Geopolitical tensions, supply chain challenges, an economic slowdown, an ongoing pandemic and more have meant that companies and people have been impacted in ways that will change how business will be conducted for many years to come, and the ripple effects of these converging variables will be felt for a long time. As headlines continue to be dominated by increasing interest rates, businesses must ensure their budget is being spent efficiently. But despite the economic downturn, the cybersecurity and AI industries have grown steadily over the past 18 months or so. Cybersecurity is critical to businesses’ revenue, growth, reputation and overall function. But are we doing everything to manage the level of risk that exists in our hyperconnected world, or is there a missing link?
Cybersecurity is growing more crucial every year
A Nasdaq report suggests that 14 market days after a breach becomes public, the average share price of a company bottoms out and underperforms by -3.5% on the stock exchange. An even more alarming data point is that businesses accrue more than 50% of post-breach damages as long-tail costs. More specifically, 31% of expenses are accrued in the second year, and 24% are accrued more than two years after the breach in highly regulated industries. Still, 29% of CEOs and CISOs and 40% of Chief Security Officers admit their organizations are unprepared for the rapidly changing threat landscape.
2023 will be the year of cyber-risk quantification by Ram Iyer originally published on TechCrunch