Data breaches are a primary threat to data security that impact on business operations and competitiveness. Cybercriminals are continuously demonstrating their ability to create new malware strategies and attacks to disrupt all types of businesses. Data security will continue to be a major concern for government and companies who need to follow different security requirements based on their business needs and unique challenges.
Australian based earlybirds.io recently addressed this growing problem and some key solutions that could help businesses in the future. Mr. Jeff Penrose, a spokesperson for the company, says, “While it is good to implement new technologies, it is more important to ensure that any technology (especially ones that are trending) is fit for purpose and will be adopted and useful for the enterprise after implementation. Some of the pitfalls that may result in adopting technologies that are unfit for your company.”
According to the IBM Cost of Data Breach Report 2022 the global average cost of a data breach increased from $4.35 million to $4.82 million while the average cost of a critical infrastructure data breach was $4.54 million. This is the cost of a ransomware attack, not including the cost of the ransom itself. The average increase in cost where remote work was a factor in causing the breach versus when it was not a factor is $1 million and the average cost savings associated with an incident response team and regularly tested IR plan is around the $2.66 million.
Mr. Penrose states, “While the study focuses mainly on the financial costs associated with a data breach, the real impact on businesses run much deeper that includes reputational loss, legal liability and loss of business and consumer trust.”
A Forbes article discusses the dynamic attributes and unpredicted traits of technology are causing disruption across industries changing the landscape of business models and operations. “Today, innovation within cybersecurity is significantly improving how technology can be used securely and enhancing the mode by which increasingly complex attacks are protected from causing damage to organizational assets. While cybersecurity represents an innovative approach in every sector of today’s digital economy, innovative technologies enable organizations to implement and provide secure control mechanisms to businesses.”
Penrose states that early adopters understand the value of innovation.EarlyBirds is an open innovation ecosystem that connects startups, scaleups and mature businesses alike with early adopters to help businesses to increase their growth and solve the technical challenges that plague many businesses today.
EarlyBirds can help on two fronts. Firstly, it can help all types of businesses with selecting the new and emerging technologies they are planning to adopt. The EarlyBirds platform is industry and technology agnostic and currently holds data on over 4.8 million solutions and services. Secondly, EarlyBirds has created a global cybersecurity ecosystem map covering all the core cyber themes and subthemes. The cybersecurity ecosystem map can be used to quickly identify relevant cyber solutions to meet the needs of existing cyber concerns or planned technology modernisation programs using disruptive solutions.News Source: InvestorsObservers