Security Technology: Industry Trends for 2024

by | Apr 30, 2024 | Patrol Security, Security, Security Guards, Security Solutions

Security technology has been rapidly advancing over the past decade, with new innovations reshaping how businesses protect against and respond to threats. 

While physical security incidents cost companies $1 trillion in 2022, cybercrime is predicted to drain $10.5 trillion annually by 2025. Digital crime is on the rise, and cybercriminals are adopting sophisticated tactics that integrate the latest technology. 

To make informed decisions and effectively balance traditional and modern approaches to security, businesses must stay updated with industry trends. 

Emerging Trends in Physical Security Technology

Evolving technology and newly integrated systems contribute to a more intuitive and privacy-conscious approach to physical security. 

Integration of AI and Machine Learning in Surveillance Systems

Traditional surveillance systems are becoming ubiquitous across public spaces and business premises, and their market value is projected to reach $204.5 billion by 2032

Although effective at detecting disturbances and identifying perpetrators, physical surveillance tends to be expensive and requires intervention from security personnel. Consequently, industries are collectively adopting AI and machine learning surveillance solutions.

With facial recognition, object detection, and behavior analysis capabilities, AI optimizes surveillance procedures, improving the efficiency of preexisting systems and reducing reliance on manual intervention. The utilization of advanced AI algorithms facilitates a swift and accurate response to security incidents, ensuring timely identification and evaluation of potential threats.

Similarly, machine learning (ML), a subset of artificial intelligence, enables local processing of security footage, eliminating the need for data to be transmitted or stored.  The independence of machine learning, combined with its ability to classify objects, ensures the protection of citizen privacy through selective emission and deletion of non-essential data.

Rise of Mobile Credentials and Touchless Access Control

Mobile credentials and touchless access control are convenient and cost-effective alternatives to physical access methods. 

Since the COVID-19 pandemic, touchless access control has seen a significant uptick in adoption. Touchless systems that can be activated through facial recognition or gestures such as waves prevent the transfer and spread of viruses through common touch points. Throughout the recent rise of this technology, mobile credentials have emerged as the preferred form of touchless access control. 

All smartphones are integrated with multi-factor authentication features, ensuring increased security over ID badges, cards, and keys. Mobile credentials can be remotely issued to provide long-term access for employees and immediate temporary access for contractors and visitors, fulfilling most business requirements. A study by Brivo revealed that convenience is the main driver and biggest perceived benefit of mobile access control.  

Adoption of Cloud-Based Data Security Technology 

The cloud offers an accessible, scalable, and more secure method for storing data. Cloud data security prevents data from loss, exposure, or misuse during breaches and similar incidents. A 2023 report revealed that the global average total data breach cost is $4.45 million, highlighting the importance of robust cloud-based data security measures.

After a rapid shift to remote working in 2020, many businesses sought cloud data security as an alternative to physical data storage and security measures. As of 2022, businesses, on average, allocate 32% of their cybersecurity budgets to cloud security

Cloud data security still faces risks and challenges, such as insecure APIs, misconfiguration, and cyberattacks. However, as cloud technology evolves, many of these issues will be addressed, and cloud-based security will become a fundamental component of data management infrastructure. 

Evolving Role of Biometric Systems in High-Security Applications

Biometric systems utilize unique characteristics to identify and authenticate users. This security technology can be categorized into two distinct methods:

  • Physical biometrics distinguishes users through physical identifiers such as fingerprints, faces, and hand geometry. 
  • Behavioral biometrics distinguishes users through behavioral identifiers such as voices, keystrokes, and mouse movements. 

Unlike other forms of authentication, these biometrics cannot be stolen, drastically increasing the security of applications, sensitive data, and restricted locations.

Biometric systems are becoming increasingly advanced and widely adopted throughout various industries, offering a highly secure and user-friendly defense against unauthorized access. This development has also resulted in the integration of biometrics with traditional security approaches, forming efficient multi-factor authentication systems.

The Growing Importance of Behavioral Analytics in Security Systems

Behavioral analytics utilizes AI and ML technology to analyze data sets and identify anomalies in patterns. These anomalies, which can indicate malicious activities or cyberattacks, are flagged by the behavioral analytics system, which alerts security teams. 

Many behavioral analytics systems can provide data visualization and real-time insights through data sources such as network traffic logs, access logs, and user activity records.  

Cyber attacks are constantly becoming more sophisticated and persistent. Therefore, a proactive approach to security and immediate action is paramount. Behavioral analytics can detect even highly complex and inconspicuous threats, allowing organizations to respond before their systems are infiltrated. 

Cybersecurity Technology Advancements

Over recent years, the cybersecurity sector has undergone critical technological advancements to enhance threat detection, reduce response times, and conform to regulatory requirements.

The Escalating Threat of Ransomware and Advanced Cyberattacks

Although the progression of cutting-edge technology, such as AI and cloud computing, has brought numerous benefits, it has also increased the refinement and prevalence of ransomware and other advanced cyber threats. 

The global cost of cybercrime is forecast to increase by $4.6 trillion between 2024 and 2028, and ransomware is one of the key contributors to this financial impact. In 2023, 34% of ransomware attacks resulted in a ransom payment, and the main root cause for this type of attack is exploited vulnerabilities. It’s vital for organizations to match cybercriminals’ level of technological adoption to promptly and effectively address vulnerabilities before they become targets of exploitation.

Zero Trust Architectures: An Emerging Necessity

The Zero Trust model has emerged as a key advancement in cloud security. This model operates on the principle of “Never trust, always verify.” Through this principle, the model treats all traffic and users as potentially hostile, requiring extensive verification for every request regardless of origin.

Although the Zero Trust model was first introduced in 2010, federal government agencies and similar sectors have only recently integrated it into their security strategies.

Unlike most other forms of cybersecurity, the Zero Trust model protects against insider threats, which is particularly essential amid the rise of remote work. Unlike several years ago, most employees access sensitive data from various devices, locations, and networks, considerably heightening the risk of these threats.

While traditional security models typically trust all user actions after initial access, the Zero Trust model requires continuous authentication and verification to safeguard against potential insider threats, both intentional and unintentional. Overall, this model has emerged as a necessity against threats in increasingly complex digital environments.

AI’s Role in Enhancing Cybersecurity Measures

AI continues to optimize and automate preexisting cybersecurity measures to save time, reduce costs, and increase organizations’ resilience against cyber threats. Areas where AI has already made a positive impact include:

  • Threat Detection 
  • Vulnerability Assessments 
  • Incident Forensics 
  • Network Traffic Monitoring 

Although cybercriminals are aware of these advancements and actively attempt to counter AI technology, its involvement can still enhance cybersecurity measures in other ways. By decreasing the potential for human error and aiding decision-making, AI can drastically improve even the most traditional deference strategies. 

Importance of Data Privacy and Compliance with Evolving Regulations

As businesses adopt new technologies, they must also learn to navigate the evolving regulatory landscape. Cloud data storage, AI integration, and other advancements foster new challenges regarding data privacy and compliance. 

For instance, AI relies upon vast amounts of data sets to learn and train ML systems to build algorithmic models, which raises certain privacy concerns and ethical considerations. AI use potentially falls outside the scope of regulators such as the General Data Protection Regulation of the European Union (GDPR) and the California Privacy Protection Agency (CPPA), which can result in business liability. 

New regulations and drafts are expected to surface throughout 2024, and organizations must carefully consider and adhere to relevant rules regarding their implementation of AI and similar technology.

Convergence of Physical and Cybersecurity

While some organizations are transitioning fully to cybersecurity measures, most are opting for hybrid models that integrate and combine physical and digital security elements.

Overview of Security Convergence: Integrating Physical and IT Security

Security convergence refers to the integration of physical and IT security, which were initially disjointed security measures. This trend brings together various aspects of an organization’s security infrastructure, including access control, security surveillance, network security, and incident response, into a cohesive framework.

This is largely in response to the persistence and increasing occurrence of hybrid attacks, which combine physical and digital tactics. By joining together physical and IT security infrastructures, organizations ensure a unified approach that efficiently identifies, prevents, and mitigates these threats. 

Benefits and Challenges of Implementing Converged Security Systems

Implementing converged security brings significant benefits to organizations by:  

  • Simplifying communication: As organizations employ converged security systems, they can ensure more cohesive communication between team members. When communication is optimized, action can be taken more swiftly to minimize damage from threats. 
  • Aligning strategies: The separation of physical and IT security can result in partial and ineffective responses to security threats. Converged security systems can enhance these responses by offering a holistic view of internal and external threats. 

However, this convergence also introduces new challenges that organizations must consider and address, such as: 

  • Increased costs: There are considerable costs associated with the convergence of security measures. Therefore, organizations must first determine whether this option is financially feasible in both the short and long term. 
  • Integration complexity: The process of integrating physical and IT security systems can be complex and requires cohesion between different technologies, protocols, and practices. This demands careful planning and expertise, which may require specialized training for staff, further accumulating expenses. 

Case Studies: Successful Implementation of Converged Security Strategies.

Marc Sokol, after being elected to the Board of Directors for the Financial Services Information Sharing and Analysis Center, was tasked with creating a short and long-term strategy for implementing a convergence-based approach to the organization’s security. This approach was required to span information security, physical security, life safety, incident management, investigations, fraud mitigation, resiliency, crisis management, and third-party risk management. 

The success of Sokol’s convergence strategy was highlighted during Hurricane Sandy in 2012 when the organization could continue key business operations with “unwavering commitment, efficiency, and cooperation.” He also revealed a significant reduction in annual costs and a decline in the frequency of security incidents, near misses, and investigations.

Factors Influencing Security Technology Trends

The rise of new security technology trends reflects a constantly evolving environment that changes how we work, operate businesses, and make decisions. 

Impact of Remote and Hybrid Working Models

The transition to remote and hybrid working models elevates the complexity of securing data and other assets. The use of personal devices increases the number of potential attack targets and allows more opportunities for network infiltration. 

Therefore, organizations must expand their workplace security measures outside business premises and consider the potential for attacks that predominantly rely on human error, such as phishing. As discussed, Zero Trust architecture has emerged as a solution to many of the risks associated with remote and hybrid working models. 

Influence of AI and Machine Learning Innovations

AI and ML will directly contribute to many of 2024’s security trends. This technology’s adaptive learning abilities and scalability have blurred the lines between human-based and digital security. Similar to manual surveillance, many roles that were originally assigned to personnel are now transitioning to the responsibility of AI. 

Throughout various industries, AI and ML have proven to be worthwhile investments by providing numerous advantages over traditional security solutions. 

For instance, the 2023 ‘Cost of a Data Breach Report’ disclosed that organizations that use AI and automation capabilities within their approach experience, on average, a 108-day shorter time to identify and contain breaches. They also reported $1.76 million lower data breach costs compared to organizations that didn’t use AI and automation. 

Many other reports in recent years have revealed similar findings that indicate AI and ML’s relevance in the current technology security landscape. 

Need for Data-Driven Security Decisions in a Digital World

Data-driven security decisions help organizations to effectively allocate resources, prioritize immediate threats, and predict future challenges. Strategies can be adjusted based on real-time metrics and insights, allowing security measures to remain effective against new and ongoing threats.

As industries transition to cybersecurity, traditional security decision-making has become outdated. Cyberattacks require a rapid response, as threats such as malware can cause irreversible damage in as little as a few minutes. Data-driven decisions allow for the automation of the incident response process, reducing the time it takes to detect, investigate, and mitigate threats. Additionally, since the digital world operates 24/7, security threats can emerge at any time, requiring constant monitoring. 

Implementing New Security Technologies

Before implementing new technologies, organizations must conduct self-assessments to ensure a smooth and effective integration. 

Assessing Organizational Needs and Risks

Assessing organizational needs and risks ensures any newly implemented strategies and technology align with the business’s priorities. Questions that must be considered throughout this process include: 

  • Which physical or digital assets are most critical to the organization’s operations and must be prioritized?
  • How do the current security strategies align with business objectives and goals?
  • How effective are the current security systems at identifying, managing, and mitigating risks?
  • How are emerging technologies and trends in the industry likely to impact the organization’s threat level?
  • What measures are in place to monitor and evaluate the performance of newly implemented security technologies?

By addressing these questions, organizations can effectively implement and adjust to new technologies. 

Strategies for Integrating Emerging Technologies with Existing Systems

It’s vital to have a predefined strategy when integrating new technologies with existing systems to avoid potential losses, extended system downtimes, and other unwelcome outcomes.  

One approach is to begin small and implement the new technologies slowly. This can minimize damage and enable training to be completed for employees. Many new technologies, such as AI, can significantly disrupt business operations, so allowing time for adjustment and reorganization is crucial. 

After implementing the new technologies, it’s time to measure and track their success. Results won’t happen overnight, so businesses can expect gradual, ongoing progress.  

Despite providing many advantages, some new technologies may not be the ideal solution for every business. Therefore, preparing for potential issues and including a plan to transition back to preexisting operations is also recommended. 

Budget Considerations and Cost-Effective Solutions

The cost of new technology integration depends on several factors, such as the size of the organization, the current risk level, the state of preexisting systems, and the organization’s security goals. 

Although integration costs for some technologies are low, ongoing costs may exceed budgets. For example, a Flexera report revealed that companies with over 1,000 employees were spending between $2.4-$6m annually on cloud computing. 

To minimize expenses, businesses can opt to focus on preventative measures. Identifying and removing threats, especially digital ones, can be much more expensive than preventing them in the first place. New preventive security technologies include AI surveillance, touchless access control, and behavior analytics. 

Future Outlook

Beyond 2024, we can anticipate the development and refinement of existing technologies along with the introduction of new approaches to security. 

Predictions for Security Technology Beyond 2024

As the cybersecurity market size is estimated to reach $350.23 billion by 2029, we can assume that organizations will devote more resources to digital security technologies. 

With the drastic rise of AI and ML throughout 2023, we can expect, over the next few years, more businesses to integrate this technology into their security solutions. CyberArk predicts that by 2026, nearly half of Fortune 500 company boards will seek out a chief AI security officer. Similarly, we can anticipate an increase in AI-driven threats, which will pose even more new challenges for security teams. 

Preparing for Future Challenges and Opportunities in Security Technology

Organizations must prepare for this rise in AI cyberattacks and other advanced threats. Once widely implemented across industries, many existing technological solutions will help subdue these growing challenges. For example, the Zero Trust model can help prevent successful phishing attempts, which are becoming increasingly more advanced with the help of AI. 

Another challenge that many organizations will face in the coming years is an incline in data protection laws. It’s predicted that most companies in 2026 will struggle to comply with ever-increasing data protection and breach disclosure requirements. As businesses implement new technology, they need to be aware of these requirements and prepare for future laws that will likely be drafted and enacted in the upcoming years. 

Conclusion

Overall, 2024 will see an uprise in many advanced technologies, such as AI surveillance, touchless access control, biometric authentication systems, behavioral analytics, zero-trust architecture, and cloud-based data storage. This emergence is in direct response to the increasing risk of cybersecurity threats to businesses. Through AI, many threats, such as phishing attacks and ransomware, are becoming more sophisticated, which requires proactive and adaptive security measures 

Many businesses are converging their physical and IT security systems to simplify communications and ensure a unified approach to threats. Data-driven security decisions are also becoming commonplace, allowing more strategic resource allocation and preparation to address threats. 

Gaining insight into current and upcoming trends within the security technology industry enables businesses to make informed decisions and adapt to new challenges that may surface in 2024 and beyond.

Follow Us

Related Posts:

Connect with

American Security Force

Today

What our clients say about us

Mike Ross

customer

“So glad I hired the proper security company, American Security Force has been dependable through the renovation project. I have another build and they will be my go-to guys for the next long project” - Avengers, Los Angeles

Raven L

customer

Had the security guard arrive on in uniform, exceptionally prompt. Responded quickly to my security need that same day. I fully recommend this company.” - Raven L., Los Angeles