In today’s hyperconnected world, cybersecurity isn’t just a matter of protecting data; it’s safeguarding the essence of your business. The landscape is lush with dangers, from sophisticated cybercriminals to inadvertent employee errors. Proactivity is key here – and it’s about more than just installing antivirus software; it’s adopting a holistic approach that integrates cutting-edge technology with clear policies and vigilant monitoring. For many businesses, everything is at stake. Sensitive customer information, secure data, and even the integrity of your brand are on the line without the proper cybersecurity safeguarding. The risks are immense and can literally cost you. Staying ahead with cybersecurity technology isn’t an option; it’s a necessity.

Cybersecurity Threats

According to the most recent IBM Data Breach Report, in 2022, at least 83% of organizations experienced more than one data breach due to a cyber attack. While there is no definitive number of people those attacks affect, it is safe to say close to a million are directly affected per year, along with the countless others who are indirectly affected.

Businesses must create a formal approach to cybersecurity breaches and ensure all staff understand the protocol for effective and consistent response efforts during these incidents. Two imperatives when a cybersecurity breach occurs in a business are prompt incident reporting and transparency to all stakeholders.

Timely reporting is crucial for quickly containing cybersecurity threats. Procrastination invites even greater risks and damage.

Also, transparency in business cybersecurity builds trust with stakeholders, sparks collaboration with external entities, handles reputational damage, and boosts accountability. This openness empowers informed decision-making and bolsters resilience against cyber threats. The following is an example of how some companies must handle reporting cyber attacks:

A press release from the U.S. Securities and Exchange Commission in July 2023 discusses the latest rules on registrants disclosing cybersecurity incidents. In the document, SEC Chair Gary Gensler states, “Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors. Currently, many public companies disclose cybersecurity information to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way. Through helping to ensure that companies disclose material cybersecurity information, today’s rules will benefit investors, companies, and the markets connecting them.”

Overall, quickly and candidly handling cyber attacks within a company is the most effective approach. Withholding information or trying to sweep the incident under the rug will not benefit anyone in the long run.

Cybersecurity Breaches and their Costs

Cybersecurity breaches wreak havoc on businesses and organizations daily, ultimately costing them millions annually. However, these attacks cost companies’ money and cause them to lose trust and reputation if the aftermath isn’t dealt with appropriately.

According to data in a Harvard Business Review article on cybersecurity, “In 2022, the global average cost of a data breach reached $4.35 million, while the number is more than double in the U.S., averaging $9.44 million. These expenses can include everything from ransom payments and lost revenues to business downtime, remediation, legal fees, and audit fees.”

This shows the revenue lost isn’t only tied directly to the actual cyber breach but branches out further for months or even years to come.

They also point out that businesses aren’t the only ones devastated by the attacks; customers and investors often feel the pain after prices increase. It says, “For example, 60% of organizations that have experienced data breaches have raised their prices.” Ultimately, trust and reputation can diminish once the burden is passed onto stakeholders and others involved in the cybersecurity breach is not handled properly.

Lastly, the effects of a breach can be felt in the future when the company attempts to secure financing. Credit ratings can be downgraded if a business shows they are at risk, and much higher borrowing costs will occur.

The facts are clear: a single cyber breach can significantly damage a company’s bottom line.

Cybersecurity Safeguarding Measures

As technology advances, more strategic approaches, fortified defenses, and innovative solutions are available to combat evolving cyber threats. Whether small or large, firms nowadays choose to safeguard their sensitive data with practical cybersecurity measures.

These are just a few ways companies are protecting themselves from cyber attacks:

Get into the mind of a criminal

Understanding the cybersecurity landscape and putting yourself in the shoes of a cybercriminal is the first step to being proactive in this arena. Becoming more knowledgeable on why criminals might target your specific business or organization, how they literally breach the network, device, infrastructure, etc., and what can realistically stop them is key. The writers at Medium have an excellent article on getting behind the minds of cybercriminals.

Know the trending cybersecurity threats

Staying up-to-date on what cybersecurity is all about will keep you informed and proactive. What cyber criminals want can shift and evolve. For example, phishing wasn’t always a tactic to worry about – until it became one, and strategies such as ransomware and malware have become more sophisticated. Therefore, companies must learn the tactics commonly used at the moment and what’s coming up in the pipeline to help protect themselves.

Have a top-notch tech security team

This should be the number one priority of any business or organization. Let the experts be experts. Allow people to join your team with traditional IT expertise and advanced or more modern knowledge, such as Generative AI. However, not only do you need a security team, but you also need to train the entire staff on cybersecurity best practices to mitigate attacks.

Research the latest and greatest safeguarding tools

Stay trendy in this area – it will keep you informed and help you obtain the most effective tools in combating cybercriminals. In a handy and informative list, Forbes provides a few cybersecurity trends and items to watch out for in 2024. These include:

• The rise of cybersecurity Artificial Intelligence
• The escalation of ransomware attacks
• Artificial Intelligence social engineering
• The National U.S. Data Privacy Act
• Zero-Trust architectures
• FEMACyber insurance

Let’s go more in-depth into how one trend, Artificial Intelligence, is taking over the world of cybersecurity.

Cybersecurity Meets Artificial Intelligence

Looking ahead, how does cybersecurity evolve with the use of Artificial Intelligence?

Cybersecurity breaches and AI are intertwined in a complex dance of offense and defense. Hackers leverage AI to automate attacks, breach defenses, and even create convincing phishing scams. In contrast, AI is an effective tool for cybersecurity, enabling threat detection, detecting irregularities, and utilizing defense mechanisms. As AI advances, so do cyber threats, creating the need for continual innovation in defensive AI strategies to stay ahead of criminals.

IBM, for instance, offers several AI-powered solutions to accelerate threat detection, expedite responses, and protect user data and identity while always keeping the tech team informed. They offer multiple demos and case studies of their products, showing potential customers exactly how they will work to protect you and your assets.

Experts at IBM claim, “The average savings for organizations that use security AI and automation extensively is USD 1.76 million compared to organizations that don’t.”

The proof is in the savings: Investing in a solid Artificial Intelligence cybersecurity platform is a trend that isn’t going anywhere and can be the difference between winning and losing.

Embracing Advanced Cybersecurity to Protect and Propel Business

The imperative for up-to-date cybersecurity measures must be balanced in the rapidly evolving technology landscape. As cyber threats grow in sophistication and frequency, the need for cutting-edge defenses becomes more pressing. Companies must harness the latest and greatest tools available to safeguard their assets and uphold the trust of their stakeholders. By staying ahead of the curve and investing in state-of-the-art cybersecurity solutions, businesses can minimize risks, protect valuable assets, and ensure resilience in an increasingly digital world.

Artificial Intelligence is taking over the world, so many businesses are finally going with the trend instead of against the grain. While AI is still considered a relatively new technology and continues to grow daily, it is something businesses are now using as a catalyst to increase innovation, sales, and overall growth. Whatever your heart desires, or business needs are, you will likely find solutions with an AI tool. Whether it be writing and content creation, image design, video creation, or you simply need a solution to assist you with your company’s organization or customer service side, artificial intelligence is here to serve you.

In an interview with a Chief Technology Officer at a major Atlanta corporation, he gave insight into what AI means to him, his employees, and his company’s growth.

Current AI tools and trends

AI is revolutionizing the business landscape, with many companies embracing it as a spark for innovation and growth. While true, the CTO says, “We want to identify pragmatic use cases for AI that do not adversely impact employee roles, security policies, work output, or delivery credibility.” There are some bad seeds out there, but innovative, superb AI tools are available to businesses.

Speaking of, several effective AI tools are trending in 2024 and beyond. IBM, a top global technology innovator, shares its list:

• Reality check: more realistic expectations
• Multimodal AI
• Small(er) language models and open-source advancements
• GPU shortages and cloud costs
• Model optimization is getting more accessible
• Customized local models and data pipelines
• More powerful virtual agents
• Regulation, copyright, and ethical AI concerns
• Shadow AI (and corporate AI policies)

The CTO’s remarks align closely with what IBM researchers state in their article regarding advancements and standing out. “…the most impactful developments may be those focused on governance, middleware, training techniques, and data pipelines that make generative AI more trustworthy, sustainable, and accessible for enterprises and end users alike.” This emphasizes the importance of closely watching AI trends and the beneficial technological advancements we have coming our way.

Leveraging AI tools for transformative growth

Many wonder how businesses need to pivot to leverage AI.

The CTO stresses the need for buy-in from executives, the workforce, and customers to ensure successful integration into business operations. This alignment is crucial for maximizing AI’s benefits while mitigating potential risks. He states, “Employers must create executive, workforce, and customer acceptance of these tools as a natural contributor to a business outcome or product.” While certain AI tools can pose a risk to a company, many others work wonderfully and align with top business goals. Therefore, it is imperative to gain buy-in from all stakeholders to help the company grow and expand.

Artificial intelligence isn’t simply the way of the future; it is the present. Moreover, AI will only continue to advance, and its capabilities will be almost endless. It is interesting to think about where AI and data intelligence will be in five years and how they will transform industries worldwide.

When asked where he sees his company in the near future regarding transformative AI, he added, “We will start devaluing standard generative outputs (all look the same), so higher-level services will be the only true way to differentiate.” This means that instead, the focus of AI will shift towards providing more advanced and unique services as the primary means of standing out and differentiating within the industry.

While these AI tools and trends seem promising, challenges (that do currently and will in the future) arise that leaders must acknowledge and be proactive about handling.

The challenges of AI in business

Earlier, the interviewee brought up a crucial point that is highly relevant to the impact of AI within the workplace. AI tools shift roles within a company, placing more or less of a workload on employees or simply creating new functions within the company. But more importantly, data, cybersecurity, and the credibility of AI’s output are potential hazards to the workplace, including to clients and customers. The CTO highlights the importance of finding AI tools that do not negatively impact the company’s vision.

According to an article in Forbes, some adverse impacts, for example, include the lack of accuracy and accountability, skills gap, legal risks, and intellectual property, all of which become questions when using certain AI tools.

For leaders embarking on AI integration, he advises maintaining perspective and articulating clear policies to govern AI usage and protect organizational assets. This strategic approach ensures that AI adoption aligns with business objectives while safeguarding against potential risks. He states, “Curtailing individual usage of various products and cases to focus on ones that the entire organization can agree upon as valuable and thought out for these purposes.”

Individuals within the organization must exercise caution when choosing and utilizing different AI and data intelligence tools independently. Instead, the focus should be on selecting and agreeing upon specific tools and cases that everyone in the organization sees as valuable and well-suited for achieving the organization’s goals.

This makes it imperative that businesses intelligently adopt and utilize AI and only choose reputable and secure tools.

Going forward with AI

Embracing AI technology is no longer an option but necessary for companies looking to thrive in today’s competitive landscape. Understanding and harnessing AI’s power enhances operations and innovation as businesses grow, positioning the company for long-term success.

When asked what advice this tech leader would give other CTOs looking to integrate AI and data intelligence into their operations, he replied, “To keep things in perspective when discussing the reliance and investment associated with AI, particularly with board-level discussions. I would advise starting with well-articulated policies to govern this technology’s usage and protect your organizational IP and security posture.”

The IT landscape is rapidly transforming with the integration of AI tools and trends. As businesses embrace AI technologies to drive innovation, enhance sales, and foster growth, they face critical considerations such as data security, credibility, and workforce adaptation. The CTO’s insights underscore the importance of identifying realistic AI tools that align with business objectives while mitigating cybersecurity and data integrity risks. The emphasis on higher-level AI services and differentiation becomes paramount as the industry evolves.

To navigate this complex situation successfully, business leaders must maintain perspective, articulate clear policies with their employees, and weigh the risks and benefits of AI adoption. A culture of informed decision-making and strategic integration within their organizations is imperative. Businesses can leverage AI as a powerful catalyst for innovation, differentiation, and sustained success in the evolving digital era.

Welcome to a world where innovation meets determination and women are not just background participants but pioneers of technology. In this world, every line of code tells a story of an initial dream, continued passion and resilience, and eventually progress and achievement. The realm of Technology isn’t considered a man’s space any longer and hasn’t for quite some time. Women in technology worldwide are proving their ability and worth in the industry and pushing boundaries in this ever-evolving landscape.

Hear wisdom from two influential technology leaders, Kelly Solomon, Vice President of Enterprise Architecture at Vestis Corporation and President of ATP, and Jasmine Grant, Senior Vice President and Head of Treasury Technology at Truist. They share insights, triumphs, and their journey on how they came to be where they are in the business. Their noteworthy experiences in the field allow them to advise those considering a tech career, those just starting, or those who need a mental motivation boost to keep going.

Early inspirations and career trajectory

Early experiences, inspirations, and influences shape the trajectory of our lives. Those formative moments of curiosity and encouragement were pivotal for Kelly Solomon and Jasmine Grant. Reflecting on their younger years and fascination with technology, the women share how embracing STEM experiences and learning opportunities propelled them into remarkable careers.

Solomon shares how it all got started for her:  “Growing up as a geeky kid in the 80s, I was fascinated with video games and computers, though there was limited access. My professional journey into the tech industry began with my first “real job” in Atlanta, where I started by answering phones for a software company. I embraced every task as a learning opportunity. There was no job above or beneath me. I learned so much and was given the opportunity to develop a monetized support model and establish the company’s first service desk, marking the beginning of an incredible career journey.”

Grant describes her early memories:  “I originally was inspired to move into STEM as a Chemical Engineer.  When I was young, my mother would go to these Mary Kay parties, and they would use me as a face model for their products.  I was allured by the image transformation that makeup could make and how it made women feel beautiful and more confident. As I considered college, I decided to major in Chemical Engineering and Minor in Environmental Engineering at the University of Michigan.   I was inspired to create a safe, cruelty-free, organic makeup line as, at the time, a lot of makeup was tested on animals, which I felt was inhumane.  That ‘Mary Kay’ inspiration started my STEM journey.”

Furthermore, after completing her MBA, Grant shifted towards a business and financial focus due to a mismatch with chemical engineering culture. She then transitioned to consulting and a role at SunTrust Bank, driving large technology projects. Grant excelled in technology transformation and found fulfillment in leading a tech organization supporting the Treasury side of the business. Ultimately, she learned she was passionate about solving complex needs, staying competitive, and “getting things done” with a great team.

Both women highlight pivotal moments that shaped their career paths and solidified their passion for technology. Not only did their initial experiences with tech and business alter their lives for good, but profound people along their journeys helped pave the way to success.

The lasting impact of mentorship

Mentors are like guiding stars, offering wisdom, support, and perspective.

In an article in Forbes, the author explains how research backs the long-lasting positive effects of being mentored by someone else and being a mentor to others. Mentorship allows for skillset growth, greater job satisfaction, and fulfillment at work. It is also used as a catalyst to grow leaders.

Both Solomon and Grant recognize the transformative power of mentorship, how it has helped them along the way, and how they use it to support others starting in their careers.

“One of the defining moments in my career was meeting Johnnie McKenzie at HDI (Help Desk Institute), who later became a mentor and brought me into The Coca-Cola Company. Johnnie’s mentorship was transformative; she invested her time and knowledge in me and exemplified what it means to be a strong woman in a male-dominated field. Her guidance taught me the importance of self-advocacy and the realization that, ultimately, I am the architect of my own career journey. Learning to advocate for oneself is a skill and a mindset that propels women forward in the tech industry and beyond. A mentee must be prepared to receive and put in the work to get the most out of mentorship,”  explains Solomon of her experience with mentorship, both having and being a mentor. She points out something quite important: mentorship is not just about guidance but also about seizing opportunities and shaping our destinies.

Grant also shares how mentorship looks to her: “I have had many mentors and sponsors. I remember two that were critical in my career. Ron taught me how to run a portfolio and endorsed me into grad school, and Bryce sponsored me into new tech leadership roles. They helped me reach new heights in my career and not let an ‘imposter’ mindset sabotage me from future opportunities.”

Additionally, she explains how she invests in future women in technology. “You recognize your village in helping you by giving back- I have helped many colleagues achieve their academic or career goals. Some of my mentor relationships are twenty years old, and it’s a very fulfilling friendship. I have supported their journey from aspiring consultant to MBA to running a division, and now they are giving me coaching back!  Investing in a person and having them grow is beautiful; over time, they do the same for you.  The relationships count at the end of the day- it’s much easier to be called into an opportunity than to look for one.  The more you give to others and foster meaningful relationships- the opportunities are endless.”

Keys to success for women in tech

In the workplace, especially in tech and other STEM arenas where women sometimes feel outnumbered, women must support each other. It’s about more than advice – it’s more about unleashing the collective power of women to propel each other’s careers forward. When women stand together, they defy norms, smash barriers, and carve out their space with unapologetic determination. Solomon and Grant both work on embracing this sisterhood in the tech world, amplifying others’ voices, and rewriting the narrative of success for themselves.

Solomon encourages aspiring women to embrace challenges and opportunities for growth, highlighting the power of saying “yes” even in the face of uncertainty. The following is advice she’d give women pursuing careers in tech and girls interested in STEM.

“The most invaluable advice I’ve been given and want to pass along is the power of saying ‘yes.’ Even when feeling unqualified, embracing challenges as opportunities for growth has been pivotal in my career. Stretching beyond comfort zones is not just beneficial – it’s essential for personal and professional development.”

Grant shares insightful advice as well, she says, “Your career is a journey; have a vision, but be open to that vision changing as you grow your skill set and pursue what brings you happiness at work. Relationships are critical, so always make sure you establish and invest in your network because as you grow when opportunities surface, you are more successful in having people reach out to you to join them versus posting to roles online and fighting with a recruiter’s job filtering software to translate your value enough to get an interview.”

She also advises women not to succumb to “imposter syndrome” or feelings of inadequacy when presented with opportunities, as those offering the opportunities believe in their qualifications. She suggests establishing a personal Board of Directors (BOD) for genuine feedback and guidance in seizing opportunities. Additionally, she recommends using motivational music to evoke a sense of empowerment and readiness to seize opportunities.

Leading the way in Technology

Women in technology aren’t just joining in; they’re leading the charge, reshaping the story of success with grit and creativity. As Kelly Solomon and Jasmine Grant exemplify, the path to success in tech is marked by early inspiration, resilience, and profound mentorship. Their experiences highlight the transformative power of advocating for themselves, embracing challenges, and nurturing meaningful relationships in propelling careers forward. As women stand together, defy norms, and amplify each other’s voices, they break barriers and create endless opportunities for themselves and future generations in the dynamic landscape of technology.