![]() ![]() ![]() Third-party teams have the highest identification percentage of breaches at 40%: disclosures from the attacker rank third at 27%.The time to identify and contain a data breach remained consistent from last year after increasing annually since 2017 – unfortunately, it is still 277 days!.Businesses with both an IR team and IR plan testing identified breaches 54 days faster. This is also a best practice, along with training, that companies should implement without regard to extraneous considerations. It makes sense that the more prepared a business is to identify, counter, and neutralize a security event, the less costly the engagement will be. The third greatest way of limiting costs comes with developing and testing an organization-wide Incident Response (IR) plan. These remain the preferred method of threat actors to steal legitimate credentials from unsuspecting (or untrained) employees and perpetrate devastating attacks against an entity, including initiating expensive wire fraud. The next most considerable cost reduction comes from engaging employees in training, particularly regarding spotting and adequately responding to phishing and social engineering attempts. In other words, companies that utilize internally created software or applications are in better shape than those relying primarily on third parties. The most significant cost-decreasing measure is to include “integrated security testing in the software development process (DevSecOps),” which brings an average ‘savings’ of $1.68 million per incident. ![]() Several measures can be taken for those looking to mitigate losses from a breach and even lessen the likelihood of being victimized in a cyberattack, per the IBM report. This highlights the dire need for layered security and outside resources, like partnering with a 24/7/365 Security Operations Center. One additional noteworthy challenge presented in the report regards how breaches are detected: only 33% of initial network access by threat actors was detected by internal security teams and tools. While no minimum spend guarantees total security, this lack of commitment from these organizations signals that safeguarding their critical and sensitive data is not paramount for operations. Despite these extraordinary costs-both for companies and their customers-49% of organizations that participated in this extensive survey indicated they would not increase their cybersecurity budgets even after experiencing a breach. It pays to patronize businesses with a cybersecurity focus. costs, as should be expected, are frequently passed along to consumers: 57% of businesses raise prices to mitigate breach related losses. As greater expectations for data handling and storage compliance enter numerous industries, associated fines are piled on to this total cost, with 1-in-5 affected companies paying at least one-quarter of a million dollars for compliance failures related to the breach. This cost factors everything, from necessary forensics to creating and disseminating breach notices to impacted victims. For U.S.-based firms, the average cost swelled to $9.48 million, whereas the global average jumped to $4.45 million. The costs associated with a data breach continue to increase, ushering in new highs. So, let’s pull back the curtain and peek inside the report! The core of this year’s report paints a similar picture as what was presented last year: things are bleak for businesses, cyberattacks are costly, and there are several Dos and Don’ts organizations that can consider lessening the sting of the inevitable incident. While we track and utilize internally generated data to understand and respond to cybersecurity market trends, this report offers a much larger and, therefore, deeper look into the market with their survey of 553 organizations. IBM released the latest iteration of its vaunted and oft-quoted “ Cost of a Data Breach Report,” completed in partnership with the research and education organization Ponemon Institute-Institute. July 24, 2023, was a day many of us in the cybersecurity industry waited for with eager anticipation, much like the Barbenheimer double-feature, the selection of the winning PowerBall numbers, or the memes that will celebrate Grimace’s next birthday. ![]()
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