Exploring the Increase in Cybersecurity Budgets and its Effect on Data Breaches

Cybersecurity is a major concern for businesses around the globe, with the projected cost of cybercrime in 2023 set to reach $8 Trillion. As a result, organizations are investing more and more on cybersecurity each year, with global spending on security and risk management expected to increase by 11% in 2023 to $188 Billion.

 

Despite this, cyber attacks have become increasingly common and more severe. This is due in part to the shortage of experienced cyber professionals, with (ISC)2 estimating that there are 3.4 million unfilled cyber positions globally. Additionally, many businesses are purchasing a plethora of commercial-off-the-shelf security solutions, yet breaches of corporate networks, systems, and data remain rampant.

 

Data from the past several years shows that the number of cyber attacks is 38% higher in 2022 than the previous year, and the average cost of a data breach is a staggering $4.35 Million. This is why organizations must take a strategic shift and focus on impactful intelligence to identify and respond to threats as early as possible.

 

Impactful threat intelligence must be accurate, relevant, actionable, and cost-effective. It must be seen not as an expense, but as a business-enabler that provides measurable value to the enterprise. Cyberint, a leading threat intelligence vendor, is driving the evolution to impactful intelligence with the Argos Edge platform.

 

By utilizing impactful intelligence, organizations can minimize the amount of time it takes to detect and defeat a threat. This reduces the probability that the attack will be successful and result in damages to the organization. Ultimately, impactful intelligence significantly reduces the likelihood of a costly breach and strengthens security posture to the greatest extent possible.