The advancement in disruptive technologies has given rise to a plethora of opportunities for miscreants to fuel cyber sabotage and data integrity risk. The proliferation of cloud-based technologies has accelerated the process of data exchange and sharing—data is more easily accessible to users across business ecosystems. The odds for any user to enter a business ecosystem are more favorable than ever.
Organizations are struggling to deal with cyber breaches and threats on two fronts—from amateur artists who find it rewarding to particular crime syndicates with intentions to destabilize the economy and disrupt the existing system. According to a report by Security Intelligence, the average cost of a data breach is $4.35 million. As per a report submitted by Cybersecurity Ventures, the cost of cybercrime will hit $8 trillion in 2023 and will grow to reach $10.5 trillion by 2025. This means the impact cyber threats will have on the world is huge. The alarming numbers will only increase if proper actionable steps are not taken.