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Data breach costs rise by a third
The 2018 state of corporate IT security economics mirrors the shifting impact of cybersecurity on the business bottom-line. With the consequences of data breaches becoming more expensive and destructive, during the last 12 months, businesses faced a disturbing reality: for SMBs, the average cost of a breach reached ?89K in 2018, which is 37% higher than in 2017 (?65k). For enterprises, it increased by a third (24%), with the average financial impact of a breach now reaching up to ?915 million.
Top most costly incidents and the growing concerns about ‘data on the go'
These increasing costs are a concern for businesses amidst today’s digital transformation wave where cloud infrastructure is continuing to increase in prominence with 45% enterprises and 33% SMBs having either already raised or are planning to grow their use of hybrid cloud in the next 12 months.
But this rise of ‘data on the go’ is presenting new security issues, with the most expensive incidents related to cloud environments and data protection. Two out of three of the most expensive cybersecurity incidents affecting SMBs are related to the cloud, where 3rd party hosted IT infrastructure failures bring an average ?133K loss. For enterprises, data protection also remains the biggest priority: while data breaches resulting from targeted attacks cost them up to ?1.22M, incidents affecting 3rd party IT infrastructure follow quite closely behind, bringing on average ?1.09M loss.
Security spending on the rise, to counter cloud attacks and maintain transformation
One of the key reasons behind this additional investment in IT security is the increased complexity of IT infrastructure (as businesses increasingly adopt cloud platforms), along with helping to improve the level of specialist security expertise.
The combination of these factors shows how businesses are really feeling the impact of IT security and illustrates the scale of the challenges they are facing, as they battle to stay secure.
“More and more companies are embracing cloud and business mobility – not only will this increase efficiency, it will support dynamic business changes. Over the years, cybersecurity has become more than a line in IT bills, but an issue with great weight in companies of any size. In any company that wants to be modern, it has to be able to cope with growing regulatory pressures, and demands when it comes to budget”, said David Emm, principal security researcher, Kaspersky Lab.
