Why Cybersecurity Preparedness is Business Imperative?
Cybersecurity experts are sounding the alarm as the international community prepares for the upcoming Gulf Information Security Expo & Conference in Dubai, slated for April 23-25. With data breaches on the rise, particularly in critical sectors such as oil and gas, government, and finance, professionals are mentioning the urgent need for collaborative efforts to protect global cyber-resilience.
According to reports from IT Governance, over 30 billion records have been breached worldwide in 2024, spanning more than 5,000 publicly disclosed incidents. The financial toll of these breaches continues to rise, with IBM's 'Cost of a Data Breach Report 2023' indicating an average cost of US$4.45 million per breach—a 2.3 percent increase from the previous year.
Saiful Islam, Chief Information Security Officer at Dhaka Bank in Bangladesh, with over 15 years of experience in IT and Information Security, highlights a gap in private sector readiness despite increased awareness and investment in cybersecurity measures. Speaking ahead of his appearance at GISEC, Islam stresses the need for organisations to reassess their strategies, enhance defences, and prioritise measures such as assessments, employee training, and clear incident response plans.
Charles Brooks, President of Brooks Consulting International and Adjunct Professor at Georgetown University, emphasising the necessity for a shift from passive to prepared cybersecurity postures within corporate environments.
Experts also underscore the role of governments in establishing and enforcing regulations to safeguard data privacy and mitigate the rising threat landscape. Oren Maguid, Regional VP for MEA, APAC, and ANZ at Votiro, states the importance of governmental support in providing threat intelligence and cybersecurity tools to support private sector defences against changing threats.
The discussion at GISEC will also delve into the potential of emerging technologies such as AI and Quantum Computing in defence strategies. While AI-powered tools offer swift threat detection and response capabilities, caution is urged due to the potential for malicious use. Similarly, while Quantum Computing holds promise for processing speeds, its rapid development poses risks if not properly managed.
As the international cybersecurity community convenes at GISEC 2024, the focus remains on sharing knowledge, addressing the changing threat era. With cyber threats growing in complexity and sophistication, collaborative efforts between governments and enterprises are essential to protect global cyber-resilience and mitigate the impact of future breaches.
In the face of rising cybersecurity challenges, the imperative remains clear: measures and global cooperation are paramount to safeguarding critical infrastructure and protecting sensitive data in an increasingly digitised world.
