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Cyberthreat pandemics can cause your business to lose US$ 150 per electronic record These solutions can help you reduce your losses.

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In our previous blog of the series, we discussed what is cyber security and the ramifications of cyberattacks on modern businesses.However, as data privacy compliance becomes more challenging, it is vital for your company to take appropriate precautions to protect itself from this emerging threat.Let’s take a look at some of the game-changing developments in data security that you might not have considered.Despite the exponential rise in cyberattacks, companies across a wide range of industries continue to lack sufficient governance for addressing and mitigating associated risks.Cyberattacks are ranked as the seventh most dangerous risk to businesses and society by the World Economic Forum.Organizations are vulnerable to cyberattacks ranging from ransomware to data theft due to the sophisticated and digital nature of fourth industrial revolution (4IR) technologies.Operational technologies are exposed increasingly to cyberattacks, and the world is getting closer to a ‘cyber pandemic’. This trend is expected continue in the future, even though the market for information management is projected to exceed US$ 12 Bn by 2027. Cyberattacks are a concern for a fifth of all travelers. The financial risk from cybercriminals is high. US$ 150 per record – Cyberattacks drive up data privacy costs. With the rise of the dark web, cybercrime is becoming a popular business model. Cybercriminals are also collaborating to offer advanced tools, which lowers the cost of destructive services and makes them more accessible to everyone. The cyberattack exposed 40,000,000 customers’ personal data, including driver license numbers and social security numbers. Customer traffic is expected to drop as a result. The attack could result in a loss of revenues of around a billion dollars for the company within a year. Cyber security software could help reduce the risk of data breaches and natural catastrophes. MarketNgage has unparalleled insider knowledge. Cyber security software is a growing field. The global demand for cyber security solutions is expected to reach US$ 144.2 billion by 2021. Furthermore, the necessity of endpoint security solutions will fuel demand for years to come, thanks to the growing trend of bring-your-own-device (BYOD).Individual threat detection functions are successfully covered by newer information security solutions, which can detect entire classes of malware. Artificial intelligence and powerful machine learning will play an increasingly important role in computer security.Consequently, it is important for companies to invest in cyber security certifications, vulnerability assessment, and employee training.How Will You Choose the Right Cybersecurity Solution for Your Organization?Risk-based and multi-factor authentication enable IoT security breaches to be mitigated. It can be difficult to choose the right solution for your company given the constantly changing nature of cyber-attacks. Get started saving on your internet security expenses! Click here to get free credits and start Ngaging with Us