While the focus on Environmental, Social, and Governance (ESG) issues has gained traction in recent years, both within boardrooms and investment spaces, the focus on carbon credits and workforce diversity has diverted the existential crisis that companies face from cybersecurity. Just as carbon is the byproduct of the third industrial revolution, cybersecurity is the byproduct of the fourth industrial revolution that we continue to live through.

Digital transformation is no longer a new concept – various business functions have already embraced cutting-edge technology to stay ahead of the curve. From IT, sales, and marketing to customer support and even finance, it is evident that most departments understand how integral the transformation is to gain a competitive advantage and continue to win customers. However, when it comes to Governance, Risk management, and Compliance (GRC), most are still stuck with archaic, ad-hoc processes.

Ransomware attacks have become so prevalent in recent years that it’s no longer a matter of “if” your business may be the victim of a ransomware attack, but “when.” In fact, in 2021, 37% of global organizations reported that they were the victim of a ransomware attack. To mitigate the impact and probability of ransomware on your business, you must continuously look for new ways to secure your network and maintain continuous cybersecurity monitoring.

As global network infrastructure expands to include devices without traditional compute power, every organization’s attack surface becomes increasingly complex. Parallel to the increased complexity in the threat landscape is the increased scale and complexity of the signals and data necessary to produce meaningful cybersecurity insights. At its core, cybersecurity is a big data problem, requiring centralization of disparate data sources in uniform structure to enable continuous analytics.

Believe it or not, the Financial Services industry has one of the slowest vulnerability remediation rates, with a median of 426 days. “Financial regulators can no longer rely on static, point-in-time assessments to understand the cybersecurity risks posed to the financial system,” said Sachin Bansal, SecurityScorecard’s Chief Business and Legal Officer, in a recent BusinessWire article. “Continuous monitoring tools must be a part of every regulator's toolbox.”