In spite of this cyber war and in an effort to be first to market, many companies still rush their products out while ignoring proper security integration during development which can lead to disastrous side effects for businesses. Costing them valuable data, reputation, money and time to amend their product weaknesses. Companies can spend a great deal of time and money developing security patches, repeatedly rolling back and implementing updates, and buying other technologies to secure their own offering. This cycle can potentially continue for years releasing cures to the latest aliments while fearing the next hit.
Looking back at cybercrime incidents of the past 10 years, only the questions of "if" and "when" remain. "If" a business has no active cybersecurity policy and processes even just hundreds of rich customer records, "when" becomes soon enough. For the past 10 years, at least eight large-scale data breaches per year have trembled economies. You’d imagine that as business owners, we would have learned the immense value of the digital data we hold. The Ponemon Institute says that just in the US, the average size of a data breach is 25,575 records with a cost of $150 per record on average. That could be the money you would have paid in damages, as a government fine, and potentially in customer lawsuits.
Cybersecurity breaches are a major threat to every business and can quickly lead to network downtime. In fact, a standard breach costs an average of $3.5 million (IBM). However, if a large organization is unprepared, this cost could skyrocket, as was the case for one firm last year, which lost an estimated $51 million after halting operations due to a breach.
Because of the COVID-19 virus pandemic, millions of Americans have been asked to stay in their houses until further notice. Our new national focus on hygiene and hibernation means that we’re mostly home, save for only necessary trips to the grocery store, the pharmacy, or for medical appointments. While it’s hard to define being quarantined as a good thing, from a security perspective, it means the chances of experiencing a home burglary are now quite low.
Artificial intelligence (AI) presents a perfect solution to compensate for unmanned environments or those with limited staffing, or the loss of vigilance after looking at a screen too long. AI can help us not only watch continuously, but also feed systems that are able to sort, organize and categorize massive amounts of data in a way that human operators cannot. And it can do so far more reliably than traditional video analytics ever did.
Is it truly possible to train every single employee—including those working from home and organizations’ third-party partners—to spot a cyber-threat? Or to keep good cybersecurity hygiene when handling sensitive data? Or to refrain from stealing intellectual property when they’re disgruntled and about to resign? While training is a key element to preventing breaches and protecting important corporate data, training alone is not enough.
CMOs are now tasked with introducing privacy-centric practices to protect consumer data, while simultaneously using this data to personalize experiences. Here are three ways privacy will need to evolve organization-wide as demand for personalized "everything" grows.