Understanding the principles of automated lifecycle management and employing them to create a cyber secure data system should be a priority for your business.
It is important to learn about the automated lifecycle management AI tools that are being utilized by businesses to develop apps and strengthen processes involved with protecting customer information and halting data breaches and hacks.
Cybersecurity continues to be plague businesses both domestically and globally. According to one report, the average cost of data breaches in 2017 was approximately $3.6 million. This is a per data record average of $141. Some of the largest data breaches occurring in 2018 impacted the information security of millions upon millions of users at a cost upward in the billions of dollars, a significant loss for businesses and consumers.
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Cybersecurity consulting specialist Earl Foote with Nexus IT in Salt Lake City shares insights into how automated lifecycle management improves an organization’s cybersecurity readiness and posture.
We live in an interconnected world. Machines have the ability to speak to one another over the internet with little to no human interaction. The internet of things (IoT) has created greater device connectivity allowing information to flow freely from device to device. This has also made the work of cyber thieves easier as they learn to invade these autonomous interactions for their own personal gain or to engage in purely disruptive activity.
If you have been a victim of a data breach or other form of illegal intrusion into your data system, you understand the importance of improving cybersecurity protections. Simply ask companies like Target, Under Armor, and others who have had intrusions on their databases and, as a result, loss reputation and the faith of their customers. It is time to consider the role automated lifecycle management can play for your business and how it works to improve overall cybersecurity.
What Is Automated Lifecycle Management?
Automated lifecycle management, from the name, is a process for managing the relationship from end-to-end with your external vendors. The process, which used to be managed manually through a series of supply chain managers responsible for their step in the supply management process, can and has been automated to create a seamless experience for your customers.
The automation of lifecycle management for businesses involves the melding of two processes: procure-to-pay and source-to-contact. It is the acquisition of vendors in the supply chain able to deliver the essential components of your customer experience (i.e. products, services, supplies, etc.) and the management of contacts to ensure continuing fulfillment and resolution of problems when they arise.
The automation of the processes with tools specifically designed for the task creates measurable metrics for measuring the efficiency of the process, reduces time, eliminates risks (such as inherent intrusions that may threaten the security of data and compromise security) and improve collaboration and engagement with your vendors for improving the customer experience.
How Automated Lifecycle Management Improves Cybersecurity
Areas, where automated lifecycle management can improve your business, is in the area of cybersecurity. Using the acronym SOAR (Security orchestration, automation, and response), automated lifecycle management techniques used to reduce redundancies in the management of your supply chain are applied to your security operations. The SOAR model allows you to take a smarter, not harder look at your approach to protecting valuable customer data.
An automated lifecycle management approach lowers your reliance on human hands needed to protect against data breached by automating routines and, through smarter AI and machine learning, model, simulate and better anticipate the potential for intrusions before they can impact your data.
SOAR looks at activity levels, exposes areas most susceptible to attack, and deactivates or performs a more careful watch in order to prevent an intrusion from becoming a PR nightmare for your business. Learning how to place greater reliance on automated lifecycle management and enabling your networks to learn from one another can only lead to a more secure data system.
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