The global enterprise application market is experiencing significant growth, projected to exceed $471 billion by 2031. Organizations face challenges in security and IT collaboration, which hinders governance and protection of critical applications. Regulatory measures, such as those from the SEC, require companies to disclose cybersecurity incidents and report on risk management strategies. Organizations are also pushing for digital transformation, integrating technologies like cloud ERP and AI; however, inadequate defenses during migrations can result in substantial financial losses from cyberattacks, as seen with recent cases involving SAP applications.
The global enterprise application market is expected to grow to more than $471 billion by 2031, highlighting a significant increase from an estimated $300 billion today.
Organizations face challenges preventing effective collaboration between security and IT teams, which is crucial for improving governance and protecting critical business applications.
The SEC requires registrants to disclose material cybersecurity incidents and report annually on the cyber defense risk management, strategy, and governance.
Ransomware and other cyberattacks on SAP applications can lead to significant losses, illustrated by organizations potentially losing up to $100 million.
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