The rise underscores the importance of cybersecurity.
5/16/2023 12:00 P.M.
The second annual State of Cyber Assets Report (SCAR) shows that security vulnerabilities have grown by 589% this year.
The report analyzed over 291 million assets, findings, and policies to determine the current state of enterprise cloud assets, noting, “Cybersecurity is no longer just a CISO issue; the CEO, the board of directors, and investors are all paying close attention.”
Organizations that recognize the value of data also recognize the need to protect it. This is something that is highlighted in the latest IBM research paper, “Prosper in the cyber economy – Rethinking cyber risk for business transformation.” According to this report, over the next four years, the costs associated with cybercrime (currently $10.5 trillion annually) are estimated to exceed worldwide cybersecurity spending (currently $267.3 billion annually) by 40 times!
The same report also found that mature security organizations see a 43% higher revenue growth rate over five years than the least mature organizations. That’s significant! Yet another reason to invest in your cybersecurity.
With the FTC’s Safeguards Rule coming into effect on June 9, 2023, most organizations handling customers’ sensitive data need better cybersecurity measures in order to comply. These measures include multi-factor authentication, security awareness training, a written security plan, oversight of the service providers and more. It’s likely your organization needs to comply with at least some provisions of the rule, so make sure you take appropriate steps to become defensible.
Most companies don’t tackle cybersecurity alone. 43% of organizations report outsourcing their security program governance and operations to partners, and 57% of respondents share responsibility with their security partners.
If you need help preparing for the Safeguards Rule or with other cybersecurity matters, go to tpx.com/aca.