To budget for information security, companies need to consider factors such as average potential losses, preferably by incident type, as well as other businesses’ average outlays on security.
Precise data on such questions do not get published, and that’s one reason Internet security giant Kaspersky conducts an annual survey of employees who make business decisions related to IT security for a variety of companies. Here are the results of Kaspersky's 2019 survey as reported on the company blog.
Compared with the results of last year’s survey, enterprise businesses’ losses have increased. Where previously an incident cost them an average of $1.23 million, now the average loss is $1.41 million. This growth is partly a result of companies now spending more on third-party experts and PR drives aimed at softening the blow to the firm’s image.
It is likely that spending on PR has increased because of an overall tightening of laws requiring companies to publicly report incidents. This is particularly relevant in the case of data leaks.
Today, current and potential clients or partners are certain to find out about incidents, and they worry about their data potentially falling into cybercriminals’ hands. The issue is not limited to large companies: According to respondents, 36% of enterprises and 31% of small businesses ran into PR problems as a result of leaks.
Interestingly, the small business segment has experienced a reverse of that trend, with the average cost of an incident falling from $120,000 to $108,000, with outlays for compensation as well as security tools, both software and infrastructural, decreasing.
You’ll find a detailed breakdown of specific items of corporate finance on the full blog report here.
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