Desperate male sitting on ladder near building loosing all money on stock market

This is how much your business will loose from being hacked

Cyber-attacks occur more frequently and in different forms. The fact is that cyber attacks can cause financial losses and affect reputations for several years. From lost business to regulatory fines and repair costs, breaches of data security have far-reaching consequences. IBM Security recently released the Cost of a Data Breach Report 2019 by the Ponemon Institute. This analyzes the costs of data breaches reported from 507 organizations in 16 geographies and 17 industries.
 
On average, each data breach costs $ 3.92 million, with 25,575 reports being lost. It takes an average of 279 days to identify a data breach. These figures are taken from a global basis. The country with the highest average cost per data breach is the United States (with $ 8.19 million) and the sector with the highest average cost per data breach is the health sector ($ 6.45 million).
 
The data breach life cycle
What kind of breach it is, what industry you are in, region and organizational structure are all factors that influence how long it takes to identify and stop a breach of data security. The report found that malicious attacks are the most common and the most expensive, but human and system errors are still the source of nearly half of the data breaches that emerge in this study. In Scandinavia, the average cost per data breach is $ 2.3 million. This is somewhat lower compared to the global average, but still corresponds to a staggering 24 million Swedish kroner.
 
Long-lasting effects
One of the biggest costs associated with data breach is lost business. Loss of trust from customers has serious financial consequences, and loss of business is the largest of the four main cost categories that contribute to the total cost of a data breach.
 
The consequences of a cyber attack can last for a long time. In this study, the Ponemon Institute found that 67 percent of costs occur in the first year, 22 percent in the second year, and 11 percent after the second year. Costs are higher in highly regulated environments (e.g., health care and the financial industry). While organizations in a regulatory environment with high data protection had 53 percent of breach costs in the first year, 32 percent in the second and 16 percent more than two years after breach.
 
How can your company avoid this?
Your company should protect, identify, respond and rectify to avoid cyber attacks. Want to learn more about how to protect your business from cyber attacks? Do not hesitate to contact us.

More about PEDAB Security find out HERE

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Digitization and awareness

Digitization has led to major skill gaps around organizations’ awareness of IT security. Managers have been hampered by their own, and the

Raimonds Bricis
Experienced sales and business development manager. Security division representative in Baltic Countries.

Would you like to know more?

Contact us!

Bauskas iela 58A – 905, Riga
info@pedab.lv / +371 67103150

Please be informed that cookies are used on this website. By continuing to use this site, you agree to the Terms and Conditions of Use.

Desperate male sitting on ladder near building loosing all money on stock market

This is how much your business will loose from being hacked

Digitization has led to major skill gaps around organizations’ awareness of IT security. Managers have been hampered by their own, and the organization’s competence increasing when it comes to raising awareness of the individual’s responsibilities. This responsibility lies with the general manager and the directors. Responsibility cannot be delegated, but the job can be done by others.

This lack of competence regarding own responsibility leads to create large gaps in organizations. It thus becomes possible and easy for threat actors to break in. We are not just talking about the usual cybercriminals, but national states, which have the time, money capacity and know our vulnerabilities.

At Pedab we have a large team of experts who work with business risk every day. We see that there is a lack of focus on addressing the potential of cyber threats in our daily digital dealings with others. There must be a skill boost in areas such as cyber threats, cyber risk and business risk.

More awareness around IT security is needed

While investing in information infrastructure, where it is efficient to optimize business processes and to meet customer demand, awareness is not very high for the digital dangers you are dealing with. Not only does this jeopardize the viability of the company, but also our data.

Companies that have a well-thought-out cyber security agenda appear to be pros, even though they lose great value in cyber-attacks. Like the 2017 Maersk incident, Yahoo lost over $ 300 million for not having a good strategy on secure data and being honest with its customers that they had leaked all of their data.

Together with our partners, we work in Pedab’s IT security division with clients across Europe to raise awareness of the importance of safeguarding digital assets.

This is not a revolution, but a systematic and fundamental strategy to help leaders, developers and delegates with responsibilities. We monitor alerts and help when things go wrong. Our European customers operate worldwide and we support them 24/7.

Our three focus areas when preparing an agenda for IT security

1. Business risk – we look at the possibility of direct or indirect losses, which are due to errors in important business systems, processes, procedures or in people.

2. Reputation – focusing on the potential for loss or damage, caused by damage caused by the organization’s reputation or public image.

3. Legal and Compliance Risk – Potential for loss or damage, due to legal action being taken against an organization for breaking the law or regulations. Something that applies to the full with increasing vigor when GDPR is a reality.

Want to learn more about how our security experts can help you reduce business risk? Then you are welcome to connect with us.

More about PEDAB Security you can find HERE

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More to explore

Digitization and awareness

Digitization has led to major skill gaps around organizations’ awareness of IT security. Managers have been hampered by their own, and the

Raimonds Bricis
Experienced sales and business development manager. Security division representative in Baltic Countries.

Would you like to know more?

Contact us!

Bauskas iela 58A – 905, Riga
info@pedab.lv / +371 67103150

Please be informed that cookies are used on this website. By continuing to use this site, you agree to the Terms and Conditions of Use.