How big is the AI threat to the cybersecurity of tech companies?

According to data compiled by security firm Cobalt, cybercrime is expected to cost the global economy $9.5 trillion in 2024.

A staggering 75% of security professionals have reported an increase in cyberattacks over the past year, with the costs of these breaches projected to rise by at least 15% annually. The outlook for businesses is equally concerning; IBM revealed that the average cost of a data breach in 2023 was $4.45 million, marking a 15% increase since 2020.

Information Security vs. Cybersecurity: What’s the Difference?

While cybersecurity is a subset of information security, not all aspects of information security fall under the scope of cybersecurity. Information security encompasses the creation and maintenance of systems and policies to protect all types of information—whether digital, physical, or intellectual—beyond just data in cyberspace.

An information security expert might develop access protocols for authorized individuals or establish security measures to safeguard information. In contrast, cybersecurity specifically targets the protection of information from cyberattacks and threats like ransomware and spyware.

Organizations can mitigate these risks through various measures. ISO 27001 certification helps organizations manage both information security and cybersecurity risks. Additionally, Cybersecurity Certification involves evaluating and verifying the security features and capabilities of specific cybersecurity products, systems, or solutions. 

No matter what step of the journey you are on, our team of cybersecurity experts at Intertek are here to help.