Cybersecurity

As various technologies are being adopted by companies, new vulnerabilities in the form of cyber-threats such as malware, ransomware, and data breaches are becoming more prevalent. This increase in the frequency and severity of cyber-attacks demands the need for focused cybersecurity initiatives to develop a secure end-to-end solution, protecting both data and infrastructure.

In recent years, the number of cyber-attacks has jumped significantly with over 2,200 new cyber-attacks occurring daily. Furthermore, 64% of companies worldwide have been the victim of at least one cyber-attack, each with an average reparation cost of over $4 million [1–2]. Without a solid cybersecurity solution in place, one of these attacks could be detrimental to a company’s operations, finances, and reputation.

Cybersecurity refers to a combination of softwares and methodologies tailored to protect companies from these threats. As such, cybersecurity can take various forms such as the zero-trust model which requires user authentication at multiple points, monitoring tools that constantly scan for viruses, encryption tools to manage access to data, and more.

Key Benefits:

Due to the many layers of cybersecurity, there is an array of different benefits based on the implemented solution, some of the most prevalent include: Access Management, Cyber-crime Resilience, Data Privacy & Security, and Company Reputation Protection.

Access Management: Through the use of cybersecurity, companies can regulate access management, which ensures a user should have access to the data, system, or network they are attempting to access. Methodologies such as Zero-trust manage user access by requiring user authentication at multiple points in the ecosystem, which helps protect against both internal and external threats, as well as reduces security risks due to human error.

Cyber-crime Resilience: Having a full cybersecurity approach in place can often prevent a cyberattack altogether. Monitoring tools actively look for potential threats and can mitigate them before an attack occurs, while firewalls and encryption protect systems and data from being damaged or stolen in the event a cyberattack does occur.

Enhances Productivity: When a cyberattack such as a data breach or a malware virus occurs, it can impact networks, workflows, and other systems bringing productivity to a stop indefinitely. The resulting downtime adds to the total cost of the cyberattack.

Data Privacy & Security: While some companies collect and store sensitive data more than others, all companies have some private information saved on their network or in the cloud, and in both cases, that data could be at risk. Cybersecurity defenses such as firewalls, encryptions, monitoring tools, zero-trust, etc. work together to ensure that your private data stays private.

Company Reputation Protection: Companies without a strong cybersecurity solution are often easy targets for hackers and cyber-criminals. If a company is breached and its data is made public, it could quickly become a scandal. This becomes even more critical when customer data is at risk as a breach of their data could negatively impact the company’s reputation costing them not just time and money, but customers as well

Market Outlook:

The cybersecurity market is growing rapidly, grossing roughly $172 billion worldwide in 2022, and is expected to reach $266 billion by 2027 [3]. While governments and IT companies currently account for the largest section of the cyber security market, many other industries are becoming increasingly involved as cyber-attacks have become more common in other market segments, such as financial services, healthcare, and manufacturing companies. In 2022 the most targeted market segments were Education/ Research and healthcare.

While the cybersecurity market is quickly expanding, the rate of cyber-attacks is also increasing. According to Check Point Research (CPR), 2022 showed a 38% increase in cyber-attacks as compared to 2021. Furthermore, the total damages from cyber-attacks per year are projected to rise from $8.4 trillion in 2022 to $24 trillion by 2027.

BwB Advisors' Methodology for Adopting New Technologies:

The business world and the technological world must evolve parallel to each other. No matter your organization’s industry, implementing new technology in an organization is vital for staying competitive in the dynamic markets of today. Nevertheless organizations should proceed cautiously in deciding which technologies are needed and how to implement them — one size does not fit all.

At the BwB Advisors, our Technology Adoption Methodology (TAM) follows a 6 phase process and provides a complete roadmap from identifying an advantageous technology all the way through its deployment so that your organization can ensure success.

To learn more about us and our Technology Adoption Methodology click here.

February 2023   /   Insights   /   By: Michael T. Casarona

References:

[1] Fox, J. (2023, January 10). Top cybersecurity statistics to know for 2023. Cobalt. Retrieved January 11, 2023, from https://www.cobalt.io/blog/cybersecurity-statistics-2023#:~:text=How%20many%20cyberattacks%20per%20day,1%20cyberattack%20every%2039%20seconds.

[2] How many cyber attacks happen per day in 2022? Techjury. (n.d.). Retrieved January 11, 2023, from https://techjury.net/blog/how-many-cyber-attacks-per-day/#gref

[3] Cybersecurity — worldwide: Statista market forecast. Statista. (n.d.). Retrieved January 11, 2023, from https://www.statista.com/outlook/tmo/cybersecurity/worldwide