Our digital footprints grow larger every day. Generated from a multitude of places, such as social media, IoT, wearables, phones and more, 2.5 quintillion bytes of data are created each day. As more and more information goes digital and technology advances, cybercrime also rises with the number of reported breaches up 54% from 2018 to 2019. Understanding the location of digital information and who has access is the Information Advantage organizations need to stay secure.
In today’s “zero-trust” world, all businesses must assume there are bad actors who want to grab their data. Protecting corporate, customer and personal data not only makes good business sense, it has become an imperative. Organizations need to build greater customer trust in the ever-growing digital universe. Because, if you can’t trust a business to keep data safe and secure, then you can’t trust the business.
Cybersecurity and your data
Digital transformation has presented organizations with new cyber risk management challenges. In boardrooms around the world, more and more conversations are taking place around cybersecurity and digital strategies to safeguard data. And yet, many businesses still experience a disconnect between their perception of adequate cybersecurity, and what’s truly needed to protect their data.
Every 39 seconds, hackers somewhere are attacking computers with internet access. For the financial services sector in the US alone, the cost of cybercrime rose 40% between 2013 and 2017, costing companies an average of more than $18 million per year.
Today’s businesses know a lot about us—our daily habits, our shopping preferences, our viewing tastes, our political beliefs and more. While many people think smart devices are listening to conversations, let’s look at the reality. The devices aren’t necessarily listening but accurately predicting your behavior through analytics, machine learning and AI, using data about all your digital activities.
While that digital data might be anonymized, one study found most Americans today can be identified by putting together just 15 pieces of such anonymous data. The researchers said that on average, using gender, birth date and ZIP code, people have an 83% chance of being re-identified.
This means that when data falls into the wrong hands, the potential consequences can be significant and far-reaching.
Protect your endpoints
The influx of IoT devices is drastically changing the enterprise landscape, increasing the number of endpoints exponentially. Additionally, the advent of remote working and bring your own device policies means increased risks as employees use public WiFi and connect personal devices to the network. At the same time, attackers are becoming more skilled at compromising endpoints and entrenching themselves into the machines that need to be protected.
With the increase of endpoints to secure, already limited IT resources are being stretched thinner. In fact, resource limitations, especially a shortage of trained IT personnel, are reaching critical mass. According to the SANS Institute, a staggering 77.3% of security incident response teams now have just five or fewer members.
Thanks to automation and intelligent technologies, which can monitor vast amounts of data in near real-time and put threats in the right context for faster response, protecting endpoints, despite limited resources, it is becoming easier.
Data-focused security solutions, such as OpenText™ Encase™, work quickly to block such threats as soon as they’re identified. The solutions also ensure backups for at-risk data and isolate data that hasn’t yet been threatened. After an incident, security information is analyzed to understand how a threat slipped past defenses. It then applies the lessons learned to strengthen data security, minimizing risk from future attacks using the same threat.
The right tools, such as EnCase, enable security teams to confidently and comprehensively respond to any cyberthreat, protecting your data in a zero-trust world and offering an Information Advantage.
Contact us to learn more about how OpenText helps organizations achieve better security and trust in today’s increasingly untrusting world.
This blog first appeared on CIO.com.