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The most serious financial consequence to companies that suffer a data breach is lost business: both direct costs – i.e. engaging forensic experts, hiring a law firm, offering victims’ identity protection services -, and indirect costs – such as the time, effort and organizational resources spent during the data breach resolution, loss of goodwill and customer churn. The total cost of a data breach has risen by almost a third since 2013, meaning that a serious breach may eventually ruin a business.
Total losses caused by Business Email Compromise (BEC), a sophisticated scam targeting businesses working with foreign suppliers and businesses that regularly pay by wire transfer, have grown 13-fold since January in identified exposed losses, reaching over $3 billion, FBI says.
Should the salaries of CEOs be linked to how well their company has protected itself against security threats?
British MPs certainly seem to think so.
As the threat landscape evolves, security vendors try to launch breakthrough technologies to help companies protect their data and their customers from sophisticated attacks that inflict significant losses of both money and reputation.
From 1960s mainframes to today’s cloud-centric evolution, data centers have undergone tremendous transformation. As applications became mission-critical, and desktop servers moved into formal data centers, the number of physical servers in a data center grew exponentially, making the job of managing this environment increasingly complex and expensive.
Have you trained your employees to be on the lookout for bogus emails?
Cybercriminals can spend months inside organizations, storing away information for a future attack or piecing data together that will get them to the prize they are after. They will also create measures to protect themselves from detection. Sometimes they create diversionary tactics to draw your attention away from what they are doing and where they have succeeded, as EY’s Global Information Security Survey 2015 shows. Cyberattacks impact both business decisions, mergers/acquisitions and competitive positions.
One of the hottest topics in IT these days is the Internet of Things (IoT). This is partly hype for sure, but IoT is nevertheless something all IT and security executives should be learning about, if not actually focusing on as a corporate strategy.
Cyber attacks involving destructive malware will become a bigger problem for organizations. A growing trend in cyber attacks has been the unleashing of destructive malware such as Cryptolocker and Shamoon. Only 38 percent of respondents in a recent survey by Ponemon Institute they have a strategy to deal with destructive software.