Cybersecurity and data protection are crucial in preserving confidential information and ensuring the overall resilience and success of modern businesses. Disregarding these aspects may have dire consequences to any kind of organization.
- Cyber Threats: Cyber attacks are becoming increasingly common and rising in frequency, highlighting the importance of data protection, where effective cybersecurity measures are essential to detect, prevent, and mitigate threats, such as phishing, malware, ransomware, etc.
- Data Breach: Data breaches can lead to significant financial and reputational losses (the cost of damage can be indefinite and substantial within companies)
- Regulatory Compliance: It is essential for many industries by implementing strict data protection guidelines in order to prevent fines and penalties, , affecting a company's bottom line.
- Customer Trust: Customers expect a certain level of data protection and are increasingly aware of data privacy issues.
- Competitive Advantage: Being able to showcase effective cybersecurity can foster a company’s competitive advantage within an industry. Customers and partners prefer to work with secure organizations, making cybersecurity an attractive selling point.
Cisco’s report on Data Privacy Benchmarking ’23 fosters these arguments.
Organizations worldwide continued to rely heavily on privacy as a business driver in 2022, with 95% of study participants stated that the topic is an business imperative.
Technologies are now shared between different organizations, which also leads to common weaknesses or dependencies for them as well. Cybersecurity experts are just starting to understand the scope and implications of the tech interdependencies formed by their organizations' digital transformation. The decency also occurs on following parameters:
- Geopolitics: At the beginning of the year, the outlook stated that 93% of cyber leaders and 86% of business leaders believe global geopolitical instability could likely cause a major cyber event within the next two years. Now facing real-time events it is even more troubling.
- Laws and Regulations: Regulations are increasingly seen as useful in directing private-sector resources into cybersecurity and resilience activities in order to mitigate large-scale cyber incidents. investigations, and collaboration between policymakers and the private sector, you can measure a company’s resilience level to cyber attacks based on their implemented regulatory.
- Emerging Technology: Based on the report, Artificial intelligence (AI) and machine learning (20%), increased cloud use (19%), and improvements in user identification and access management (15%), according to respondents, will have the biggest impact on their cyber risk strategies during the next two years.
