International organisations will spend up to 26 percent more for cybersecurity in 2018, as the average cost of a data breach is now estimated to be $1.23 million for large companies (up 24 per cent from 2017) and $20,000 for small and medium businesses (up 36 per cent from 2017), according to Kaspersky Lab’s annual corporate technology risks survey.
The report shows that in North America, the average cost of a security breach for an enterprise has reached $1.6 million (an increase of 23 per cent from 2017) on average, and that it is the most expensive location for an SME to suffer a data breach compared to all seven regions in the study.
IT security budgets are increasing, meaning that larger commercial organisations are spending almost a third of their IT budget on cybersecurity ($8.9 million on average), redefining the strategic role of corporate data protection. For smaller businesses, the average value allocated to cybersecurity is $246,000, or 23 per cent of the overall IT budget.
Kaspersky's research found that the top three motivations for investing in IT security are increased complexity of IT infrastructure (34 per cent), to improve the level of specialist security expertise (34 per cent) and top management wanting to improve defences (29 per cent).
BA, Marriott Face Massive Fines For Data Loss
If proof was needed that poor data protection is bad for the corporate wallet, two examples have demonstrated that substantial fines face those organisations that have lax data security.read more
Cumbria First Police Force To Utilise NMC Tools
Cumbria Constabulary has become the first police force to use the National Management Centre (NMC) for cybersecurity set up under the National Police Chiefs’ Council (NPCC).read more
Phishing Attacks Bypassing 2-Factor Authentication
Penetration testers and attackers have a new tool in their arsenal that can be used to automate phishing attacks in a way that defeats two-factor authentication (2FA) and is not easy to detect and block, reports CSO Magazine.read more
Third of Breaches Caused By Unpatched Vulnerabilities
IT security professionals have admitted that a third of cybersecurity breaches are the result of vulnerabilities that they should have patched.read more