Companies that use data as the foundation of every business decision, strategy, and operating model have a significant competitive advantage.
As the value of data increases, so does the security risk. Cyberthreats are proliferating, cybercriminals are getting more creative, and chief data officers (CDOs) are given more challenges to consider.
According to IBM Security’s 2022 Data Breach Cost Report, 83 percent of the 550 organizations surveyed witnessed multiple data breaches between March 2021 and March 2022. Surprisingly, the average cost of a data breach reached an all-time high during this period. For the period he made $4.35 million, a 12.7% increase over 2020.
When critical infrastructure is involved, the figure is even higher ($4.82 million), reaching a whopping $10.1 million in healthcare, where the average cost of a breach is consistently the highest. Months or even years of effort can be wasted in an instant when a major data breach occurs.
Need to ensure data and 24/7 security
A study titled “Turning Data into Value: How Top Chief Data Officers Drive Outsized Results While Spending Less” found that the majority (82%) of CDOs in the Middle East and Africa region said that security is a key part of their data architecture. It points out that it ranks as the most important feature. (The study was conducted by the IBM Institute for Business Value in partnership with Oxford Economics and interviewed 3,000 CDOs in more than 30 countries and 29 industries.)
The survey also found that just over half of organizations are fully compliant with data laws and standards, and less than two-thirds of CDOs agree that their organizational and customer data is secure and protected. It became clear. In a disturbing statistic, only 57% of his respondents in the MEA region cite ensuring data security as one of his most important responsibilities in his role. The lead lies in increasing data ROI, which is a top priority for his CDOs of 67%.
The findings highlight the need for organizations to prioritize data security and compliance by investing in robust data protection strategies and adopting the latest security technologies to defend against cyberthreats.
AI as a gatekeeper
Entities that use AI, machine learning, and analytics to identify and contain intrusion attempts and other incidents generally perform better than entities that rely on manual input processes to address cyberthreats. Tools such as Security Orchestration, Automation, and Response (SOAR), Security Information and Event Management (SIEM), and Extended Detection and Response (XDR) can help reduce the cost and lifecycle of a data breach.
The cost of a breach in an organization that fully deploys security AI and automation is an average of $3.05 million less than a breach in an organization that does not have such solutions in place. No wonder the percentage of companies fully or partially deploying security AI and automation will increase by 65-70% between 2021 and 2022.
Secure ecosystem partnership
Ecosystem partners serve as key value creators of enterprise data strategies for nearly three-quarters of organizations in the MEA region. However, it also adds complexity, especially when cybersecurity and data protection are involved.
Collaborative infrastructure and interdependencies require a shared approach to external threats. Therefore, organizations should collaborate with all partners on cybersecurity threat intelligence.
The strength of a chain is determined by the strength of its weakest link. Organizations should be aware of the risks associated with third parties and how they can impact the overall security posture of the organization. Only organizations that take a Zero Trust approach to security and protect data at all levels with a holistic, end-to-end solution will build trust among stakeholders and differentiate themselves from their competitors. I can.
It is imperative for organizations to be aware of the risks associated with third-party involvement and understand the potential impact on overall security.
- Where is your organization currently on this journey?
- Do you have a clear and concise roadmap in case of a breach?
- How would you answer?
- Is this factored into your budget?
Understanding the threat landscape and proactively driving preparedness and response services to achieve cyber resilience is critical.
