The cybersecurity threat landscape isn’t getting any easier. From AI-driven cybercrime to phishing attacks and the prevalence of personal devices in the workplace, cybersecurity professionals have an increasingly long list of threats to manage.
Protecting corporate data is made harder by a dearth in funding. Yes, 91 percent of companies have increased cybersecurity budgets in 2021, according to IDG research. But IDG also found that new cybersecurity hiring is flat, and many long-range security projects have been sidelined this past year. Security professionals are having to do more with less.
There’s a good reason that roughly 68 percent of business leaders feel the cybersecurity risks for their company are increasing, according to recent research by Accenture. They are increasing.
From phishing to incidental data exposure as a result of human error, data breaches are becoming increasingly common among organizations of all types. In the first half of 2020 alone, more than 36 billion corporate records were exposed by mistake, according to RiskBased Security.
First, there is the reputational damage that comes from leaked data. Then there is the cost of cleanup, which typically runs between $3.86 million and $8.64 million. Finally, there are regulatory repercussions from violation of the patchwork of rules that govern financial data, including the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Protection Act (CCPA), and others.
Sensitive data that is insecure is the stuff that keeps security and compliance professionals up at night. And the scary part is that it happens all the time. Roughly 73 percent of businesses admit that they have encountered sensitive data leaks in the past year, according to Microsoft research.
The Covid-19 coronavirus pandemic has radically changed business. Not only has it altered customer behavior, upended business plans and disrupted supply chains, it also has moved work to the home.
An Owl Labs study found that roughly 70 percent of full-time employees now work from home in the U.S., at least temporarily.