3 November 2023

How will technology and cybersecurity change in 2024?

A shield with a compliance tick and a lock and key.

Technology is constantly shifting, so what can you expect to see as we move into 2024? What tech trends of 2023 have stuck the landing to stick around for the long haul?

“I wonder if the main technological challenge of 2024 will be getting any interesting technology noticed over the noisy large language model gorilla in the room!”- Neil Stenton, Research Engineer.

32% of businesses and 24% of charities recall breaches or attacks from the last 12 months.

The potential value of the internet of things could reach $12.5 trillion globally by 2030 

Failure to launch

Everyone gets very excited when new revolutionary bits of technology are launched, but it’s always really important to consider how they’ll be used in your organisation. Funds to invest and time to learn new systems are both limited, so how can you ensure that this critical area is considered properly? 

In this blog, we’ve consulted with our in-house Research team to uncover which of 2023’s biggest technological innovations have stuck the landing and will continue to impact 2024, and which have fallen by the wayside. We’ll also be looking at how AI has shaped the world of work, and how it will continue to do so. 

Plus, we’ll be chatting with our chief security officer to see how all this connects to the most vital aspect of technology for any organisation - protecting your data and customers from cybercriminals.  

Failure to launch ...

Some technology that got pushed as the next big thing in 2023 has been stuttering on the launch pad. Blockchain, VR and large language models (LLMs) are all getting a lot more scrutiny as we move into 2024. 

Hannah Jeacock, Research Director at MHR, had this to say: “None of us are convinced on blockchain! The immutable ledger component of the technology can be achieved without requiring a ‘full blockchain’. This, arguably more useful, component provides guaranteed data integrity and traceability so there are practical use cases that we will see emerging within products in 2024 and beyond.”

Likewise, while virtual reality (VR) has been integrated into gaming platforms to great effect, it’s struggled to find a place within businesses.  

Kevin Slater, Research Engineer at MHR observes “Despite attempts at integrating VR into virtual business meetings, the technology has often resulted in increased setup times and participants feeling drained. Additionally, the immersive nature of VR can sometimes lead to distraction, causing users to lose focus on the task at hand.”

However, while VR is struggling to find its footing, augmented reality (AR) is seeing more of a push, as while it’s not as immersive as VR, it doesn’t have the same inherent setup issues.  

The cybercrime arms race

Across all UK businesses there were approximately 2.39 million instances of cybercrime and approximately 49,000 instances of fraud as a result of cybercrime in the last year. 

By 2026, 70% of boards will include one member with cybersecurity expertise.

The past year has seen a number of incredibly high-profile cybercrimes and data leaks. Will North, MHR’s Chief Security Officer, has made a number of observations about where cybersecurity will be headed in 2024.  

“The main cyber-security challenges won’t change much for 2024. The biggest risks will be from supply chain attacks resulting from vulnerabilities in third party products, as we saw with the MoveIT vulnerability in 2023.” 

The organisations that will be most affected are the ones that cannot afford the latest security tools, or the resources to deploy them effectively. Organisations running on-premises solutions will also be at a higher risk, as they likely don’t have the resource to continually protect them from new vulnerabilities and threats, which organisations using the cloud won’t face. 

Specific developments are hard to track, because as soon as a fix is implemented, cybercriminals can attempt to find a way around it. Cloud-based software is a great universal defence here, as it ensures vulnerabilities can be spotted and patched out quickly. 

Final thoughts

You can never rest on your laurels when it comes to technology, so if you want even more developments, check out our full 2024 guide. It goes into more depth about the rise of AI, and what technology you should embrace over the next year. 

This blog is part of a wider six part series, all about the challenges and opportunities the changing world of work will have to deal with in the coming year.  

We’ll help you build your full 2024 roadmap, covering HR, payroll, finance, learning, data analytics and tech.  

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Mockup of MHR's Roadmap to 2024

Your Roadmap to 2024

These insights come from our Roadmap to 2024 - spanning across HR, payroll, finance, learning, data analytics and technology. 

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