Profiting from Cyber Security

profiting from cyber securtiy

Written by Mike Boutwell

August 31, 2022

Profiting from cyber security concepts is a dominating concept in the industry. In this video, we will discuss the way top leaders can use cybersecurity tools to profit and dominate the industry. Without further ado, let’s get started!

Business Intelligence Has Immense Opportunities

There are immense opportunities to use BI(Business Intelligence) in the market. Let us discuss the key opportunities in Business Intelligence.

About 33% in the industry are using Business Intelligence or big data. That’s a drastic improvement as well.

About 70% think that data visualization is vital. It is vital because data visualizations convey the concepts simply and easily to understand.

About 24% of the adoption rate lags in Europe behind NA. As it means, only the least percentage uses BI and it stands as a huge opportunity for many countries. Especially, this fact hits Europe as there is very little competition in the market.

About 1300% is the Average ROI(Return On Investment) for enterprises using Business Intelligence. Therefore, the turnover is pretty higher when you use BI tools.

If you invest in the usage of BI, there is an infinite return which is a great opportunity for many people.

Monetize What You Have So That You Can Win

This is interesting content to discuss. As you can see in the third slide, the right side of the chart has Dark data. There is 55% of dark data. These are the data that are not being monetized by the organizations. But, they pay and receive the data and don’t monetize it.

If you monetize all the data you have with proper tactics, there can be a revolutionary change in the organization. Very useful and powerful data may be generated by the organization without your knowledge, but due to a lack of monetization, the data is not used.

Proper monetization of big data can help for better decision making, increase the revenue of the business and reduce the OPEX.

Therefore, data-driven decision-making has to be performed to persist your organization and grow in the competition.

What are the 5 V’s of Big Data?

There are 5 V’s of big data. The following are the 5 V’s of big data:

  1. Volume- Amount of data that companies manage
  2. Velocity- Speed at which data is received & stored
  3. Variety- Diversity and range of data types
  4. Veracity- Accuracy & confidence in data
  5. Value- What is the clear & quantifiable value?

Volume is the quantity of data stored in the systems. The velocity indicates the speed at which the data are stored in the cloud. Variety specifies the various types of data stored. Veracity displays the accuracy and reliability of the stored data in the organization. This depends on the structured and the unstructured data. Finally, Value mentions the clarity and the quantifiable value of the data. It defines the importance of the stored data.

Big Data – Why Now?

Big data faces many challenges. The following are the key challenges faced by big data:

  • Cost: Hosting the data on-premises is costly
  • Backup: Back-up procedures add complexity
  • Safety: Securing data is vital to organizational success
  • Data structure: Addressing the various types of data
  • Data Management: Handling massive amounts of data is its challenge
  • Transformation: On-prem vs. Cloud

In the historical context, the cost inquired to host the data was huge. But, the cloud facilities made these tasks a lot easier by reducing the cost and the overall activities. Due to the presence of the cloud, backup and safety management is a lot easier to handle. There are various types of data structures, and identifying the suitable data structure as per the requirement is very challenging. Data management systemically handles the data. The transformation from on-premise to the cloud can be costly and a difficult task. But, in all terms, the transformation towards the cloud can save a lot of resources.

Big Data Cloud Service Providers Market Share

Amazon Web Services has occupied 33% of cloud services in the marketplace. It stands as the leader in the market. Next, Microsoft Azure is turning out to be a close competitor of Amazon Web Service with a turnaround of 22%. Then, the Google Cloud platform has only 9% of the cloud market share. Finally, IBM Watson has only 1.8% of the market share. Overall, below is the ordering of the big data cloud service provider’s market share from the highest to the lowest:

  1. Amazon Web Services (33%)
  2. Microsoft Azure (22%)
  3. Google Cloud Platform (9%)
  4. IBM Watson (1.8%)

Progression of Cyber Security Programs

There are five stages of progression to profit in cyber security programs as follows:

  1. Secure
  2. Repeatable
  3. Efficient
  4. Insightful
  5. Valuable

Using cyber security programs creates more business value for organizations. If they are used appropriately, they create greater insights. Also, it makes the work schedules of IT systems more efficient. Once the processes are used frequently, these processes can be used repeatedly as well. Security is a key aspect to profit in cyber security programs

Traditional Risk Formula is Outdated

The traditional risk formula is outdated as it does not build connectedness and globalization. The traditional risk formula has three main components as follows,

  • Natural disasters
  • Social unrest
  • Geopolitics

The cyber security tools would help to identify these risks effectively.

Real-Time Identification of Trends

Cyber security tools can identify many threats as well. It can identify the following pivot real-time trends:

  • SME trends
  • Brand management
  • Economic
  • Discourse

The tools can identify the main trends in different marketplaces. Also, they identify the brand management strategies of competitors to turn effective. Another main use case of it is the ability to identify the job openings rates.

It can also monitor the political discourse and the way people respond to certain situations by identifying their emotions.

How and Why do Security Tools Play a Role?

Open-source intelligence tools display the data which are related to an organization.

Time-sensitive information and third-party risk information can be obtained. They are handy to analyse the future and construct strategies accordingly.

High volumes of real-time data are gathered through security tools. It can give statistics and relational data, and many more!

Types of Security Tools

The following are the four main types of security tools and their examples:

  • Security Event & Incident Manager: Log360, Splunk,
  • Network Capacity & Monitoring Tools: Firewalls, Wireshark (and the suites), traffic trend analysis (Nagios)
  • Tool and Software Management: Axonius
  • Open Source Intelligence: Maltego, Recon-ng

They can obtain details related to economic growth, sales, shrink, trends, and many more are obtained through these security tools

Revenue Protection vs. Revenue Growth

Revenue protection is achieved in the following two ways,

  • Data security
  • Governance

Data security ensures the protection of assets and infrastructure from cyber-attacks. Governance ensures the maintenance of standards and policies of the organizations.

Revenue growth is achieved in the following two ways,

  • Access positive risk
  • New insights

Positive risks are accessed by identifying new opportunities. New insights are identified through the existing tools used in the organizations

Cyber Security & Data Symbiosis

There are four main concepts in security and data symbiosis as follows:

  • Data
  • Intelligence
  • Decision
  • Insight

The above four main concepts are related to one another. The existing data paves the way to generate better insight into the business. Through these intelligent insights, organizations can make effective decisions. The new insights generate more business opportunities for the organizations. Business intelligence or big data feeds the security and creates a symbiotic relationship.

Example – Exploring the Executive Dashboard

The executive dashboards reveal a lot of details for a business user. Through the executive dashboard, you can find insightful points. The four main points displayed in the executive dashboard are as follows:

  • Cost Benefit Analysis
  • Time to Deliver Service
  • People & Talent
  • Competitive Advantage

The negative and positive risks are also identified to gain a competitive advantage.

A Seat at the Executive Table

This section speaks about the way to use the seat at the executive table. To maintain a good standard in the organization, the stakeholders need to understand the value and capabilities of cyber security or what they bring to the table. The four main concepts applied here are as follows:

  • Educate
  • Explore
  • Engage
  • Execute

The stakeholders need to be educated to find opportunities and explore the new ideas presented. They also need to engage with one another to explore these opportunities. Then, pick the best and execute the opportunities.

Summary & Conclusion

In conclusion, you need to maintain advanced security in your organization to profit from cyber security. At the same time, insightful data should be collected and turned into opportunities. To accomplish this, you need to build security or data science teams as per the requirement. Insightful and new information needs to be accessed to grow the revenue of the business.

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