According to a study conducted by IBM, the cost of a data breach has increased 12% over the last 5 years. The estimated cost globally is $3.92 million on average. The predictions are even more concerning for small and medium-sized businesses with employees less than 500. For such companies whose average annual revenue does not cross $50 million, losses of $2.5 million on an average can be potentially crippling.
Threats are not just on the rise, they are also becoming increasingly difficult to defend and manage. With post-breach expenses reaching unmanageable amounts, the need has come to implement cybersecurity solutions that are as sophisticated as the threat elements.
Let us discuss the main factors that have the potential to lead to mega data breach incidents in organizations in 2020:
As technologies become more advanced, threat mitigation systems need to catch up. But most cybersecurity solutions do not provide adequate automation features to respond to any possible threat systems.
Security Orchestration Automation and Response (SOAR) - SOAR Cybersecurity
SOAR cybersecurity is more important than ever in 2020. Not only does it provide a more comprehensive solution to security issues, but it also maximizes the potential of all existing cybersecurity tools and solutions and automates them in order to respond to threats faster and without the need for any human interaction.
It has also been predicted that the cybersecurity skill gap is going to prevail in 2020. This means that there are going to be more threats to organizations than trained security analysts to help mitigate and analyze the breaches. This makes SOAR tools even more crucial for enterprises this year.
What is SOAR? Here is an interesting read for you to get started with SOAR security - Introduction to SOAR with Tips for SOCs to get started
What is Security Orchestration?
Security Orchestration is one of the main characteristics of the SOAR platform apart from automation. This is the process that brings together, connects and integrates the entire cybersecurity landscape of tools, technologies, and processes.
SOAR Cybersecurity is the best bet to combat mega security breaches. Here’s why!
SOAR tools efficiently leverage Artificial Intelligence and Machine Learning to create an integrated and independent incident response atmosphere. Capabilities of a SOAR platform:
Enterprises are becoming serious about cybersecurity leading them to invest in a vast array of tools and systems that promise a safe and solid security infrastructure. The end result - Security analysts have to manage and monitor innumerable detection and response tools simultaneously and continuously. These security tools do not interact with one another and operate independently.
SOAR security allows organizations to bring together disparate systems that have uneven response mechanisms and varied timings. SOAR tools are designed to integrate the entire ecosystem of cybersecurity into one single platform where the various elements interact and work together towards a defense strategy. This offers greater visibility into the network and systems with a lesser number of false or repetitive threats alerts.
A SOAR platform comes in handy even for incidents that cannot be resolved with automation. In such cases, SOAR security tools provide actionable insights like the severity and priority of the threat. It can also be made to identify the security analyst in the company who has successfully faced and resolved similar threats from the system in the past. These traits of SOAR cybersecurity help companies save millions of dollars in the event of a security breach.
As mentioned before, the cybersecurity skill gap is a serious issue for businesses. A SOAR platform makes the job easy for the handful of analysts in charge of a great load of tasks. SOAR security approach enables them to work smarter and not harder by providing them with strategic insights and automating possible response mechanisms.
This not only saves time but also allows them to focus on tasks that demand increased intellectual creativity. SOAR cybersecurity essentially promises to solve the issue of shortage of talent.
Enterprises focusing on responding to larger threats often tend to forget about humble phishing effects. For hackers, the employee email inboxes are a great way into the enterprise network. Certain classic security mechanisms require analysts to manually flag and tackle potentially nefarious messages. SOAR tools have the capability to automatically detect such messages without any human intervention, hence saving the organization network from a breach.
Know more about Automation here - Address Cybersecurity Risks With Automation
The incident response market is expected to reach 33.76 billion USD by 2023. With organizations becoming increasingly aware of the rise of sensitive data breaches, incorporating SOAR security into the business has become the need of the hour. Fortunately, SOAR cybersecurity vendors globally are doing a great job in building robust and exceptional products that can effectively challenge the growing risk atmosphere.
SPORACTⓇ, an intelligent incident response tool from Anlyz provides a comprehensive strategy to track, analyze and terminate threats. Here is everything you need to know - SPORACTⓇ - A Case Management Tool for CISOs