Customer data is attractive to Cyber threats
As companies collect large amounts of sensitive customer data, they get more attractive to cyber criminals. 2016 saw cybersecurity affecting the U.S. presidential election(1). Yahoo (2). and Talk Talk (3). The global cost of cybercrime is estimated to reach $2 trillion by 2019 and an average cost per breach in 2016 was about $ 4 million (4). Countering the cybercrime is the information security market which is estimated to be $85 billion in 2016(5).
Growing Spend on Cyber Security
Businesses need to evolve and adopt proactive policies to integrate security systems into their daily operations, better protect themselves against data breaches and take precautions as they move data to the cloud (6) (7). Cyber security companies play a significant role in providing technology and services to protect enterprises, to help identify, analyze and respond to dangerous cyber threats. “Worldwide spending on cybersecurity products and services is forecast to eclipse $1 trillion for the five-year period from 2017 to 2021, according to the Cybersecurity Market Report, published quarterly by Cybersecurity Ventures.” (8)
Managing Customer Data within Cyber Security Companies
While cyber securities are focused in helping their clients protect their customer data, Cyber Security companies themselves face challenges in managing their own customer data, not from cyber threats but more from inefficiencies caused by bad quality or lack of control and governance of customer data across their application landscape. A Customer Data Management Solution helps cyber security clients to remove duplicate accounts, synchronize all the essential client data between CRM and ERP, and merge accounts and generate customer hierarchies with the new Hierarchical Account feature for a better understanding of their clients’ organizations while integrating with an address validation service.
With a clean and efficient customer data management solution in place, cyber companies can now focus on product innovation which help their customers against unknown cyber-attacks.
- Year in Review: Top Three Cybercrime Threats of 2016
- Half a billion Yahoo users’ data stolen in ‘state-sponsored’ hack
- TalkTalk hit with record fine for cyber attack
- 20 Eye-Opening Cybercrime Statistics by Bill Laberis
- Gartner Forecast: Information Security, Worldwide, 2014-2020, 3Q16 Update, Published: 11 November 2016: Analyst(s): Ruggero Contu | Christian Canales | Sid Deshpande | Lawrence Pingree
- Experian Report: 2017 Experian Data Breach Industry Forecast
- Gartner Report, Security and Risk Leadership Vision for 2017 Published: 28 July 2016, Analyst(s): Tom Scholtz
- World’s hottest cybersecurity companies to watch in 2017