Turn to Competitors to Counter Cyber Threats

The growing rage of cyber threats and the likelihood of dreadful cyberattacks are reasons enough for organizations to be on toes and look for a practical approach to beat cybercrime.

In this article at The Telegraph, Madeline Bennett suggests that exchanging security awareness guides and weapons with rivals is the best way to tackle cyber threats.

A Fact Sheet

The last nine months of 2019 recorded over 5, 000 cases of data breaches due to which almost 8 billion confidential records of the major companies were exposed, says a Risk-Based Security report. 2019 observed a sharp rise in data breach by 33 percent and 112 percent in exposed records as compared to the year 2018.

Similarly, a recent IBM’s Cost of a Data Breach study suggests that the average global cost of data breach incidents is now $3.92 million, up by 1.5 percent in comparison with last year. To identify and resolve each breach takes an average of 279 days which is again a sharp rise of 5 percent from 2018.

Need for Radical Approach

The reports and facts are pointing towards the need of a revolutionary step to combat cybercrime. Thus, some organizations joined hands to form a network again hackers and share knowledge about emerging threats.

Mitigate Cybersecurity Risks

The scope of mitigation activities is vast, from low-level changes made at a personal level to enterprise-wide strategies, a set of simple rules and practices can empower organizations. Here are some hacks to keep cyber threats aside:

  • Change Attitude: Team up and form a network against cybercriminals to prepare each other to counter looming threats. Organizations from the same industry must team to share security insights, even with their counterparts. Regular exchange of information will keep you aware and guarded against cybercrimes. It will help organizations transform their attitude towards each other and improve security actions.
  • Beware of Costly Consequences: With the help of advanced technologies like artificial intelligence (AI) and machine learning, detecting possible cyber threats is easier. However, if organization won’t share security information further, eventually, the industry will suffer. The author quotes an instance of US health insurer, Anthem, who lost confidential healthcare data of over 78 million people in 2015. Due to this incident of a data breach, the industry suffered further due to 400 such cyber incidents.
  • Stay Smart: Digitization will continue improving the scope and opportunities for business. So, remain updated with the innovations and techniques to spread awareness.

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