Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

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.

Findings show that the cost and complexity of data compliance is hampering business innovation.

Many organisations realise the benefits that lie within the data they collect daily. This modern approach to data empowers businesses to leverage data for innovation and monetization while at the same time enhancing security and privacy. While this may seem like a conundrum as companies have traditionally buried their data deep into IT architecture to prevent it from being accessible, even by the employees, today it is possible to have the best of both. This process starts with the cloud.

Businesses around the globe are using new technologies to change the world. But this wouldn't be possible without the use of sensitive data such as Personal Identifiable Information (PII) and Protected Health Information (PHI) to drive advancements in personalisation and sophistication. However, if companies are using data that typically is associated with medical records and insurance claims, this bodes the question, is personal data secure?