Adrian Johnson
TLDR:
Companies are facing increasing financial pressure to invest in cybersecurity as threats escalate, with the average cost of a data breach rising to $4.9 million. Stephanie Link from Hightower Advisors discusses the challenge of balancing budget constraints with the need for robust security measures.
Key Points:
- Cost of data breaches has increased to $4.9 million
- Businesses must prioritize cybersecurity, even with tight budgets
During a recent virtual event on cybersecurity, Stephanie Link, chief investment strategist at Hightower Advisors, highlighted the rising costs of cyber threats. She emphasized that companies are facing significant financial pressures, as the average cost of a data breach has increased by 10% year over year to $4.9 million, up from $3.8 million in 2018.
Despite the growing financial burden, cybersecurity has become a non-negotiable area of investment for businesses. Link noted that companies cannot afford to neglect security measures, as the risks of a breach outweigh the costs of investing in cybersecurity.
Businesses are being forced to prioritize their cybersecurity spending, even at the expense of other critical areas. Link emphasized the importance of allocating resources towards security measures, as organizations cannot risk having their business compromised due to a lack of protection.
As companies navigate these financial challenges, maintaining robust cybersecurity measures remains a top concern. Link pointed out that 67% of organizations are deploying AI for cybersecurity, indicating a growing reliance on advanced technology to mitigate risks.
The discussion at Benzinga’s event sheds light on the difficult choices companies must make as they balance growth with the need to protect their digital assets amidst increasing cyber threats.
