The average cost of a data breach hit a record high of $4.35 million, a 13% increase in the last two years, according to the 2022 Cost of a Data Breach report. In addition, laws are holding board members personally liable for IT security breaches and ineffective security controls, so it’s easy to see why cybersecurity risk and compliance have become priorities in the boardroom.
CIOs and CISOs are spending heavily on cybersecurity services and technologies. Research firm Statista forecasts revenue in the cybersecurity market will reach nearly $160 billion in 2022 with a compounded annual growth rate (CAGR) of 13%. The result? By 2027 the market size will reach just shy of $300 billion.
An effective cybersecurity strategy becomes even more critical because the nature of cyber risk is continually changing. So what do we do?
Working with our clients around the world, we have learned three keys to an effective enterprise IT risk management (ITRM) strategy.
Power of Automation
It can be incredibly difficult to clearly demonstrate your enterprise’s cybersecurity health and hygiene in a way that aligns with strategic and operational goals when you lack automation and the necessary staff. IT organizations cannot find, hire or afford the people they need to run their cybersecurity operations and systems.
They need tools that automate cybersecurity workflows, monitoring, data collection and analysis, testing, auditing, documentation and reporting. Effective automation reduces system compliance time, the time to generate regulatory documentation and the time to research new vulnerabilities — while alleviating audit fatigue.
Built for Enterprise Scale
The number of devices in an ent ..
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