Never miss a story

Get subscribed to our newsletter


×
Image source: wordpress.com

Enterprises which deployed an internal Security Operation Center (SOC) have been able to reduce financial damage from a cyberattack at $675,000 — less than half the average impact cost for all enterprise-level organizations at $1.41 million, a new survey from Kaspersky and market research firm B2B International has revealed.

The survey showed that outsourcing security may actually increase the financial impact, particularly if the company uses an under-qualified subcontractor.


Among other changes that a business can employ to reduce loses from a data breach is to employ a Data Protection Officer (DPO), as 34 per cent of companies of all sizes with this dedicated role reported that a cyber incident did not result in monetary loses, the findings showed.

Every year, data breaches are becoming more expensive for enterprises. In 2019, this cost has risen to $1.41 million — up from $1.23 million the previous year, said the Kaspersky report.

In response to this, large organizations are investing more in cybersecurity. This year, enterprise IT security budgets averaged $18.9 million compared to $8.9 million in 2018.

Establishing an internal SOC involves purchasing the necessary tools, building processes and recruiting analysts, which can be a challenge for any business.

“Likewise, finding a DPO, who can combine IT security and legal knowledge, is not an easy task. These require time and budgets, and security leaders often find it difficult to justify such initiatives,a said Veniamin Levtsov, Vice President, Corporate Business at Kaspersky.


An employee works near screens in the virus lab at the headquarters of Russian cybersecurity company Kaspersky Labs in Moscow, July 29, 2013. VOA

Just having a dedicated employee or even special subdivision does not guarantee that a company will not suffer a data breach.

“However, it does ensure that the business is prepared for these incidents, allowing them to recover from an attack more quickly and efficiently,” Levtsov added.

Outsourced SOCs however don’t reduce the cost of data breaches for enterprises.

The survey showed that outsourcing security to a Managed Security Service Provider (MSP) may actually increase the financial impact, particularly if the company uses an under-qualified subcontractor.

Also Read: Apple Might Ship a 96W USB-C Charger with 16-inch MacBook Pro

“Nearly 23 per cent of companies that use an MSP experienced a financial impact of between $100k-249k, while only 19 per cent businesses with an in-house IT team reported this level of damage,” said the report.

The survey highlighted that more than one-third of organizations (34 per cent) with a DPO that suffered a data breach did not incur any financial loss, compared to only one-fifth (20 per cent) of businesses overall. (IANS)


Popular

qz.com

China is cracking down on cryptocurrency

A cryptocurrency is a digital/virtual currency, that is secured by cryptography (study of hiding information). There are over 6,500 cryptocurrencies in existence as of September 2021. The value of cryptocurrency is growing at a quick rate and analysts and experts are still expecting a sharp rise in the value of Bitcoin, the oldest, and most valuable cryptocurrency in the world. however, china doesn't seem to be on board with the idea of digital coins in its economy as it has banned dealing and trading in these digital tokens.

China has taken several decisions to curb the rise of cryptocurrency in its market since 2013 by putting in place increasingly stricter rules on virtual currencies. But on September 17th, China's central People's Bank of China (PBOC) announced that all activities from transactions made in cryptocurrency to crypto mining are deemed illegal including offering trading of digital assets, order matching, token issuance and derivatives. Anyone who's found guilty of being involved with cryptocurrencies and working for overseas platforms from within China will be severely punished. Chinese Government directed the banks to not provide any products or services such as trading, clearing and settlement for cryptocurrency transactions.

Keep Reading Show less
DRDO Twitter

"Akash Prime" was successfully tested by the DRDO by the ITR in Odisha's Chandipur

A new version of the Akash missile- "Akash Prime" was successfully tested by the Defence Research and Development Organisation (DRDO) at the Integrated Test Range in Odisha's Chandipur on Monday at around 4:30 pm. The missile intercepted and tore apart a high-speed unmanned aerial target mimicking enemy aircraft, in its first flight test after all the enhancements.

Akash Prime is equipped with an indigenous active Radio Frequency seeker to accurately locate the enemy aircraft. The upgrade includes an improved, Launcher, Multi-Function Radar and Command, Control and Communication system. The test was carried out amidst bad weather conditions and yet Akash Prime successfully detonated the threat proving the all-weather capability of the weapon system. The improvements also established that the new missile has comparatively more reliable performance under a low-temperature environment at higher altitudes

Keep Reading Show less
Photo by Kelly Sikkema on Unsplash

According to research, virtual learning has been proven to enhance retention of information and take up less time

"Education is the most powerful weapon which you can use to change the world."
-N
elson Mandela


Schools all across the world have been closed as a result of the COVID-19 outbreak. Over 1.2 billion children are out of school across the globe. (Reported by UNICEF). Because of this, education has changed immensely, with the introduction of e-learning, in which tutoring is provided remotely and using various digital platforms. According to research, virtual learning has been proven to enhance retention of information and take up less time, indicating that the changes produced by the coronavirus may be here to stay in the future.

Keep reading... Show less