Over the last few years, cybersecurity has become a major concern for businesses around the world. With the total cost of cybercrime projected to hit $8 trillion (T instead of B) in 2023, it’s no wonder leaders in every industry and region are making cybersecurity a top priority. .
However, despite the increased attention and budget for cybersecurity in recent years, attacks are becoming more common and more serious. Attackers are becoming more sophisticated and organized, but this is just one piece of the puzzle in determining why cybercrime continues to rise and what organizations can do to stay safe. I’m sorry.
Abundant cyber spending, lack of cyber security
It’s easy to think that the solution to the cybersecurity problem is to spend money on hiring more security professionals and investing in more tools and technology. If only it were that simple.
For one thing, there is a shortage of experienced cyber professionals. (ISC)2 estimates that 3.4 million of his cyber positions are vacant worldwide. This is a 26% year-on-year increase from 2020 to 2021. effective. ” So even if your organization has the budget to hire a handful of cybersecurity professionals, you may not be able to find them.
Additionally, data over the past few years shows that organizations are investing more and more in cybersecurity each year. Gartner predicts that global spending on security and risk management will grow by more than 11% in 2023, from just $158 billion in 2021, to a maximum of $188 billion. It is expected to reach $267.3 billion in total by 2026.
Despite this significant increase in spending and many businesses purchasing large numbers of commercial security solutions (one study found that the average organization has 76 security technologies in place). known), breaches of corporate networks, systems, and data continue to grow. more routine.
Breaches are becoming more frequent and more costly
We all know cybercrime is a serious challenge, but just how much of a problem is it? I’m here. This comes after a reported 50% year-on-year surge from 2020 to 2021.
Not all of these attacks are targeted or sophisticated attacks, but the sheer number of attacks makes it more likely that a single attack will go undetected. And with just one successful attack, an organization faces significant costs and reputational damage.
Organizations often respond to cyber incidents only after the attack has reached an advanced stage and have few clues as to how the breach occurred and what the attackers are after. Security teams have to scramble to catch up, slowing the response and recovery process.
Unfortunately, the longer it takes to return to business as usual, the higher the cost of incidents. According to the 2022 IBM Data Breach Cost Report, it takes the average organization a staggering 277 days to fully identify and contain a breach. This brings the average cost of a data breach up to $4.35 million. That’s enough numbers to pose an existential risk to many SMBs. Even for a large company, this amount is nothing to scoff at.
A strategic shift is required to enable organizations to anticipate threats, implement preventive strategies, and improve agility to detect and eliminate threats as quickly as possible.
Journey to Influential Intelligence
Without exception, all organizations with a digital presence experience cyberattacks. The most effective approach is to identify and respond to attacks as soon as possible. The sooner a threat is detected and eliminated, the less likely it is that an attack will succeed and harm your organization.
The question is how can organizations minimize the time it takes to detect and defeat threats? The answer is impactful intelligence that improves risk visibility and enables cyber agility in threat response and elimination.
In the Infosec world, it is often said that threat intelligence must be “actionable.” While this is true, it is only one aspect of her that makes up a valuable intelligence.In today’s adversarial threat landscape, intelligence is impactful.
Impactful threat intelligence requires four properties:
- correct – Intelligence must be true and accurate
- related – Intelligence must be relevant to the organization
- viable – There must be actions the organization can take to defeat the threat
- cost effective – threat cost must be greater than repair cost
This new framework marks a necessary shift in thinking from viewing cybersecurity as a strictly technical issue to a new way of thinking, one that views it as a business challenge that must be addressed in an efficient and cost-effective manner. bring. Threat intelligence is no longer just a cost. It must be a business enabler that provides measurable value to the company.
Cyberintis a leading Israel-based threat intelligence vendor that uses the Argos Edge platform to drive the evolution to impactful intelligence. To learn more about his Cyber int’s new approach to threat intelligence, watch this webinar on Impactful His Journey to Intelligence by Yochai Corem, CEO of Cyber int.
There is always risk when it comes to cybersecurity, but impactful intelligence greatly reduces the chances of a costly breach and makes your security posture as strong as possible. The time has come for intelligence with impact.
