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).
Kaspersky Highlights Information Security In Loss Figures
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Secure Your Physical Business Against Data Theft
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UK Launches Third NCSC Annual Review
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