In the past decade, the development of ICT has ushered in a data-driven society, profoundly influencing political, economic, and cultural landscapes at both the corporate and national levels.
In this new scenario, cultural, economic, human, and industrial developments are intertwined with the management of information as a valuable commodity. Commodities are the most valuable asset in cyberspace and only companies equipped to handle them can establish a competitive advantage.
One alarming finding from Proxyrack‘s recent research indicates that Italy ranks eighth globally in terms of the average cost of data breaches. The GDPR uses the term “data breach” to describe cyber attacks that seek to breach personal data, and subsequently modify, disclose, or access them without authorisation. For instance, DDoS attacks can take down servers, preventing the affected party from providing services and information by disrupting services that are vital to the digital economy.
On average, companies that fall victim to data breaches suffer damages amounting to $3.6 million. According to projections from S&P, the global cost of cybercrime is expected to skyrocket to USD 10.5 trillion by 2025, which will have severe repercussions on the global economy. By that same year, insuring against these risks is estimated to account for 25% of total insurance costs. Needless to say, those involved in espionage prefer to remain in digital limbo to gather as much information as possible.
In 2022, cyber attacks continued to escalate, prompting organisations to adopt new technologies, re-evaluate processes, and increase investments in security measures.
Recent studies by Forrester Consulting reveal that a business-oriented approach to cyber security can yield tangible benefits for companies. Furthermore, the research underscores the importance of avoiding a reactive mindset and aligning cyber security efforts with overarching business objectives.
It is also crucial for organisations to proactively plan and allocate resources, collaborating closely with dedicated security teams. Companies must they place professionals with cyber security expertise throughout their organisations and define structured training plans. Businesses can only address data breaches and evolving cyber threats by relying on experts.
Cyber attacks have become a very serious issue that affects people’s real lives.
To take full advantage of the digital world, cyber security must accompany every step of the process. Organisations must adopt a holistic approach that safeguards their digitised operations in a secure and responsible manner at all times.
The traditional approach to cybersecurity is no longer enough, and businesses need to broaden the scope of their security teams beyond routine technical aspects. Instead, they need to devise comprehensive strategies that cover all bases, including elements that are not usually a priority, such as training awareness and data access disclosures. In addition, businesses need to consider the time aspect to ensure their adoption of cyber security strategies is truly holistic. To do so, they must apply long-term predictive models to theirrisk landscapes and a logic that takes process continuity over time into consideration by monitoring changes on a regular basis.
