Today’s organizations depend heavily on network functions for things like email, cloud computing, and hybrid or remote work. Sadly, cybercrime continues to grow more common around the world, and it impacts internet-connected businesses of all sizes across all industries by exploiting network security vulnerabilities.

Employees are central to organizations in every industry, and in today’s interconnected world, they have access to more data than ever before. Safeguarding that data is one of the biggest challenges modern organizations face, and too many companies rely solely on their network security teams for their cybersecurity needs.

The U.S. government alone proposed a $12.72 billion budget for cybersecurity in 2024 likely in response to the $320 billion that cybercrime cost the country in 2023. As the costs and spending continue to rise, governments and businesses alike are looking for newer, more effective ways to keep cybercrime at bay.

According to Tech.co’s Impact of Technology on the Workplace Report 2024,40% of business leaders believe that their organizations’ performance will be highly affected by cyber threats in 2024. Furthermore, 11% of these same business leaders are not sure if their companies experienced a data breach in 2023.

Globally, cybercrime cost $8.44 trillion in 2022, and by 2027, the cost will climb to a jaw-dropping $23.84 trillion according to data published by the World Economic Forum.