Ranging from the process of recovering stolen data to having to hire legal services, a cyberattack generates a series of costs that companies have to face. According to an IBM report, the global average cost of a data breach reached $4.45 million in 2023, which represents an increase of 15% in three years. This seven-digit figure is clearly worrying.

In today's rapidly evolving cyber threat landscape, organizations across all industries face an imperative need to safeguard their digital assets. Adherence to standard security frameworks, regulations, and insurance requirements is not just a strategic step towards a robust cybersecurity posture but a matter of compliance. These standards, regulations, and insurance requirements mandate ongoing vulnerability management and patching to mitigate risks and protect sensitive data.

Managed security services are growing across all regions. Companies are placing greater emphasis on cybersecurity and traditional MSPs have added these services to their offerings to meet this need.

Users are becoming increasingly aware of where and how their information is shared, and their concerns regarding the need to keep that data private are growing in turn. Digitalization, rising daily averages for time spent on the Internet and connected devices, along with the ongoing proliferation of cyberattacks, have made individuals more cautious than ever when it comes to providing information online – and rightfully so.

Technology is a crucial part of today’s healthcare and pharmaceutical industries. Advances in medical devices, data use, and interconnected systems have significantly improved patient care, reduced costs, and increased efficiency. However, as the sector’s reliance on technology grows, so does the risk of cyberattacks.

Small businesses are not immune to cyberattacks. Many cybercriminals target smaller-size organizations because they often operate on a lower cybersecurity budget and have less infrastructure to protect the company’s data, making them easier to attack. This targeting by cybercriminals is widespread, as demonstrated by an ITRC study which reveals that 73% of small businesses state they have encountered cybersecurity problems over last year.

Cyberattacks continue to be a cause for concern for businesses. Although great strides have been made to combat this issue, the ability of threat actors to adapt, combined with other factors such as the rise in remote working or the increase in the number of devices with Internet access, means that cybercrime persists. According to a study by Cybersecurity Ventures, a cyberattack took place every 39 seconds in 2023, which translates into over 2,200 cases per day.

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Data theft is one of the main concerns for organizations in terms of cybersecurity. Despite the advances made in protection and action protocols, there have been numerous cases in recent months of corporate and third-party data being compromised, putting organizations’ businesses and their customers' privacy at risk.

Boards of directors are working to improve their ability to oversee cybersecurity risk management. This is in response to the growing frequency and severity of cyberattacks, as well as new regulations that require organizations to take a more proactive approach to cybersecurity.