Splunk's Data-Driven Revolution Providing Powerful New Understandings

Leading provider of data-driven solutions worldwide, Splunk is at the forefront of turning unstructured data into insightful knowledge. Splunk offers a robust platform that allows enterprises to fully utilise their data by integrating artificial intelligence and machine learning. Splunk, which is well-known for its proficiency in analytics, observability, and cybersecurity, gives companies the ability to confidently traverse the challenges of the digital era. Splunk's ability to offer actionable intelligence and real-time visibility is crucial for improving operational efficiency, reducing security threats, and spurring innovation in a variety of industries. In a chat with VARINDIA, Raen Lim, Group Vice President for Asia at Splunk shared her insights on the critical importance of cybersecurity and data privacy in today's digital age.

Unveiling the Importance of Cybersecurity and Data Privacy

In the current digital landscape, cyber threats are evolving rapidly in sophistication. Splunk’s recent CISO Report highlighted that over 90% of security leaders faced at least one disruptive attack in the past year. Even more concerning is the fact that, following a ransomware attack, 83% of organizations complied and paid the attackers, with a significant financial impact.

Raen points out, “Ensuring a robust cybersecurity approach with stringent data privacy measures is crucial as cyber attacks continue advancing in sophistication. The urgency is emphasized by the fact that over 90% of security leaders from our CISO Report revealed that their organization faced at least one disruptive attack within the past year. Even more concerning is that in the wake of a ransomware attack, 83% of organizations complied and paid the attackers, with more than half paying at least $100,000. Threats such as these have detrimental effects on customer trust and end up increasing operational costs over time.

A proactive cybersecurity approach can work to prevent cyberattacks from happening. Through unified security and observability solutions, organizations are empowered with full visibility across their digital systems to obtain real-time understanding of their security posture as well as identify opportunities for improvement. With end-to-end visibility into their data, security and IT Ops teams will be able to predict and prevent outages before it impacts customers and the business.”

Ramifications of Data Breaches

Splunk’s Digital Resilience Report revealed that, on average, organizations experience 10 days of unplanned downtime within a year, costing them $87 million in lost revenue and productivity. Delving deep about this Raen comments, “When an organisation is compromised by a data breach, it can experience a significant amount of downtime, and regardless of how prepared it may be. The ramifications of systems going down are extensive, severely affecting revenue and productivity. In fact, Splunk’s Digital Resilience Report revealed that within a year, organisations face 10 days of unplanned downtime on average, costing them $87 million from lost revenue and productivity.

That said, through my conversations with business leaders, organisations are beginning to understand the urgency in investing in their digital resilience to avoid data breaches, prevent major incidents and be prepared to absorb
shock. Technologies like Security Orchestration, Automation and Response (SOAR) can work to streamline workflow by automating manual tasks, thereby reducing mean time to respond (MTTR) to security threats.”

To mitigate these consequences, organizations are recognizing the importance of investing in digital resilience. Technologies like Security Orchestration, Automation, and Response (SOAR) streamline workflows by automating manual tasks, reducing the mean time to respond (MTTR) to security threats. 

Splunk's Approach to Cybercrime and Data Privacy

Splunk’s unified security and observability platform is designed to proactively address the growing threat landscape. By providing complete visibility across infrastructure and applications, leveraging artificial intelligence and
machine learning, we help organizations predict and prevent threats efficiently.

Raen says, “This ensures continuous health and performance of the business and their system infrastructure. The platform also enables better collaboration between SecOps, ITOps and engineering teams with shared tooling and automated workflows. With unified solutions, teams can quickly and efficiently respond to threats, freeing up time to focus on higher value
work like innovating and improving on customer experiences.

When it comes to data privacy and data compliance, Splunk’s suite of security solutions consist of a variety of compliance-based content and playbooks that users can utilise to help businesses gain confidence in these requirements. Moving beyond reactive mode, businesses can rely on Splunk solutions to generate fast reports for audit trails, identify
organisational gaps against regulations and automate compliance tasks.”

To conclude
Raen Lim's insights underscored the urgency for organizations to adopt proactive cybersecurity measures and invest in digital resilience. In the face of evolving cyber threats, Splunk's comprehensive solutions stood out as a beacon for organizations seeking robust protection for their digital assets.