Adapt or Die: Why Cybersecurity Companies Need to Become Data Companies to Survive

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Data has become the world's most valuable resource. The more your business understands data and how it is used, the more powerful that data can be in guiding effective decision-making. Threat actors are also aware of the value of data and are proficient in techniques to steal that data through malware, ransomware, phishing attacks, social engineering practices, etc Cybersecurity companies must constantly adapt.

Defending enterprise infrastructure is becoming increasingly difficult in the age of digital commerce. With the rise of digital transformation, attack surfaces are expanding and threats continue to grow. It is therefore essential for organizations to ensure that their most valuable asset, their data, is secure. The number of cyberattacks and data breaches continues to rise year after year, and regulators around the world are requiring organizations to prioritize the security of critical business functions.

Data is gold. For companies to master their attack surface and secure their valuable data, it is essential that they understand the relationships and dependencies that make up their digital assets. Understanding this digital heritage is what will set businesses apart, ensuring they are prepared to protect their most valuable asset.

The cost of a data breach and why old methods of protection are no longer enough

Thanks to major supply chain and ransomware attacks, criminals hunt for valuable data in many places. Personally identifiable information (PII), financial data, and other sensitive data are all prime targets for attackers who consider them gold. In critical industries such as healthcare and finance, data protection becomes even more critical. In fact, a 2022 report reveals that 80% of financial institutions have experienced at least one data breach in the past 12 months. Data breaches don't just threaten consumer privacy. They can also seriously damage a company's reputation and finances.

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For example, last year a hacker hacked into T-Mobile's servers and stole 106GB of data containing social security numbers, names, addresses, and driver's license information from over of 100 million people. This incident cost T-Mobile $350 million and put the company's reputation on the line. Marriott International has been the victim of multiple breaches after a merger and acquisition deal that exposed millions of customers' personal data. The company was subsequently fined a substantial £18.4 million for breaching the EU's General Data Protection Regulation (GDPR).

From large hotel groups and retailers to small businesses, the cost of a data breach goes far beyond the loss of intellectual property. Incidents like these prove that companies need to exercise due diligence, especially when going through...