Rise of Data Breaches Causes More Organisations to Invest

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New research from Kaspersky has found that the average cost of data breaches to organisations of all sizes is on the rise, which has correlated with a rise in the number of organisations investing in cybersecurity measures.


“As a result, enterprise organisations invested more in cybersecurity in 2019, with IT security budgets averaging $18.9 million compared to $8.9 million in 2018.”



The news comes from Kaspersky’s latest report, which was published just days ago, and shows that the cost of data breaches has risen from $1.23 million in 2018 to $1.41 million in 2019.


“As a result, enterprise organisations invested more in cybersecurity in 2019, with IT security budgets averaging $18.9 million compared to $8.9 million in 2018.”


Kaspersky says that organisations with an internal Security Operation Center (SOC) “estimate their financial damage from a cyberattack at $675,000, less than half the average impact cost at $1.41 million in 2018. Additionally, the survey showed that 34% of companies of all sizes with a dedicated Data Protection Officer (DPO) reported that cyber incidents at their organization did not result in monetary loss.”



“34% of companies of all sizes with a dedicated Data Protection Officer (DPO) reported that cyber incidents at their organization did not result in monetary loss.”



Kaspersky says that organisations can effectively reduce the financial impact of a data breach by implementing a security operation center, akin to the purpose of an information security management system like ISO 27001.


“Establishing an internal SOC involves purchasing the necessary tools, building processes and recruiting analysts, which can be a challenge for any business,” said Veniamin Levtsov, vice president of corporate business at Kaspersky.


“Likewise, finding a DPO who can combine IT security and legal knowledge is not an easy task. These require time and budgets, and security leaders often find it difficult to justify such initiatives. But as we can see, these are worthwhile investments.”


“Of course, just having a dedicated employee or even special subdivision does not guarantee that a company will not suffer a data breach. However, it does ensure that the business is prepared for these incidents, allowing them to recover from an attack more quickly and efficiently,” he concluded.

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