Banking - White Paper
87% of businesses can expect a data breach by 2022, and the average cost of a data breach is $3.9 Million. Unsurprisingly, there is an increasing amount of pressure from regulators and shareholders to hold senior leaders and board members accountable when it comes to cyber security.
At the same time, the ongoing advances in digital technology have complicated the security landscape, leaving many businesses increasingly vulnerable. As they strive to become more agile and efficient – migrating digital work to the cloud, adopting hybrid IT strategies and becoming more and more dependent on third-party services – they also expose themselves to exponentially more attack vectors.
To mitigate these risks, companies typically try to use bolt-on security measures that no longer fit – patchwork solutions that often fail to address these new threats. However, the daily effort to plug leaks does not have to be so overwhelming. Automating a cyber risk team’s workload and equipping them with modern tools to manage pre- and post-breach scenarios, using industry frameworks and live threat intelligence, can strengthen a company’s risk posture, increase compliance and significantly decrease management costs.
This white paper illustrates the clear business impact that such an approach can have on the daily operations of a company, using a mid-sized bank as an example.