Weak cyber security practices mean a company will almost certainly experience a data breach – the only question is the order of magnitude of dollars lost, reputational damage, and downstream harm to the individuals who trusted the company with their data.
Cutting down hacker dwell time will help companies minimize financial and reputational impact to their business, especially if they are subjected to compliance laws like GDPR.
Cost of a data breach is becoming more serious every year. Latest IBM-Ponemon study reports an average figure of $3.92 million which is 12% higher than it was just five years ago.
Cost of a data breach does not only include the monetary losses from the incident but also the implications from the loss of respect and credibility as a business.
How do security measures stack up against the total cost of data breaches? A new Ponemon study offers some useful data on the savings from security automation and incident response.