By Ripu Bajwa, Director and General Manager, Data Protection Solutions, Dell Technologies India
In the era of digital transformation, data is all pervasive.According to ResearchandMarkets, the global big data market is expected to reach INR 34,943.77 Bn by 2027, expanding at a CAGR of around 12.81 percentmaking data as an influential factor in business and economies around the world. Out of this, the valuation is expected to reach INR 558.24 Bn in India by 2027, making it one of the top 10 markets for data and analytics.
The increasing volume of data management and analysisin addition to the advances in technology add reasons to examine why cybersecurity is critical and how to ensure we stay ahead of cyberthreats.The Dell Technologies Global Data Protection Index Report 2022 suggests, 86% of businesses globally, have experienced a cybersecurity incident led disruption in the last 12 months. India is especially vulnerable having faced 18 million cyber-attacks in just the first quarter of 2022.
It is fair to say that cybersecurity will become more critical through the 2020-2030 digital decade. Let’s explore why.
Why Is Cybersecurity Critical Now…and later?
There is no reason to believe the level of data breaches will suddenly decline in 2023. As organizations of all sizes struggle to defend the data they hold, it is essential that everyone practice good cyber-hygiene.
The importance and volume of the data itself make the cyberthreats and cyber-risks more prevalent, which makes cybersecurity an increasingly critical strategic factor in businesses. The same report by Dell Technologies has highlighted that the average cost of damages by data breaches rose to $1,057,895, around the world. This was significantly more than the costs recorded in 2021. Such costs of data breaches like ransomware and malware reveal the financial significance of cybersecurity to a company’s strategy.
While data lies at the center, organizations often get limited by their understanding of the distinction between data and cyber security. Data security focuses on the data itself and access to the data to protect against unauthorized modification, destruction, and disclosure. However, a more inclusive, cybersecurity protects data and the systems and applications that manage data.
What Cybersecurity Provides
A cybersecurity program should increase an organization’s ability to reduce downtime to critical business functions after a cyberattack. The National Institute of Standards and Technology defines cybersecurity as “prevention of damage to, protection of, and restoration of computers, electronic communications systems, electronic communications services, wire communication and electronic communication, including information contained therein, to ensure its availability, integrity, authentication, confidentiality and non-repudiation.The NIST Cybersecurity Framework sets such a strategy across five functional areas:
- Identification: itemize and justify the specific elements to be protected and why
- Protection: determine the specific protection elements needed and how to implement them
- Detection: put in place strategies and actions that detect potential cybersecurity breaches quickly and accurately
- Response: plan the communication, analysis, mitigation and improvements to apply in the event of a breach
- Recovery: construct recovery plans that include improvement contingencies and thorough communication
Effective recovery protects critical data, identifies suspicious activity and responds immediately with correction and improvement. Integrating recovery as capstone of the five components offers a company true cyber resiliency.
Cybersecurity and the Workforce
Cybersecurity has become more than a technological concern. Because the cybersecurity professional’s role now touches disciplines throughout a business, everyone with responsibility for cybersecurity requires training that spans IT, cybersecurity frameworks, business and interpersonal skills.
With 76% of Indian employees eager to learn new, sought-after skills and technologies according to Dell Technologies Global Breakthrough Report, the future of Indian businesses in the era of digital transformation looks optimistic.
Looking at the future, whether a small business or Fortune 100, one’s business resiliency would depend upon being able to withstand and recover from a variety of scenarios including a cyber disruption. It is clearer than ever before that cybersecurity strategies are going to greatly influence business success in the coming times.