Cost of A Security Breach

Cost of A Security BreachSecurity breaches: a cheap hosting company's worst nightmare. For the past eight years, the Ponemon Institute has researched data breach information surveying companies around the world. Most noteworthy to determine the associated costs.

This year's report expanded their reach. Furthermore, taking a look at data breaches in about 300 companies almost located in nine countries, representing sixteen industries. What did they find? Let's take a look.

Changes

According to the report, the average cost incurred by an organization after a data breach rose a bit from $130 to $136 per record lost. They found that the most common cause is a malicious attack. Two-thirds of data breaches caused by glitches caused by process failures and human error.

What industries experienced the highest costs due to data breaches? The healthcare industry averages about $233 per lost record; the financial sector sees about $215 per record, and the pharmaceutical industry $207 per record. What about the lowest cost? The retail industry only spends about $78 per lost record.

Similarities – Cost of a Security Breach

Some things seemed to remain the same from last year's report. For instance, the United States and Germany pay the most after a data breach. Almost $188 for the US and $199 for Germany, price per record. As for total costs, these two countries are the highest (the US $5.4 million, Germany $4.8 million).

If you look at other countries and compare them against each other, there is much disparity. Why is this? Each country is different regarding the type of attack or threat that each organization faced with. Hence, not to mention the differences in data protection laws country by country. For instance, Australia, the UK, Germany, and the United States have stronger consumer protection regulations and legislation. Therefore leads to better cyber security and privacy.

One of the biggest issues facing organizations, particularly in industries dealing with financial data or health care, is probably a loss of revenue. When a breach occurs in these sectors. Almost customers tend to become warier resulting in loss of trust in that brand or business.

A cost of A Security Breach: What's Next?

Best practices are crucial to ensuring the safety of your data. As long as you are working hard continuously and making constant improvements in your data protection strategy. Hence, you're doing all you can to ensure your data is safe. Here are some recommendations from Symantec regarding the best ways to prevent losing revenue due to a data breach:

  • Train your employees on the storage and use of confidential information stored on your servers. Consequently, to avoid accidental loss or breaches.
  • Rely on data loss prevention technology to seek out sensitive data. And prevent it from getting outside the walls of your organization.
  • Encrypt your sensitive data, and employ various authentication solutions.
  • Implement an incident response plan in the event of a security breach. And don't forget to include steps taken to notify customers of the problem.

Security breaches happen, but you can take measures to prevent them from costing your company money. These tips will help your cheap hosting company better protect itself in the event a breach does occur!

Machine Learning Technology used by Security Companies

It automatically flags suspicious behavior and responds to IT security team.

Machine learning tools used by Security companies: McAfee ATD v4.0 software: To identify malicious makers.

Cyber Security Challenges

Reseach presented by Symantec at Black Hat

Scammers using the machine learning tools to mine social media data. Furthermore, target executives with fraudulent emails that look like they came from an internal source.

Cyber Criminals also access same technology

The companies spent millions of dollars to spot security vulnerabilities on research. And what if, same technology cyber criminals are also using to train bots to outsmart detection tools? According to the presentation at Black Hat in Las Vegas
Machine Learning Helps Scale Security and increases the threats sophistication.

One thought on “Analyzing The Cost Of A Security Breach

  1. Europe will introduce new cyber security measures which will provide data security in coming two to three years. These rules have governed by EU Networking and Information Security (NIS) and General Data Protection Regulation (GDPR). Hardware and software requires addition along these rules.

    Two-third of respondents stated that their company doesn’t understand the implications of the new standard and financial challenges will take place.

    While the majority of respondents believe the new EU regulations will get an overall positive impact beyond security breaches and voluntary reporting.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.