In 2024, cybercrime shows no signs of slowing down. Cybercriminals are targeting citizens and businesses around the world with sophisticated and hard-to-detect scams, causing operational disruption and damaging corporate reputations.
According to researchThe global average cost of a data breach in 2024 is $4.88 million, a 10% increase from last year and the highest total on record, highlighting the growing financial burden on organizations.
With this in mind, below we look at innovative strategies that companies can adopt in their fight against cybercrime, including integrating cybersecurity into their ESG strategy, making judicious use of AI in cybersecurity, and aligning cyber practices with cyber regulations.
The need to integrate ESG factors into cybersecurity
Cyber threats are on the rise around the world. In particular, we are seeing an increasing number of attacks on critical infrastructure such as financial networks, healthcare, and other networked systems. The problem is that despite the pervasive nature of cyber threats, many companies continue to prioritize environmental, social, and corporate governance (ESG) factors, which focus on environmental and social issues, without paying enough attention to cybersecurity. Today, with cyber risk the most immediate threat to businesses globally, organizations must begin to consider it as part of their ESG strategy. Failure to do so could result in less resilient and less sustainable businesses.
How can companies integrate cybersecurity into their ESG strategy? Companies can align their cybersecurity goals with broader ESG objectives. For example, if a company is focused on social responsibility, it should ensure that privacy and data protection measures are also part of this commitment. Similarly, companies can include cybersecurity metrics and performance in ESG reporting, as well as implement ongoing training programs at all levels.
At Exclusive Networks, we integrate cybersecurity into our sustainability agenda, train future cybersecurity experts, and partner with non-profit organizations to promote CyberESG.
Unlocking the potential of artificial intelligence in cybersecurity
AI is also indispensable in cybersecurity strategies, as it strengthens digital defenses by identifying anomalies, automating routine tasks, and enabling faster threat detection and proactive responses. However, AI is both a tool and a threat. There is no denying that AI reduces the barriers to entry for cybercriminals and improves existing tactics, techniques, and procedures.
For example, AI empowers threat actors, improves their social engineering skills, and increases the effectiveness of cyber operations such as reconnaissance, phishing, and coding. researchThe rise of AI-powered generative attacks has seen the estimated cost of cybercrime to businesses rise to an average of $5.34 million per year in recovery expenses.
To strategically guide the use of AI in cybersecurity, organizations can seek to understand AI-generated threats and employ defenses against them, including updating employee training programs to recognize and respond appropriately to these threats. At the same time, organizations should regularly update their knowledge of AI advances and emerging threats to adjust their strategies accordingly, as well as continually invest in R&D to explore innovative solutions to new cybersecurity challenges.
By taking a balanced approach that considers ethical solutions and continuous learning, it will help businesses navigate the complexities of AI in cybersecurity.
Aligning cybersecurity practices with evolving cybersecurity regulations
Finally, companies must adapt their cybersecurity practices to changing regulations in order to manage legal, financial, operational and reputational risks. By following regulatory developments, practices reflect best practices and integrate the latest technological advances.
A recent example is the European AI Act, which notably underlines in its Article 15 that high-risk AI systems must adhere to the “principle of security by default and by design” and that measures must be taken to protect against attacks. By regularly following updates from regulators and conducting internal audits, companies will be able to maintain compliance and minimize losses related to breaches.
The cybercrime landscape in 2024 highlights the critical need for innovative and proactive strategies to combat increasingly sophisticated threats. With the financial cost of data breaches reaching unprecedented levels, businesses must prioritize cybersecurity as a fundamental part of their operational and strategic framework. Integrating cybersecurity into ESG strategies not only improves security, but also drives long-term value creation and sustainability, while leveraging technologies like AI allows organizations to strengthen their defenses while remaining vigilant against cyber threats.
