From large-scale hacks to new rules governing cyber practices, the cyber landscape continues to become more complex. The risk for breaches is higher than ever before. The numbers support this declaration. According to the Identity Theft Resource Center Q3 2023 Data Breach Report, there was a record-breaking number of data compromises (2,116) during the first nine months of the year. Costs are also increasing with IBM finding in its 2023 Cost of a Data Breach report that the global average breach cost was $4.45 million, representing a 15 percent increase over three years. Last year also saw a record high for breaches and corresponding class actions. Where significant data breaches occur, class action exposure increases exponentially.
So, what can organizations do to improve their cyber programs as threat actors sophisticate and the rate of compromise increases? The goal is not to eliminate cybersecurity risk, as this is an impossible feat. What can be done to better control this risk and respond more efficiently is to apply professional teamwork. Having internal staff and outside partners with the right knowledge and resources is crucial.
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