Written by Patrick Kilgore presented by Chuck Leaver CEO Ziften.
Recently 2 major reports were published that celebrated large anniversaries. On the one hand, we saw the Mary Meeker 20th yearly Internet research study. Some of the original industry analysis on the Internet was led by Meeker many years earlier and this report saw her mark Twenty Years of affecting viewpoints on the Internet. And 10 years after Meeker’s very first observations on the Internet there was the first study of data breach expenses by the Ponemon Institute.
Just ten years after the inception of the Internet it was revealed that there is an ugly downside to the service that offers significant advantages to our companies and our lives. Today there are more yearly research studies released about data breaches than the Internet itself. Recently we invested hours analyzing and absorbing 2 of the most significant data breach reports in the market, the already mentioned Ponemon report and the now really prominent Verizon DBIR (the report is essential enough simply to use an acronym).
There were intersections between the two reports, however the Verizon report is worthy of credit since if you have actually been able to do anything in security for ten years, you must be doing something right. There are many fascinating stats in the report but the factors for the total expenses of data breaches soaring were of the most interest to us.
The Ponemon studies have revealed 3 drivers behind the increased expense of a breach. The very first is that cyber attacks have increased in number and this has correlated in greater costs to remediate these attacks. An increased per capita cost from $159 to $170 year on year has actually been cited. That’s a 5% jump from 42% to 47% of the overall root causes of a breach. Likewise, lost revenues as a result of a data breach have actually increased. In the aggregate, this increased from $1.33 M to $1.57 M in 2015. The reasons are because of the abnormal consumer turnover, the increased acquisition activity, and loss of goodwill that results from being the target of a malicious attack. Nevertheless, the most intriguing reason provided is that data breach costs connected with detection and escalation have increased.
These expenses include investigations and forensics, crisis team management and audits and assessments. Now the trend appears to be gathering speed at just shy of an incredible $1Billion. Organizations are just now starting to implement the solutions needed to constantly monitor the endpoint and supply a clear picture of the source and full impact of a breach.
Organizations not only need to monitor the proliferation of gadgets in a BYOD world, however also seek to enhance the security resources they have actually already invested in to lower the costs of these investigations. Threats have to be halted in real time, rather than identified retrospectively.
“Prevention might not be possible in the world we reside in.” With destructive risks becoming increasingly more typical, companies will have to develop their M.O. beyond traditional AV solutions and look to the endpoint for complete security,” stated Larry Ponemon in his webcast with IBM.