Cybersecurity and IT risk management professionals know that staying on top of security is a constant battle. Cyber attackers evolve their methods at a frenetic pace, there are more stringent data privacy regulations in place than ever before, and today’s technology buyers are highly sensitized to the fact that their software vendors and service providers’ security flaws can leave their valuable data exposed. When organizations fail to implement effective IT risk management measures, they often pay a dear price.
According to Hyperproof’s 2021 IT Compliance Benchmark survey — completed by 1,029 IT compliance professionals in December 2020, 61 percent of all surveyed tech companies have experienced a data breach or a privacy violation within the past three years. The average loss from a single incident was $5.96 million. When organizations experience an incident, the loss doesn’t just come from the monetary penalty they incur for non-compliance. There are a variety of costs, including: Operational costs, such as lost sales; higher operating costs; investigations and litigation costs; reputational damage; and lost customer loyalty.
Although the majority of…
