To put it into perspective, the cost of financing a cyberattack is only US$34, while the cost to the business affected is much greater, reaching upwards of millions of dollars. The financial implications can be staggering, yet businesses view cyber just as an IT issue. This has prevented organizations from realizing the untapped potential a robust cyber program can offer, halting the innovation it can enable to achieve business objectives.
The survey results also show that there is still a hesitancy around cyber. Even though “cybersecurity vulnerabilities” consistently rank as a top concern among business executives, this hesitation is stopping the pursuit of connected initiatives, such as AI-based programs, perpetuating a vicious cycle that is stifling progress and innovation. The current cycle shows that businesses believe that pursuing connected technologies opens the door to new cyber vulnerabilities.
Examples of how cyber has permeated the corporate and business landscape are endless. There is no industry or type of organization exempt from the cyber revolution. From financial institutions managing personal customer information to healthcare systems implementing smart technologies into patient care, organizations of all kinds must make cyber a priority to protect itself and its customers, differentiate from the competition and keep up with the pace of technology.