control over data and avoid overwhelming users.
- Continuous Training: Invest in ongoing training for IT staff to bridge the skills gap caused by rapid technological advancements and ensure proper handling of advanced tools.
- Heighten Cybersecurity: Strengthen cybersecurity measures to counteract sophisticated AI-driven attacks, focusing on prevention, detection, and response strategies.
- Cybersecurity Insurance: Collaborate with IT service providers to navigate the complexities of obtaining comprehensive cybersecurity insurance, considering the evolving AI risks.
Anderson Technologies: Real People Creating Business-Changing IT Solutions
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