Information is the real essence of almost every corporation because every business activity requires different types of data. Therefore, accessibility, privacy, responsibility are a few traits that are shared by the business organisations.
The organisations that lag behind others in the race of adequate data protection ultimately face severe situations. One of these is the compromise of data security.
The recent wave of rapid information threats and breaches has triggered a consciousness among every individual towards augmented responsibility to ensure information protection.
Why Security Analytics is an essential need for your organization
Still, you think why? Let’s face the dark side of technological progress by analysing and estimating the cost.
A recent study conducted by the IBM Security in collaboration with Ponemon Institute reveals that on average, the cost of information loss has been increased to 6.4% in the year 2017 stands at approximately $3.86 million. The estimations have significantly raised concerns regarding data protection and sufficient information security.
Not only this, the study, conducted to estimate the total cost of information breaches in the first half of this year (2018) shows that 1-50 million information records have been compromised so far. It depicts a dismayed situation on the whole!
According to the Global Lead for IBM X-Force Incident Response and Intelligence Services (IRIS), many information breaches are not even reported which has a considerable impact on the estimations of average data loss.
As a result, dynamic organisations are considering security analytics as their protective resort to deal with growing threats.
Estimating the average Cost of a Data Breach
The ratio of mega information threats has been considerably increased over the past five years. It is evident from the fact that in the year 2013, only 9 data breaches were reported in comparison to 16 incidents in the year 2017. The shocking truth is that the amount of data loss has been increased from 2,500 to 100,000 records.
So, based on the available data of eleven business organisations, the analysis of average data breach cost has been made as given:
- Around USD 40 million is the value of almost 1 million records compromised in one data breach.
- The approximate cost of around 50 million records is calculated as $350 million
- Shockingly, 10 out of the 11 data breaches, the root causes were malicious scripts, hacking activity, or human error.
- Around 100 days is the estimated time required to accomplish a mega-breach successfully
From the above estimations, it is clear that one common data hack caused the company to face severe consequences. These are not limited to financial only, but such incidents stack the reputation of the organisation altogether. However, when a company encounters the information breach, the loss is around USD 118-120 million for every 50 million information records.
Imagine the gravity of this matter and be faint, please! What else can be said after getting such giant figures for the fact that your organisation could not be able to protect the most precious asset – information?
What can help you out?
Summing up the discussion, information security is getting augmented importance owing to rapid data breaches. So, how can you prevent your business from such a loss? As mentioned in the start that security analytics is something very pro-active to save organisations from potential data risks.
So, it is suggested to get the advance security services must for your organisations. It is the time to trust cybersecurity service providers because not everything can be handled individually.
It is the reason that many organisations are moving towards effective implementation of security analytics for absolute data integrity. It is not a choice but a compulsion because no one can afford the loss of precious information about their organisation.
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