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The Cost of Failing to Collaborate On Cybersecurity
Data security discussed at the C-Suite level usually involves CIOs, CISOs, CCOs, and often the company board. However, with an increasing volume of cybersecurity threats and the rising cost associated with each breach, collaboration between cybersecurity leadership and in-house counsel has never been more important.
"Given the ever-increasing importance of digital connectivity, [cyber-risk] issues sprawl well outside the purview and technical resources of the information security team … General counsels are vital to help business leaders set governance that balances protecting information with ensuring privacy, productivity, and regulatory compliance," according to the World Economic Forum.
Further, in 2022, the cost of data breaches worldwide reached an all-time high of $4.35 million per breach on average, based on data from IBM and the Ponemon Institute. In the US, average costs were even higher, at $9.44 million per beach — more than twice the global average. As data breaches have risen in cost and breach response has risen in complexity, we see greater demand for collaboration outside the IT team — both for creating organizational strategies to prevent breaches and to address effective responses in the event that they occur.
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