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Organizations continue to make strides towards digital transformation with the explosion of unstructured data. As more data is generated, it has become one of the most valuable assets of an organization. Anytime an asset becomes valuable, the malicious actors and organizations begin to take notice. The malicious actors may be individuals, but the organizations could be state-sponsored groups or other criminal organizations.
Protecting data in the current environment is paramount. In fact, cybersecurity governance is the top priority for business leaders. According to the International Data Corporation (IDC), worldwide security investments will grow 12.1% in 2023 to $219 Billion[1]. Furthermore, 88% of board members classified cybersecurity as a business risk[2]. Additionally, cyber risk or cybersecurity insurance policies require a documented cybersecurity plan.
Of the malicious threats, ransomware is the most concerning. In the form of software or malware, ransomware encrypts data and sensitive data is exfiltrated, rendering systems unusable. The cybercriminal holds the data and systems hostage until a ransom is paid.