KPMG Releases 2024 Annual Cybersecurity Considerations Report

From managing customer trust to the strategic integration of AI, KPMG's 2024 Cybersecurity Considerations Report offers a clear view on the eight critical issues that Chief Information Security Officers (CISO) must prioritize this year to mitigate risk, drive growth, and strengthen organizational resilience.

Over the course of the year, in the face of the accelerated development of new technologies, according to the consulting firm KPMG, business leaders have faced a series of challenges in keeping up with the process, from the sustainability of growth to the management of emerging technologies, as well as the strategic acquisition and retention of specialized talent. In this context, the role of CISOs is undergoing significant evolution, being increasingly recognized as a strategic partner in proactively managing today's operational demands, rather than being called upon solely to resolve immediate crises.

KPMG identified eight priority issues that CISOs will presumably need to consider in 2024 to help mitigate risk, drive business growth, and strengthen organizational resilience. These must be addressed strategically, enabling organizations to take concrete actions to accelerate their recovery, minimize the impact of incidents on customers, talent and partners, and ensure that their cybersecurity strategies not only protect, but also drive business capabilities, says the firm.

The eight key priorities for KPMG are:

1. Customer trust management and data privacy. With the growing threat of cyberattacks and concerns about data privacy, CISOs must work closely with all stakeholders within the organization to safeguard customer trust and ensure operational resilience in the face of potential incidents.

2. Continuous integration of cybersecurity and privacy. Effective incorporation of cybersecurity at all levels of the organization should be viewed as a strategy to improve operational excellence on an ongoing basis.

3. Risk management in a global business environment. In an increasingly interconnected business world, it is crucial for organizations to develop a solid understanding of cross-border challenges to ensure resilience and continuity of operations.

4. Modernizing supply chain security. Despite the inherent challenges, it is imperative to ensure the security of suppliers and business partners as an essential enabler for business success.

5. Strategic use of artificial intelligence. Security and privacy leaders must align business objectives with the effective and ethical implementation of artificial intelligence to drive innovation responsibly.

6. Security process automation. In an increasingly digitized business environment, automating security processes is critical to keeping information protection teams relevant and effective.

7. Individualized approach to identity management. It is essential to adopt a holistic perspective on identity management, viewing it not just as an isolated aspect, but as an integral component of constantly evolving business models.

8. Aligning cybersecurity with organizational resilience. Organizations must foster a strong and adaptive security culture that engages all stakeholders, ensuring effective coordination at all levels of the enterprise to meet cyber challenges with resilience and determination.