As data breaches continue to soar in number and sophistication, enterprises are taking a proactive approach to fortify their cybersecurity defenses. According to a recent report by Information Services Group (ISG), a leading global technology research and advisory firm, data breaches rose significantly between 2022 and 2023, with healthcare and financial services firms being targeted most often. Additionally, in the recent IBM Cost of a Data Breach Report, the average cost of a data breach has increased to an all-time high of $4.88M. As data breaches continue to soar in number and sophistication, enterprises are taking a proactive approach to fortify their cybersecurity defenses.

To combat these threats, smart enterprise security chiefs are re-evaluating their strategies, focusing on business resilience and implementing new tools and services to stay ahead of the curve. Many organizations are rationalizing their security technology stacks to focus resources, eliminating redundant or outdated tools to streamline security operations.

Large organizations with complex supply chains are also facing growing risk from attacks against third-party vendors linked to their systems. As a result, they are beginning to assess these vendors’ security postures and take a stronger role in managing risk across the supply chain. For all organizations, focusing on fundamental security measures such as automated patch management and user education is key. For technologies and skills beyond their reach, companies are turning to managed security services and cloud-based security offerings. As the report highlights, even organizations with fewer resources can institute strong security practices with help from service providers. The report also explores other cybersecurity trends in the U.S., including increasing adoption of cybersecurity insurance and AI-powered advanced threat detection and response. Overall, the report emphasizes the importance of staying ahead of the curve in cybersecurity, as the threat landscape continues to evolve and intensify.

ISG ranks IBM® a leader in all four cybersecurity quadrants in this ISG Provider Lens™ Quadrant Report 2024, which analyzes the cybersecurity market of 250 vendors and compares provider portfolios and competitive strengths. IBM is recognized as a leader in the service lines of Identity Access Management (IAM), Managed Security Services (MSS), Strategic Security Services and Technical Security Services in the geos of US, US Public Sector, UK, Australia, Brazil, Germany, France (Market Challenger) and Switzerland.