Page 14 - Risk Management Bulletin April-June 2022

RMAI BULLETIN APRIL - JUNE 2022

In the past five years, Gartner reported that the leverages the power of data science to predict what
percentage of boards that consider cybersecurity a you’re likely to watch next based on your previous
business risk has risen from 58% to 88% and selections, and content viewing history.
proportionally, cybersecurity spending has reached a
record high of $152 billion dollars in 2021. Despite What if we deployed the use of similar fundamentals
these changes though, cybercrime inflicted damages backed by sound data science principles to make
worth $6 trillion dollars globally in 2021! cybersecurity proactive and predictive?

So, what’s the missing piece of the Fixing it before it breaks

puzzle? According to a Harvard Business Review report, 52%
of company executives believe automation to be
In today’s digital-first world, companies are also dealing
crucial to their security operations. For companies and
with more data than ever before – the World Bank
businesses to fully realize their business potential, they
estimates that by 2022, annual total internet traffic will
need to leverage the power of artificial intelligence
reach 4.8 zettabytes – as World Economic Forum puts
(AI), machine learning (ML), and automation across
it – if you were to store 4.8 zettabytes on DVDs, your
functions, and cybersecurity is no different. IBM
stack of DVDs would be long enough to circle the Earth
reports that using AI and automation in cybersecurity
six times! This massive 50% increase from 2020 – yet
had the biggest positive cost impact – with the breach
another reason to look at a ‘two-steps-ahead’
of a cost being 80% higher in organizations where AI
approach towards cybersecurity.
and automation is not deployed.
Businesses can no longer depend on traditional methods
Businesses need to step away from traditional siloed
of cybersecurity alone. The need of the hour is a systemic
and reactive cybersecurity practices, and adopt a more
change of perspective on how we look at cybersecurity
proactive & predictive, integrated approach and take
– from an approach that is reactive, siloed, and lacking
common business context, to one that is integrated, the business context into consideration. Cybersecurity
can no longer be communicated through technical
proactive, and speaks the language of the business.
jargons, but through a language that every stakeholder
understands – dollar value at risk.
Prediction is power
The use of machine learning, & data science to Security and risk management leaders do not need
improve and enhance user experience has become a more dashboards, they need decisions and using Cyber
standard practice in many industries such as Risk Quantification platforms that are backed by sound
healthcare, financial services, marketing and data science principles, business leaders can finally
technology and entertainment. For example, Netflix take the guesswork out of cybersecurity.

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