The importance of data engineering and the implications of data breaches have never been more significant. Especially in an era where data is the new gold.
Two recent reports shed light on the current state of the industry and the challenges it faces.
Big Data and Data Engineering: A Growing Market
According to a comprehensive market research report by Fior Markets, the global Big Data and Data Engineering Services market will see significant growth between 2023 and 2032.
The report provides a holistic view of the industry, highlighting the key drivers, trends, opportunities, and challenges.
The market is segmented by service type, with offerings such as Data Modeling, Data Integration, Data Quality, and Analytics.
By business function, the market spans across Marketing and Sales, Finance, Operations, Human Resources, and Legal. Geographically, the market’s influence is global, with notable mentions of regions like North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Major players in the market include industry giants like Accenture, Genpact, Cognizant, Infosys, and Capgemini, among others.
Their strategies, strengths, and weaknesses are undergo meticulous analyses. Which provides valuable insights for stakeholders and potential investors. Read the full report here.
The Rising Cost of Data Breaches
On the flip side, as the data industry grows, so does the cost of data breaches.
IBM Security’s recent ‘Cost of a Data Breach 2023’ report reveals alarming statistics.
The average total cost of a data breach for South African organisations has surged by 8% over the past three years. This is an all-time high of R49.45 million (£2.11 million) this year.
The financial sector experienced the brunt of these breaches, with the highest average total costs. The majority of these cyber threats resulted from stolen or compromised credentials and phishing scams.
However, there’s a silver lining. Organisations that have implemented high-level incident response teams and robust IR plans with regular testing have seen significantly lower data breach costs. AI and automation play a pivotal role in this.
South African organisations that extensively use both AI and automation experienced a data breach lifecycle that was 95 days shorter compared to those that did not deploy these technologies.
Chris McCurdy, IBM Security services worldwide GM, emphasises the importance of early detection and fast response. He suggests that investments in AI and automation are crucial for enhancing threat detection and response speeds.
Conclusion and Call to Action
The data industry is at a crossroads. While the Big Data and Data Engineering market is set for unprecedented growth, the rising costs of data breaches cannot be ignored.
Organisations must strike a balance between harnessing the power of data and ensuring its security.
For those keen on staying updated with the latest trends in data engineering, ML engineering, and Generative AI, we invite you to read our blog posts and explore our range of services. Stay informed, stay secure.