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Data breach costs more than money

(Image credit: Image source: Shutterstock/jijomathaidesigners)

Out of all the companies that suffered a data breach in 2016, more than a third lost more than 20 per cent of their customers, opportunities or revenue. This is according to a new report by Cisco, entitled Cisco’s Annual Cybersecurity Report 2017.

To make things even worse, the report says threats are increasing in power and sophistication. Cybersecurity experts, on the other hand, are struggling to meet this growth and protect their organisations. 

When it comes to effectively managing this balance, the UK apparently ‘sits at the bottom’.

One of the biggest problems of today’s cybersecurity efforts is that organisations never get to investigate all of the alerts they get in a single day. They hardly make it half the way (56 per cent). 

“In 2017, cyber is business, and business is cyber –that requires a different conversation, and very different outcomes,” commented John N. Stewart, Senior Vice President and Chief Security and Trust Officer, Cisco.

“Relentless improvement is required and that should be measured via efficacy, cost, and well managed risk. The 2017 Annual Cybersecurity Report demonstrates, and I hope justifies, answers to our struggles on budget, personnel, innovation and architecture.”

The article has some opposing facts, though. Despite cyberattacks growing in complexity, the report says hackers are still using ‘classic attack methods seen in 2010’. Yet, cybersecurity shops are getting bigger and more diverse, making life difficult for those looking to make a purchase. This leads to security effectiveness gaps which cybercriminals can exploit. 

Image source: Shutterstock/jijomathaidesigners