Unlocking Business Growth with a Data-Driven Approach to Cybersecurity

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Cyberattacks are a growing threat, with global cybercrime costs expected to reach 10.5 trillion dollars annually by 2025, according to Cybersecurity Ventures.

With almost all business-critical processes at risk, executives are seeking ways to minimize the impact of an attack and protect their company’s assets, reputation, and compliance.

However, many executives still see cybersecurity as an added cost, rather than a strategic asset. Manuel Hepfer and Thomas C. Powell from the University of Oxford’s Saïd Business School argue that a strong cybersecurity strategy can actually enhance competitive advantage, strengthen brand and credibility, reduce costs, increase operational speed, optimize business processes, and ensure compliance with regulations.

To achieve a data-driven approach to cybersecurity, organizations must collect and simplify security data, centralize data monitoring, and use artificial intelligence and machine learning solutions such as User and Entity Behavior Analytics and Security Orchestration, Automation and Response.

Cybersecurity is a crucial foundation for secure business growth, and a data-driven approach can be the key to making informed and effective security decisions. The C-suite must engage and ensure that cybersecurity works optimally for the business.

Investing in Cybersecurity Pays Off, Investing in cybersecurity is essential to ensure the protection of an organization’s digital assets and to mitigate cyber risk. The cost of investing in cybersecurity measures is far less than the cost of dealing with a major security breach.

For instance, the cost of a breach is estimated to be $3.86 million on average, according to a study by IBM and the Ponemon Institute. The cost of a breach can include direct expenses such as notification and credit monitoring services, as well as indirect expenses like lost business, lost productivity, and harm to an organization’s reputation.

By investing in cybersecurity measures, organizations can safeguard against these costs and protect their bottom line.

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