How can service providers address security concerns in today’s world?

Data breaches continue to make the headlines with the cost of breaches reaching a record high in 2021. According to the IBM Cost of a Data Breach Report 2021, the average cost of a stolen data record now stands at $161, and the average overall cost of data breach incident stands at $4.24 million. Not only are the costs of data breaches skyrocketing, but organizations and the service providers that protect them are more vulnerable to breaches than they’ve ever been before ¬– which is why a joint security strategy between these two players is so important. 

These escalating market trends are being driven in large part by the dramatic shift in operational models during the last year as well as the resulting gap between getting the right infrastructure in place and deploying the right security to protect it. Moving to the cloud, or adopting a hybrid model, was pivotal to sustaining business when the pandemic hit. The cloud offered greater flexibility, scalability, and more cost-efficiencies, with the option to pay only for the capacity used. To take advantage of these benefits and make the shift, many companies turned to or extended their partnerships with service providers. While this decision helped companies get their infrastructures in place, it also left them vulnerable to new threats.

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