Technology has truly become the backbone of organizations, permeating into every area of business and facilitating the delivery of products and services. From improving operational efficiency through to faster and better development of innovative ideas, the benefits are clear to see. And as technology continues to evolve, so too do organizations – rushing to adopt and utilize technical advances in an effort to build competitive advantages, disrupt existing models and achieve business goals. But technology, as with so many things, can be a double-edged sword. With the shift to greater connectivity, networking and presence in cyber space, comes an increased cyber risk. More and more data, much of it sensitive, is being stored digitally. Cyber criminals are launching sophisticated attacks, happy to target organizations of all sizes, and agnostic to industry and location. Regulations to hold companies accountable in the event of a breach are being tightened all the time. The monetary losses from cyber incidents continue to stack up.
In today’s landscape, the results of a security breach can be severe.