The digitalization drive has become the dominating trend, with computer technologies penetrating all spheres of social and personal life in the modern world. Alongside ushering innumerable benefits, the ubiquitous advent of IT devices has brought serious concerns in its wake. One of the most pressing questions that worries both individuals and organizations is, “How secure is my virtual data?”
Public anxiety is continuously fed by reports of security breaches and data leakages that cost companies a pretty penny. Their financial losses manifest an ever-growing pattern, with businesses having to spend (or waste?) millions of dollars to redress gruesome consequences. For example, Desjardines Group lost over $50 million to cover for the data leakage of their clientele, and Norsk Hydro had to fork out $75 million to eliminate the effects of a cyberattack. Such exorbitant losses are rare, but IBM experts believe that on average, corporate victims of cybercrime have to foot a bill equal to $4 million. Because of such appalling statistics, establishing cybersecurity of their IT environment is prioritized by many organizations. Even the malicious onslaught of the global pandemic didn’t relegate security considerations to a secondary place, with companies reluctant to cut down on the security strategy enforcement expenditures.