Company and customer data is more important than ever before. According to IDC, 85 percent of consumers in Western European will defect from a business within the next 18 months because their personally identifiable information is impacted in a security breach. Additionally, the General Data Protection Regulation (GDPR) will come into effect in 2018, mandating that all organizations holding data on European citizens, regardless of where the company is based, must keep their systems secure or risk incurring an extensive fine of up to four percent of global turnover – a huge penalty for a business of any size.
For businesses, the incentive to stay secure is vast. So too are the sums poured into technology that is designed to keep data safe and secure. Yet the regularity with which we read of successful cyber-attacks reveals the scale of the challenge. Hackers are changing their tactics faster than most businesses can update their defenses. Connected infrastructure in industries as diverse as automotive, financial services and retail means an unprecedented number of potentially vulnerable points of attack. Cyber defense skills are in acutely short supply. Money is often invested in line with strategies that are misguided.