While more companies are investing in cybersecurity regardless of ROI (63% in 2017 compared to 56% in 2016), a new study from Kaspersky Lab and B2B International has found that the average cost of a cybersecurity incident is growing.

 

According to the report ‘IT Security: cost-center or strategic investment?’, the most costly cybersecurity breaches for businesses of all sizes result from the failures of third parties, which means that companies should not only invest in their own protection, but also pay attention to that of their business partners.

 

This year’s study reveals promising developments in the importance being placed on IT security. Businesses globally are starting to view it as a strategic investment and the share of IT budgets that is being spent on IT security is growing, reaching almost a quarter (23%) of IT budgets in large corporations.

 

This pattern is consistent across businesses of all sizes, including very small businesses where resources are usually in short supply. However, while security appears to be receiving a larger proportion of the IT budget pie, the pie itself is getting smaller. For example, the average IT security budget for enterprises in absolute terms dropped from $25.5M last year to $13.7M in 2017.

 

This is a concern for businesses, especially given the fact that – unlike IT security budgets – security breaches aren’t getting cheaper to recover from. This year, SMBs paid an average of $87.8K per security incident (compared to $86.5k in 2016), while enterprises faced an even larger increase of $992K in 2017, compared to $861K in 2016.

 

Nonetheless, raising IT security budgets is only part of the solution, as the most staggering losses stem from the incidents involving third parties and their cyber-failures.

 

SMBs had to pay up to $140K for incidents affecting infrastructure hosted by a third party, while enterprises lost nearly two million dollars ($1.8M) as a result of breaches affecting suppliers that they share data with, and $1.6M because of IaaS-providers’ insufficient levels of protection.

 

As soon as a business gives another organization access to its data or infrastructure, weaknesses in one may affect them both. This issue is becoming increasingly important as governments worldwide rush to introduce new legislations, requiring organizations to provide information about how they share and protect personal data.

 

‘’While cybersecurity incidents involving third parties prove to be harmful to businesses of all sizes, their financial impact on a company has the potential to result in twice as much damage. This is because of a wider global challenge – with threats moving fast, but businesses and legislation changing slowly. When regulations like GDPR become enforceable and catch up with businesses before they manage to update their policies, the fines for non-compliance will further add to the bill”, says Alessio Aceti, Head of Enterprise Business Division at Kaspersky Lab.

 

To help businesses with their IT security strategies, based on the industry threat landscape and specific recommendations, Kaspersky Lab introduces the Kaspersky IT Security Calculator.

 

This business tool is an ultimate guide to the cost of IT security based on the average budgets being spent (by region, industry and company size), security measures, the major threat vectors, money losses and tips on how to avoid a compromise.

 

The Kaspersky IT Security Calculator and the full report ‘IT Security: cost-center or strategic investment?’ can be found at this webpage.

 

Kaspersky Lab offers solutions that cover the various needs of SMB and enterprise companies related to endpoint protection, DDoS protection, cloud security, advanced threat defense and cybersecurity services.

To learn more about our Next Generation enterprise portfolio and products for small and medium sized businesses, please visit the official website.


RECOMMENDED ARTICLE FOR TECHWORLD


 
IDC Strengthens Organizational Goals with the Appointment of Randy Roberts as the Head of Operations of IDC Philippines
Techworld Date Posted: 11 April 2019 11:12 AM | 89 Views
International Data Corporation (IDC) announced the appointment of Randy Roberts as the new Head of Operations of IDC Philippines. Effective immediately, Randy will be responsible for IDC Philippines’ overall operations, services and support offering.... See More
 
IDC Strengthens Organizational Goals with the Appointment of Randy Roberts as the Head of Operations of IDC Philippines
Techworld Date Posted: 11:12 AM | 89 Views
International Data Corporation (IDC) announced the appointment of Randy Roberts as the new Head of Operations of IDC Philippines. Effective immediately, Randy will be responsible for IDC Philippines’ overall operations, services and support offering...See More

 
SAP Names Scott Russell President of SAP Asia Pacific Japan
Techworld Date Posted: 20 July 2017 2:31 PM | 246 Views
SAP SE (NYSE: SAP) today announced that Scott Russell has been appointed president of SAP Asia Pacific Japan (APJ). In his new role, Scott will be responsible for growing SAP’s business and presence in.... See More
 
SAP Names Scott Russell President of SAP Asia Pacific Japan
Techworld Date Posted: 2:31 PM | 246 Views
SAP SE (NYSE: SAP) today announced that Scott Russell has been appointed president of SAP Asia Pacific Japan (APJ). In his new role, Scott will be responsible for growing SAP’s business and presence in...See More

 
Symantec a Leader in Gartner Magic Quadrant for Secure Web Gateways for the 11th Consecutive Time
Techworld Date Posted: 28 December 2018 4:17 PM | 152 Views
Symantec Corp. (NASDAQ: SYMC), the world’s leading cyber security company, today announced that it has been named by Gartner, Inc. as a Leader in the 2018 Magic Quadrant for Secure Web Gateways. . See More
 
Symantec a Leader in Gartner Magic Quadrant for Secure Web Gateways for the 11th Consecutive Time
Techworld Date Posted: 4:17 PM | 152 Views
Symantec Corp. (NASDAQ: SYMC), the world’s leading cyber security company, today announced that it has been named by Gartner, Inc. as a Leader in the 2018 Magic Quadrant for Secure Web Gateways. See More

 
Meralco K-Ligtas Awards 2018 Recognizes New Batch of Electrical Safety Heroes
Techworld Date Posted: 28 November 2018 1:19 PM | 422 Views
Now on its third year, the Meralco K-Ligtas (Kuryenteng Ligtas) Awards once more celebrated the unsung heroes of electrical safety with the recent awarding of a new batch of K-Ligtas honorees.. See More
 
Meralco K-Ligtas Awards 2018 Recognizes New Batch of Electrical Safety Heroes
Techworld Date Posted: 1:19 PM | 422 Views
Now on its third year, the Meralco K-Ligtas (Kuryenteng Ligtas) Awards once more celebrated the unsung heroes of electrical safety with the recent awarding of a new batch of K-Ligtas honorees.See More

PCBG Contributing Writer
The Race to 64-bit
Techworld • By: PCBG Contributing Writer | Date Posted: 3 March 2018 8:47 AM | 233 Views
When you install an OS, sometimes the installer would say something along the lines of “Your architecture does not support this operating system” and would prompt you to install another. See More
PCBG Contributing Writer
The Race to 64-bit
Techworld • By: PCBG Contributing Writer | Date Posted: 8:47 AM | 233 Views
When you install an OS, sometimes the installer would say something along the lines of “Your architecture does not support this operating system” and would prompt you to install anotherSee More

 
PowerGhost: New Fileless Crypto-Miner Targets Corporate Networks across the World
Techworld Date Posted: 8 August 2018 4:58 PM | 516 Views
Kaspersky Lab researchers have found a new crypto-currency miner – PowerGhost – which has hit corporate networks in several regions, mostly in Latin America.. See More
 
PowerGhost: New Fileless Crypto-Miner Targets Corporate Networks across the World
Techworld Date Posted: 4:58 PM | 516 Views
Kaspersky Lab researchers have found a new crypto-currency miner – PowerGhost – which has hit corporate networks in several regions, mostly in Latin America.See More

 
PLDT Home Brings PH’s First All-in-One Video-on-demand, Pay TV and Free Channels Streaming Device
Techworld Date Posted: 9 August 2017 2:35 PM | 331 Views
PLDT Home continues to prove why it is the country's digital services leader with its next-generation entertainment device: the Roku PoweredTM TVolution. Developed in partnership with Roku, the Silicon Valley corporation that pioneered the concept.... See More
 
PLDT Home Brings PH’s First All-in-One Video-on-demand, Pay TV and Free Channels Streaming Device
Techworld Date Posted: 2:35 PM | 331 Views
PLDT Home continues to prove why it is the country's digital services leader with its next-generation entertainment device: the Roku PoweredTM TVolution. Developed in partnership with Roku, the Silicon Valley corporation that pioneered the concept...See More

PC Buyers Guide
Kaspersky Lab named a Champion in Canalys Leadership Matrix for APAC in Q1 2018
Techworld • By: PC Buyers Guide | Date Posted: 26 March 2018 4:16 PM | 456 Views
Kaspersky Lab has been positioned in the Champions quadrant of the Canalys Leadership Matrix for Asia Pacific in 2018. As a Champion, Kaspersky lab achieved the highest scores from its partners in 10 areas.... See More
PC Buyers Guide
Kaspersky Lab named a Champion in Canalys Leadership Matrix for APAC in Q1 2018
Techworld • By: PC Buyers Guide | Date Posted: 4:16 PM | 456 Views
Kaspersky Lab has been positioned in the Champions quadrant of the Canalys Leadership Matrix for Asia Pacific in 2018. As a Champion, Kaspersky lab achieved the highest scores from its partners in 10 areas...See More

 
OPPO to Launch Power-Packed F9 in the Philippines
Techworld Date Posted: 9 August 2018 4:41 PM | 304 Views
OPPO announced its latest model F9, which is set to launch in the country on August 15. OPPO F9 is the brand-new breakthrough F series smartphone that will ship with VOOC Flash charge, gradient.... See More
 
OPPO to Launch Power-Packed F9 in the Philippines
Techworld Date Posted: 4:41 PM | 304 Views
OPPO announced its latest model F9, which is set to launch in the country on August 15. OPPO F9 is the brand-new breakthrough F series smartphone that will ship with VOOC Flash charge, gradient...See More

 
Master SSDs the Easy Way with the Plextor Newly-Launched Plextool NVMe Edition
Techworld Date Posted: 31 May 2018 10:25 AM | 361 Views
PLEXTOR, a global leading brand of high-performance digital storage devices, has launched the latest generation of the SSD toolbox, the Plextool NVMe Edition, which is designed for Plextor NVMe SSDs. The new toolbox provides.... See More
 
Master SSDs the Easy Way with the Plextor Newly-Launched Plextool NVMe Edition
Techworld Date Posted: 10:25 AM | 361 Views
PLEXTOR, a global leading brand of high-performance digital storage devices, has launched the latest generation of the SSD toolbox, the Plextool NVMe Edition, which is designed for Plextor NVMe SSDs. The new toolbox provides...See More


Power by

Download Free AZ | Free Wordpress Themes