According to a recent announcement by IBM’s Newsroom division on July 24, 2023, many organizations affected by data breaches are not increasing their security budgets, despite rising costs. This is concerning, especially considering that only a third of these organizations were able to identify the breach on their own. The average global cost of a data breach has now reached $4.45 million in 2023, and a shocking 95% of organizations have experienced multiple data breaches. The study, which involved 553 organizations, also revealed that 37% of ransomware victims chose not to report the incidents to law enforcement.
To combat this worrying trend of data breaches, organizations can use AI and automated tools like SIEM and SOAR for predictive modeling. Companies like Infinavate can be hired to create Red, Blue, and Purple Teams to enhance data breach countermeasures. It’s also important to have a dedicated security team with three-tiered security analysts to monitor network operations and protect data.
Tier I analysts are used to identify abnormalities in the network, take support calls from employees, and watch for irregularities in device logs.
Tier II security analysts are responsible for implementing remediation measures using patching and resources like MITRE Att@ck, Virus Total, or the NIST National Vulnerability Database. These tasks can be outsourced to entities like Infinavate.
Advanced security analysts and managers at the Tier III level can utilize automation tools to identify, fix and automate findings by incorporating AI-driven predictive models to prevent future incidents.
Our primary objective is to establish a comprehensive set of skills to enable us to allocate resources in the most effective manner, thereby proactively safeguarding your data against possible breaches. To achieve this goal, we will employ a combination of reporting and documentation processes, which will enable us to identify potential breaches more efficiently than humans. Our ultimate aim is to guarantee that your data remains secure at all times, and we are committed to achieving this objective through the use of the latest technologies and best practices.
It has become imperative for organizations to keep their cybersecurity practices up-to-date in today’s ever-evolving digital world. One effective way to achieve this is by regularly updating playbooks that are linked to policy and procedure manuals. Moreover, it is highly recommended, if not mandatory, to incorporate automation into cybersecurity practices. By doing so, organizations can effectively lower the risks of data breaches and protect their sensitive information through the use of AI-based detection and automation. This not only enhances overall data security but also ensures that potential threats are identified and resolved in a timely and efficient manner.
Source: IBM Newsroom July 24th, 2023 “Half of Breached Organizations Unwilling to Increase Security Spend Despite Breach Costs”