data security risks and the cost of business continuity (slideshare) tmcs q3 july 2016
TRANSCRIPT
Data Security Risks And The
Cost of Business Continuity
The state of data security isn’t
healthy.
The number of security breaches has increased.
The scale and cost has nearly
doubled.
But 59% of businesses still expect more security incidents to occur in the
next year.
So what does this all mean?
?
It means your business operations will need to
change.
Why?
Because the average data security breach
costs:Large Businesses
£1.5mSmall & Medium Size
Businesses
£75k
Loss of business continuitybrings more costs.
Data breaches createdowntime
Downtime means loss ofbusiness continuity
The nature of the breach will determine the length of downtime and ultimately the
business continuity cost.
So let’s imagine theworst case scenarios.
14 breaches a year£3.1m cost per breach Annual cost = £43.4m
Large business
4 breaches a year£311k cost per breach Annual cost = £1.24m
Small business
What do thesecosts consist of?
?
In Kapersky Labs’ global study, they found the
following:SMB Enterprise
Proposition of business incurring
this expense
Typicallosses
Proportion of business incurring this expense
Typicallosses
Professionalservices
Lose businessopportunities
Down time
Total expected typical damage $384K $551K
88% £11K 88% $84K
32% $16K 29% $203K
34% $66K 36% $1.4M
What sort of breaches are causing so much disruption and costly
payouts?
According to Kapersky Lab, the top 3
most expensive security breaches
are:
EmployeeFraud
CyberEspionag
e
ThirdParty
Failure
The ICO found that the most prevalent security incidents for businesses
, from January - March 2016, were insecure web pages being targeted
by hackers. (42%)
However it’s not just IT business costs you should
worry about.
Other big consequences include:
● Damage to company reputation.● Temporary loss of access to
information critical tobusiness continuity.
● Loss of ability to do business.
This isn’t anythingto take lightly.
11% of organisations changed the nature of their business as a result of their
worst breach.
But what if you weren’t aware of your business’ IT security threats?
?
14% of IT management admitted they have never
communicated data security threats to their board.
? ?
?
For an infrastructure that can recover from a data
protection breach, standardisation is
required across 3 main areas of your business...
Staffing Training Systems
But this means you must stretch your IT budget
even further.
These costs are indirect to the recovery, yet 75% of security breaches led to unexpected expenses.
SMBs - $8kLarge business -
$69k
Make sure you….
Educate the workforce around your data protection plan and what everybody is to do in the event of one.
Make sure you….
Provide adequate training on hosted and cloud based systems.
Make sure you….
Choose the right technology for your business and ensure your IT strategy is centric to the wider needs of the business.
Discover how to reduce the downtime and maintain steady output in times of a breach in
our guideData Protection: A Modern Threat to Modern Business