How AI can evolve and up-level your firm's cyber defense strategy
A recent Statista report revealed the financial consequences of cybercrime in 2022 were higher than ever, with the average cost of data breaches in the U.S. totaling more than $9 million. With 2023 poised to be the year of reduced spending given an uncertain economy, protection against the rise of cyber incidents and data breaches will impact numerous industries and become more costly due to inflation. The human cost, however, is just as great, as businesses face increasing pressures to protect employees’ and customers’ personal information as well as their time and trust.
When a data breach occurs there’s little room and time for error: victims, as well as employees and stakeholders, expect a swift and appropriate incident response. Companies that handle mass amounts of personal data, especially in the legal sector where PII-containing case data is at stake, should look to new solutions rooted in artificial intelligence to complete similar tasks at faster speeds and reduced price points. This will also provide senior leadership much-needed peace of mind amid security-compromised induced stress.