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Cyberthreats can cost your company US$ 150 per electronic record! Mitigate losses by using these solutions

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In our previous blog in the series, we discussed cyber security and its ramifications for modern businesses.
As data privacy compliance becomes increasingly challenging, your company must take the necessary precautions to protect themselves from this emerging threat.
Take a look at a few of the most important developments in data protection that you may not have thought about.
Despite the exponential growth in cyberattacks, many companies in a variety of industries still lack adequate governance to address and mitigate associated risks.
The World Economic Forum has ranked cyberattacks as the seventh-most dangerous risk for businesses and society.
The sophisticated digital nature of the fourth industrial revolution (4IR), and its sophisticated technologies, makes organizations vulnerable to cyberattacks. These attacks can range from ransomware to theft of data.
Cyberattacks are becoming more common on operational technologies, and we are getting closer to the emergence of a “cyber pandemic”. This trend is expected for the foreseeable, even though the information management market will surpass US$12 Bn by 2027.
Malware attacks have targeted the Australian government as well as the banking, insurance, healthcare, and airline industries.
In the BFSI industry, for example, the cost of data privacy is expected to be over US$18 Mn per company in the next decade.
Cyberattacks in the healthcare sector are expected to increase five-fold by the year 2021. Cyberattacks are a risk for a fifth of travellers when they travel abroad. Cybercriminals pose a large financial threat.
US$ 150 per Record – Cyberattacks Drive up Data Privacy Costs
Cybercrime as a Service is gaining popularity as a business in the dark web. In addition, organized hackers are banding to offer advanced tools that lower the cost of destructive service and make them available to everyone.
The data brokering industry is already worth about US$ 200 billion per year. This includes copying, searching and selling highly sensitive information.
T-Mobile paid a high price in August 2021 for its poor cyber security. A cyberattack exposed the personal information of 40 million customers, including their social security numbers and drivers license numbers.
The incident is expected to cause a drop in customer traffic. The attack could reduce the company’s earnings in just one year by around a billion dollars.
It is essential to implement reliable and safe defensive solutions in order to combat the growing threat from cybercrime. Cyber security software could reduce the risk of data breaches and disasters.
New technologies are reshaping the cyber security field. MarketNgage has unmatched insider knowledge.
Cyber security experts are not able to prevent attacks, despite their best efforts. To ensure data integrity, it is necessary to develop new technologies.
Cyber criminals have developed new methods to track fingerprint gestures on touch screens, as well memory scraping tools and special tools for breaking operating software.
According to MarketNgage, sales of cyber security solutions will increase by 11% annually until 2029. By 2021, the total demand is expected to reach US$ 144.2 Bn.
Cyber insurance and firewall security can be used by organizations to reduce the risk of their data being exposed.
Firewall as a service is expected to grow by a CAGR of 22% over the next decade, driven primarily by AI and enterprise mobility in the wake of the covid-19 pandemic.
E2E IT technology advancements in threat identification and protection are crucial for 5G security infrastructure. 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).
Newer information security solutions can detect entire malware classes and perform individual threat detection functions. Artificial intelligence and powerful machine-learning will play an increasing role in computer security.
It is therefore important that companies invest in cyber security certificates, vulnerability assessments, and employee education.
How will you choose the right cyber security solution for your organization?
IoT security breaches can be mitigated with risk-based and multifactor authentication. It can be difficult to choose the right solution for your company, given the increasing number and changing forms of cyber-attacks.
MarketNgage offers exclusive insights into cyber and network security solutions. It is a synergy between four iconic research powerhouses: Fact.MR, Future Market Insights Transparency Market Research and Persistence Market Research.
MarketNgage’s flexible pricing model and over 50,000 reports will transform the way your business uses market intelligence.
Find executive summaries, interactive dashboards, trend wrap-ups, datasheets, and playbooks to get a deep understanding of the key developments in your industry. Start saving money on internet security! Click here to get free credits and start Ngaging.
The post Cyberthreat Pandemic Can Cost Your Business US$ 150 For Every Electronic Record! Mitigate inherent loss with these solutions first appeared on Fintech News.