The average cost of a data breach last year was $9.44MM. Of those companies that did suffer a breach, 60% were forced into bankruptcy within six months. No one wants to end up a statistic like that. Hence, the priority of cybersecurity has increased as a growing concern for businesses in all industries. The security risks come in many forms, from cyber-attacks, phishing, and data breaches to insider threats and vulnerabilities in Internet of Things (IoT) devices. However, most businesses don’t know where to begin and have limited resources and smaller IT teams, if any at all. In this article, I’ll show you what you should be on the lookout for and what high-priority solutions you can employ to address the top issues to be aware of in 2023.
As incredible as it may seem, people have been getting insurance for thousands of years. The Code of Hammurabi, written in 1755 B.C., is the first known legal text to describe the concept of insurance. Today, people and companies alike purchase insurance to protect themselves from financial loss. It’s a way to manage the risk that we experience in everyday life, such as auto insurance for car accidents or health insurance for when we get sick. Companies purchase insurance to manage the risk of running a business, like protection in the event of a fire with commercial property insurance or a workplace accident with workers’ compensation insurance. We use insurance to hedge against the risk of significant loss. These days, companies have been buying and exercising their cyber insurance policies for more than anyone would like or would have imagined.
Ransomware is a grave threat to any business. It’s an incredibly complicated problem that traditional IT defenses have been unable to stop, and a single strategy cannot fix it.
Even the smallest unknown or unpatched computer vulnerability can be catastrophic to an organization and its customers.
Hacking is no longer new. It’s become a daily conversation in newsrooms and boardrooms everywhere; hacking and data breaches are the never-ending security story of the 21st century. To rise to this occasion, strong IT leadership is essential. Data breaches can happen at any moment, and we now need to assess the influx of increasingly massive amounts of data for risk in real time.