Ironic paradox: why cybersecurity is a constant battle

Estimated read time 5 min read



Cybersecurity is undoubtedly one of the most pressing topics on the business agenda. The number of malicious attacks is constantly growing, driven by the digitalization of operations. According to the IMF, it doubled since the pandemic. In 2023, the number of data breaches increased by 20 percent compared to 2022.

All these attacks can compromise sensitive information of both companies and their clients, halt business operations and result in significant financial losses for entities. According to an IBM report, the average cost of a data breach for a venture was $4.45 million in 2023. This is an all-time high, representing a 2.3 percent increase from last year and a 15 percent increase from 2020. Some companies experience an even heavier financial burden. For instance, US credit reporting agency Equifax paid more than $1 billion in penalties after a major data breach in 2017 that affected about 150 million consumers.



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