The Unyielding Struggle of Cybersecurity and Its Paradoxical Dilemma

The topic of cybersecurity has undoubtedly become one of the most pressing issues on the business agenda over the last few years. Despite the many technological advancements, malicious attacks are constantly on the rise as a result of the digitalization of business practices. IMF estimations claim that it has more than doubled since the beginning of the pandemic. 

During the year 2023, the number of data breaches has increased by 20 per cent over the year 2022, according to a recent report. Several threats can compromise sensitive information of both companies and their clients, halt enterprise operations, and result in substantial financial losses incurred by the organization. In 2023, IBM reported that the average cost of a data breach per venture was $4.45 million, which equates to a 30 per cent increase in the startup price. 

It represents a 14 per cent increase from last year, a 2.3 per cent increase from last year, and a 15.3 per cent increase from 2020, making it an all-time high. Depending on the size of the company, the financial burden may be greater for some than for others. Taking Equifax’s major breach in the US credit reporting agency, which affected 150 million consumers, as an example, the company paid over $1 billion in penalties following the breach in 2017. 

Further, malicious activities have the potential to affect companies in several ways, including immediate financi

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