Multiple cyber-attacks and compromise of personal information of millions of people globally show that the complexity and intensity of cybersecurity attacks are on the rise, and it could have broader political and economic ramifications. As cybercrimes become more lucrative and cybercriminals become smarter, cybersecurity too will have to be intelligence driven, enabling a swift response to the advanced attacks.
In 2018, we witnessed some of the biggest data breaches ever – affecting businesses and consumers alike. From social media, hospitality, healthcare and even mail delivery, 2018 proved that there is no escaping cybersecurity flaws, regardless of the type of business or its popularity. For example, we witnessed the data of approximately 500 million Marriot guests get breached and a USPS security flaw that exposed the personal data of more than 60 million people.
Cyberattacks and data breaches are inevitable, but a multifaceted security approach will limit the potential impact. A successful strategy will combine technology, processes and people.
The WannaCry ransomware attack that successfully targeted Merck is not the only cyberattack to which the pharmaceutical industry has fallen victim. As pharmaceutical and biotechnology companies move toward greater digitalization and the storage of more valuable data, their digital security practices become more and more critical.
Companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets.
Protecting sensitive customer data is a huge priority for today’s organizations, which face intensifying regulatory and compliance pressures and unwavering customer expectations. A single data breach can take a tremendous toll on customer loyalty; 70 percent of consumers report they would cease doing business with an organization in the event it experienced one.
When most people think of commercial aviation and security, they likely conjure up images of long lines of people shuffling along with their shoes off, plastic bins in hand. But lately a different kind of security has been making headlines when it comes to airlines.
Ninety-six percent of U.S. business decision-makers surveyed by Tanium say that making technology resilient to business disruptions is important to their organization, but major barriers remain, with clear challenges between internal organizational structures and access to the right skills and technology.
Applying security technology to business continuity and operational efficiency was a major theme for 2018, and will be especially important in 2019. As technology is an integral part of business operations - and with cybersecurity risks at an all-time high - many organizations are utilizing their security platforms beyond traditional applications to improve operations and increase efficiency.
