There is no shortage of news headlines about companies falling victim to cyber breaches and the astounding costs associated with them. According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million, a 15% increase since 2020. For the financial services industry, the cost is even higher at $5.9 million per breach; that is 28% above the global average.

Customer data needs to be firewalled and if protected properly can still be used for valuable analytics In 2006, British mathematician Clive Humby declared that data is the new oil-and so could be the fuel source for a new, data-driven Industrial Revolution.