Finjan Cybersecurity:

  • Cybersecurity is an Escalating Challenge Across All Industries
  • Cybersecurity is a Global Issue
  • Why is Cybersecurity such a huge problem to an Organization?


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Cybersecurity: An Escalating Challenge Across All Industries

 
Cybersecurity Products and Services are expected to grow from $75 billion in 2015 to $175 billion by 2020*. Talk about a boom industry!

Companies are quickly responding to the increasing risks they face. To this end, the Cyber Risk Insurance Market is projected to triple from $2.5 billion in 2015 to $7.5 billion by 2020**

*Nigam, founder of security advisory firm SSP Blue, expert in online safety and privacy; led security efforts at Microsoft and News. ** PwC Global State of Information Security Survey 2016. Data below from 2016 ITRC Breaches as of January 18, 2017.


“The number of U.S. data breaches tracked in 2016 hit an all-time record high of 1,093. This represents a substantial hike of 40 percent over the near record high of 780 reported in 2015.”ITRC, Identity Theft Resource Center

Business/Retail

Breaches
0
45% of Total
Records
0
Compromised

Healthcare

Breaches
0
34% of Total

Records
0
Compromised

Financial

Breaches
0
5% of Total

Records
0
Compromised

Gov’t/Military

Breaches
0
7% of Total

Records
0
Compromised

Cybersecurity is a Global Issue

The numbers are truly alarming. Look at the statistics below from the Verizon Data Breach Investigation Report for 2016:

– countries represented in combined caseload – * Lloyd’s of London, ** Juniper Research

“Rome wasn’t built in a day, but data breaches frequently were. The time to compromise is almost always days or less, if not minutes or less.” - Verizon Data Breach Report 2016
Global
0
Security Incidents

Countries
0
Reporting

Confirmed
0
Data Breaches

Compromised
0M
Records

Cost
$0B
Quadrupled From 2013-15

Costs to
$0B
Quadruple by 2019


Cybersecurity is a Global Issue

The numbers are truly alarming. Look at the statistics below from the Verizon Data Breach Investigation Report for 2016:

– countries represented in combined caseload – * Lloyd’s of London, ** Juniper Research

“Rome wasn’t built in a day, but data breaches frequently were. The time to compromise is almost always days or less, if not minutes or less.” - Verizon Data Breach Report 2016
Global
0
Security Incidents

Countries
0
Reporting

Confirmed
0
Data Breaches

Compromised
0M
Records

Cost
$0B
Quadrupled From 2013-15

Costs to
$0B
Quadruple by 2019

Why is Cybersecurity such a huge problem to an Organization?

 
According to research conducted by IBM in 2016, the average cost of a security breach has increased to $4 million per incident – and cyber-security has become both a recurring cost and a continuing headache for the world’s businesses.

Even the best-prepared organizations must now be resigned to the fact that some kind of security incident is inevitable – and it’s the speed and nature of their response that can spell the difference between recovery, or massive losses in revenue and reputation.

For The Record

When a database is compromised, cyber-attackers may benefit from the sale of each individual record, or piece of financial information, health data, or personally identifiable information. And indications are that these benefits are increasing.

The 2016 research pegged the average cost of a stolen record at around $158, in a field where losses can range from $80 per stolen record in the public sector up to $355 in health care, where Social Security numbers, credit card data, names, and patient histories are typically involved.

Direct Costs To The Business

When a breach occurs, there are financial consequences attached to both the damage itself, and attempts to rectify it. Although circumstances differ from case to case, there are certain common elements, including:

  • Forensic Examination Costs: Investigation and analysis to determine the origins and extent of a breach. A third-party forensic examination may cost anything from from $200 -$2,000 per hour.
  • Notifying Relevant Authorities: Regional laws may require affected businesses and individuals to be notified, of an incident – typically at $5- $50 per notice.
  • Fines & Penalties: Dependent on the scale of the incident, and which industry standards or laws were not complied with.
  • Legal Fees: Hiring counsel to guard against lawsuits – at an average enterprise cost of $500,000.

Indirect Cost Factors

Organizations dealing with consumers or the public may suffer a loss in revenue due to customers leaving their service. More damaging still can be the loss of their reputation and brand image, as falling victim to a security incident may re-brand them as untrustworthy, or incompetent.

Cost-Saving Measures

Early detection of incidents leads to cost savings, with discovery within a month typically saving around $1 million. This emphasizes the need for a robust cyber-security posture, with Intrusion Detection/Prevention Systems and a skilled incident response team in place.

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