As Yogi Berra said, “It’s déjà vu all over again.” If the idea of the global average costs of data breaches rising year over year feels like more of the same, that’s because it is. Data protection solutions get better, but so do threat actors. The other broken record is the underuse or misuse of technologies that can help safeguard data, such as artificial intelligence and automation.
IBM’s 2024 Cost of a Data Breach (CODB) Report studied 604 organizations across 17 industries in 16 countries and regions, and breaches that ranged from 2,100 to 113,000 compromised records, and a key finding was that use of modern technologies, on average, reduced breach costs by $2.2 million. And for CISOs and security teams seeking investment, talking dollars and cents — and not bits and bytes — is what will resonate with your audience.
Where are the savings being realized?
Cyber resilience is more than just disaster recovery; it’s an important component. A resilient program blends both proactive and reactive workflows, including the technology involved. And when the individual pieces work well together with the proper support, the result is a sum larger than its parts.
Indeed, the 2024 CODB Report found that when AI and automation were deployed extensively across the preventative or proactive workflows (e.g., attack surface management, red-teaming, posture management, etc.), organizations realized the savings. There is an interesting nexus here, as taking a “prevention over response” approach may, in fact, be driven by greater AI threats and use.
Moreover, the COBD Report identified that — yet again! — the skills shortage is impacting the industry. With staff feeling overwhelmed, particularly during incident response cases, artificial intelligence can be that support tool to retain staff. Security and managerial staff should be mindful that not investing in tools and solutions can result in losing highly skilled staff who have institutional knowledge. What is the unintended consequence here? Extra costs to re-staff the positions.
Read the full report
Plan as a unit, implement as a unit
For organizations still addressing the cybersecurity issue in separate silos or with limited visibility, they are increasing the entire organization’s risk profile, not just the security function of the business. We live in a time where technology is mission-critical to deliver services, it is no longer about delivery efficiencies and competitiveness. Therefore, keep these issues in mind when planning as a unit:
- Eliminate data blind spots. Many of us call these “the crown jewels” of the organization, but with all the data produced these days and the difficulties surrounding data lifecycle management, what’s really under the hood? Consider a data security posture management solution and be mindful of shadow data.
- Security-first approach. Easier said than done, but “designing in” security to workflows and solutions — albeit a bit more difficult to deploy — means eliminating unnecessary, often fragile, complexities that are complicated and expensive to fix after an incident.
- Culture, culture, culture. Change is difficult to institute, especially new technologies, such as generative AI. Get people to buy into the security mindset, but not at the cost of business delivery. Remember, they are not only important users but are also key to successful implementations and improvements.
It’s being used, so use it wisely
The CODB Report also identified two of three organizations that studied deploying security AI and automation in their security operation centers. With this type of adoption, ubiquity is likely on the horizon.
Therefore, the key is to use the technology smartly, in a manner that addresses the organization’s risk profile and makes business sense. The business case becomes easier when the average cost of a data breach, according to the report, is USD 4.88 million. The findings over the last year thus far show that the investment can be worthwhile.
