As a side-effect of doing this, many have become more reliant on third-party solutions like cloud providers, IoT, process automation, robotics, AI-powered cybersecurity threat detection tools, and more.
For companies of all sizes, the need to double down on cybersecurity has never been greater.
Keeping your organization, its people and its data safe is top of mind for every CEO. These are a few of the ways I think about securing the business that protect you but also provide you with a competitive advantage.
Looking at methods of automation and integration with other key systems to ensure that third-party risk data is updated, accurate, and shared as appropriate.
One of the main security challenges that AI poses for companies is its effectiveness at creating far more sophisticated and intricate versions of common cyber threats - including email phishing, malware, ransomware, or social engineering.
While malicious attacks may come from disgruntled current/former employees or partners, many incidences occur because well-meaning employees are not well trained on the best cybersecurity practices.
As a result, they are more likely to fall victim to these common cybersecurity threats.
An April 2023 survey conducted by Darktrace, Generative AI: Impact on Email Cyber Attacks, highlights the challenges employees and companies are facing from increased cyber threats.
Companies need to prioritize cybersecurity training for employees at all levels.
There is now more than 25 years of data circulating on the internet.
That is a lot of personal data floating around, potentially available to be shared with companies and bad actors alike in an increasingly digitally connected global landscape.
Not surprisingly, data privacy regulations and protections are on a rapid rise, driven by concerns over data breaches and privacy.
In the last few weeks alone, several high-profile industry-leading organizations suffered multi-million-dollar data breaches or received heavy fines for privacy violations.
Industries like finance and healthcare are imposing stricter regulations and compliance standards related to data privacy and security.
Many countries and multiple US states are implementing stricter data privacy regulations.
The most well-known regulations in place today include: the very comprehensive European Union General Data Protection Regulation, which came into effect in 2018; the California Consumer Privacy Act, enacted in Jan. 2020; and the Brazilian General Data Protection Law, enacted in September 2020.
Other countries like Australia, Japan, and India, are in the process of updating their own data protection regulations.
Simply put, as companies advance their digital transformation efforts, cybersecurity needs to be an even greater priority.
Today's increasingly complex nature of cybersecurity threats, interconnected systems, shared infrastructure, and growing data protection privacy laws all necessitate the involvement of multiple key stakeholders - including customers, partners, and employees.
With constant diligence and prioritization around cybersecurity, you are empowering your organization to not only adapt, but evolve, in the face of new frontiers in data protection.
This Cyber News was published on www.cyberdefensemagazine.com. Publication date: Sat, 02 Dec 2023 05:43:06 +0000