Data security is vital to all organisations, including public and private business and sovereign entities. Cybercriminals constantly create new strategies and attack methods, which can disrupt operations and negatively impact finances.
According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 rose to $4.45 million. However, finance firm breaches averaged even more at $5.9 million.
Besides the initial financial cost, cybercriminal may access millions of client records and transactional data. This can push the cost of data breach over $300 million due to regulatory requirements, fines, and penalties.
Additionally, the report Global Cybersecurity Outlook 2023 by the World Economic Forum points out that “geopolitical and economic uncertainty around the world is exacerbating the threat of potentially catastrophic cyber-attacks, increasing the risk for businesses across sectors.”
Further Repercussions of Data Breaches
Most data security studies focus on the financial costs associated with data breaches. Undeniably this is a major consideration, but organisations can experience many other negative effects.
Firstly, according to an IBM report, 95% of organisations are breached more than once. They are easy targets for cybercriminals. Regrettably, the costs associated with these breaches is also passed on to customers, making the organisation less competitive.
Secondly, any organisation that experiences a breach also faces reputational loss. Customers are less likely to deal with them and will turn to a competitor instead.
Thirdly, breached organisations also pay dearly if they are found negligent. Legal liability issues can cut into revenues when profits are already lower due to attrition.
Embracing Data Security Technology
The implications of a cyberattack can be devastating. Consequently, many organisations are eager to control this growing threat. However, adopting trending technologies isn’t necessarily effective, unless the chosen technologies are useful to the organisation.
Fortunately, when organisations choose the right new technologies they can provide great cost savings. For instance, IBM states the average cost savings of implementing an incident response team and IR plan is US $2.66 million.
Financial organisations implementing fintech such as AI and automation have also reduced their financial losses by $850,000 compared to the global average cost of a breach.
Clearly, innovation can significantly improve data security and limit the scope and impact of complex attacks. So, how does an organisation go about finding the right innovations for optimal results?
Pinpointing Effective Innovations
Understandably, organisations want to prevent breaches and protect their assets. However, it can difficult to identify suitable new and emerging technologies that will serve them well.
Luckily, EarlyBirds helps businesses to become self-learning; to see continuous improvement across all business functions and to explore new and exciting innovations that could put those businesses ahead of their competitors.
We offer four pathways towards successful innovation and the following benefits:
- Reduced cost of innovation
- Quick increases in innovation capability, when required
- Connections to the best SMEs and innovators available
- Simple process
EarlyBirds Innovation Ecosystem
Our award-winning Innovation Ecosystem earned us the title of Global Open Innovation Platform of the Year 2023. We unite Innovators, Early Adopters, and Subject Matter Experts (SMEs) to fuel rapid innovative adoption and business evolution.
Early Adopters are leaders eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4.8 million global innovations that may already address your organisation’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.
EarlyBirds Innovation Maps
EarlyBirds has created a global cybersecurity ecosystem map covering all the core cyber themes and subthemes. The cybersecurity ecosystem map can be used to quickly identify relevant cyber solutions to meet the needs of existing cyber concerns or planned technology modernisation programs using disruptive solutions.
Ecosystem maps are individualized for each organisation and specifically designed with organisational goals in mind.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
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EarlyBirds offers efficient, organized, and automated innovation processes. Let us help you streamline workflows and enable cross-functional teams to ensure your organisation can discover, assess, and implement new technologies.
Organisations unsure of which option is best suited to their needs can reach out to schedule a consultation. An individualized approach is taken to ensure that the best possible solution is found for each business or leader. Alternatively, organisations can register at https://earlybirds.io/.
We’ve helped the Public Sector, Food Industry, Retail, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, and many others. Let us help you find appropriate innovative solutions to secure your organisation.