In today’s constantly evolving and technology-reliant world, the importance of maintaining private information online is crucial – for individuals and businesses alike. For companies, a data breach can be catastrophic. According to IBM, the average cost of a breach to U.S. companies in 2020 was more than $8 million, with costs spiraling from lost revenue, downtime, reputation, IT work and more. Additionally, one study found that only 40% of companies that fall victim to a major data breach will survive for more than six months.
From a manufacturing perspective, as supply chains are increasingly interconnected and companies become more technology-dependent, cybersecurity has evolved into an integral component of organizations' everyday operations. Acknowledging that reliance on technology will only continue to grow, Team South Carolina is committed to strengthening and expanding the state's cyber technology network.
The University of South Carolina just launched a survey aimed at gathering information to strengthen the state’s cybersecurity ecosystem. The survey is seeking perspectives from S.C. businesses, educational institutions, nonprofits, state and government agencies and more – particularly organizations that employ cybersecurity workers or provide cybersecurity products.
Collaboration is key to accelerating growth within cybertechnology, and S.C. Commerce's partnership with the South Carolina Council on Competitiveness' CyberSecureSC and SC Tech initiatives is another way Team S.C. is working to establish the Palmetto State as a global hub for innovation and data security.
There are also more than 600 firms in South Carolina that have contracts with the Department of Defense (DOD); to win these contracts, businesses must adhere to strict cybersecurity standards. S.C. companies that are current DOD contractors and those seeking contractor opportunities are invited to attend the S.C. Cybersecurity Summit on September 1 in Columbia. The event will help companies bolster data resiliency and include information on the S.C. Cybersecurity Assistance Program (SC-CAP), which provides funding and assistance for defense contractors to comply with the federal requirements.
Cybersecurity and the protection of controlled information are critically important to the defense supply chain and to the overall well-being of companies. And, with further investment in secure technology, businesses can ensure data is protected both now and in the future.