Page 90 - Cyber Defense eMagazine September 2023

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Zero Trust, and only 10 percent are predicted to satisfy the full criteria of a Zero Trust program by 2026
(1). With the increasing prevalence and growing cost of cybercrime, it’s critical for cybersecurity
leadership to quicken the pace of ZTA implementation.

The Impact of Cyber-Risks on Large-Enterprise Organizations

While the magnitude of loss and disruption caused by a cybersecurity breach depends on factors such
as the nature and scale of the attack, the industry, and the cybersecurity measures in place, cyberattacks
have the power to completely disrupt an organization.

First, the costs associated with cyber attacks can be substantial. The 2021 Cost of a Data Breach Report
by IBM Security and Ponemon Institute found that the average total cost of a data breach for a large
enterprise was $4.96 million.(2) This includes expenses related to incident response, investigation,
notification, legal support, and recovery efforts.

Then there’s the indirect financial impact of a cyber attack — such as lost business opportunities,
customer churn, and damage to the organization's brand and reputation. A study by Lloyd's of London
estimated that cyber attacks cost businesses globally $400 billion per year in terms of lost productivity
and reputational damage.(3)

In addition to these financial losses, cyberattacks can result in legal and regulatory consequences,
undermine customer confidence and loyalty, and cause operational disruptions that impact productivity
and customer service.

In light of these potential catastrophic consequences, it’s no wonder large enterprises are prioritizing
cybersecurity as a strategic initiative and implementing zero trust best practices to safeguard against
cybersecurity threats.

New Approaches to Cybersecurity Threat Management

Some of the most notable technologies and approaches to enhanced protection include:

• The implementation of a Zero Trust Architecture through a managed process. Zero Trust
Architecture (ZTA) emphasizes strict access controls and continuous verification to help
organizations secure their networks and resources.
• Defining management Policies and process definitions to manage risk.
• Defining and applying risk reduction methodologies.
• Auditing and verifying tools data generation accuracy and scope.
• Artificial Intelligence (AI) and Machine Learning (ML) practices to top of accurate and complete
network data to help manage potential cybersecurity threats in real-time and automate security
processes.

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