Companies are increasingly turning to digital transformation to survive in a changing and unpredictable environment. Enterprises are employing digital technology in all business areas to optimize profitability and efficiency.
Today, there are more than 4 billion internet users, approximately 1.8 billion websites, and more than 337 billion GB worth of internet traffic, half of which comes from mobile phones.
Overall, digital transformation enhances data collection, improves resource management, provides data-driven customer insights, boosts customer experience, reduces costs, and increases profits. Although there are benefits that come with wide technology adoption, organizations and individuals unfortunately face cyberattacks.
1. Digital Transformation Increases a Business’ Vulnerabilities
The truth is that many organizations adopting technologies like cloud services do not always do so in a coherent manner. With providers like AWS, Google Cloud, and Microsoft Azure, it’s simple to acquire cloud servers in mere seconds, all by yourself. Ninety percent of companies are now using some type of cloud service, with 77 percent of enterprises running at least one application or a portion of it in the cloud. On average, an organization employs more than 1000 different cloud services. At the same time, more than half of organizations use cloud technology to store their confidential data.
Due to a lack of visibility in the process, the unplanned acquisition of such cloud resources has become a nightmare for security experts. Indeed, the systems and information in cloud services can expose a business to attacks in case of misconfigurations—besides, lack of visibility leads to undetected vulnerabilities that hackers use to steal crucial data.
2. A Growing Shortage of Cybersecurity Skills
Aside from the expanding attack surface, the cybersecurity skills gap is growing. Recent data reveal that the skills shortage issue affects 70 percent of organizations. With a small security team, businesses must deal with long-standing open jobs, increased training or junior staff, and an inability to utilize security technologies to their full potential. The estimate for the trained staff a company will need to hire to close the skills gap is approximately 4.07 million professionals worldwide.
There is a severe shortage of security professionals, such as application security specialists, cloud security specialists, and security analysts. With increased migration to the cloud, unprecedented demand for software products, and ongoing shift to remote work, the worsening skill shortage is a serious issue.
3. More Spending on Cybersecurity for Businesses
Enterprises’ spending on cybersecurity grows unchecked, defying the pandemic-driven economic downturn that has been impacting global IT budgets. Last year, many businesses entered situations where they needed to respond, including making wise decisions on their resources to remain afloat. While they did revise budgets, cybersecurity still remained a top priority.
Undoubtedly, the coronavirus crisis led to new opportunities for cybercriminals. Experts predicted that 70 percent of organizations would increase cybersecurity spending following the COVID-19 pandemic. By the same token, around 55 percent of major organizations will boost their investments in automation solutions, smart analytics, and artificial intelligence that improve defense mechanisms. Worldwide spending on cybersecurity will top 133.7 billion US dollars in 2022, and the global cybersecurity market size is forecasted to grow to 248.26 billion US dollars by 2023.
4. Growing Prevalence of Cyberattacks
The current pandemic has presented new components to the cybersecurity equation, bringing forth a cyber pandemic. The reliance on remote work exposed vulnerabilities in employee awareness and company networks. Cybercriminals employed phishing and other attacks to target companies.
For the most part, the prevalent cyberattacks include denial of service (DoS), malware attacks, distributed denial of service (DDoS), man-in-the-middle (MitM) attacks, password attacks, phishing, and SQL injection.
A study quantified the near-constant rate of hacker attacks on computers, proving that a data breach incident occurs every 39 seconds on average. Security experts forecast cybercrime-related damage will hit 6 trillion US dollars annually by 2021.
5. The Expense of Security Breaches
Currently, data breaches and security incidents are becoming increasingly costly. US organizations face high costs, with an average of 8.19 million US dollars per breach, up 5.3 percent in 2019. The average total spending on an insider threat incident, including monitoring, escalation, incident response, containment, investigation, and remediation, also increased from 513,000 to 756,760 US dollars.
Apart from direct incident response costs, companies suffer regulation violation costs. The cybersecurity field is now driven by a complicated regulatory landscape that varies from state-to-state and country-to-country. Marriott and British Airways spent approximately 100 million US dollars each after falling foul of GDPR.
In addition to noncompliance costs, 40 percent of a data breach’s average cost stems from lost business, including high customer turnover, lost revenue due to system downtime, and the new cost of acquiring business after reputational damage.
The Benefits of a Managed Security Service Provider (MSSP)
As the drive towards digital transformation shows no signs of stopping, there has never been a more significant time for organizations to rethink their cybersecurity strategies. In the thick of it, businesses can partner with managed security service providers who have become an invaluable resource for companies that want to enhance their cybersecurity posture but lack the skills or employees to build a competent cybersecurity team internally.
An MSSP provides extensive cybersecurity knowledge and experience in network, cloud, and application security issues that most businesses lack. Without a doubt, an MSSP team possesses current and advanced security knowledge than an in-house team.
On top of that, MSSPs deploy security tools that in-house security teams are not familiar with. In effect, the service providers are better positioned to improve an organization’s ability to detect and respond to prevalent and emerging cybersecurity threats.
Using MSSP services means that an organization avoids having to hire in-demand security human resources, buy, deploy, or manage security tools or keep up with dynamic security changes and shifts in the threat landscape.
Businesses can work with GlobeCSA to free their in-house IT teams for value-driven projects. GlobeCSA knows of the importance of cybersecurity in an economy and understands different security concerns that enterprises and users face. Ultimately, the company offers advanced cybersecurity services for complex and frequent cybersecurity threats.
Partnering with GlobeCSA empowers a business to design and incorporate reliable security solutions into their infrastructure to support their enterprise business strategy. The MSSP provides visibility, automation, and innovative capabilities to protect businesses and assist them in growing securely.