Welcome!

@CloudExpo Authors: Donald Meyer, Elizabeth White, Liz McMillan, Pat Romanski, Flint Brenton

Blog Feed Post

Data Breach Virgins Completely Underestimate The Costs Of Failed Security, Reveals Faronics Survey

Organisations fail to realise implications of a data breach; estimate recovery costs to be a third less than they actually are

LONDON - 13th November, 2012 - Faronics, a global leader in securing multi-user PC environments, today announced the results of a survey that explores how UK organisations think about information security and what motivates them to invest in data defences. The research, conducted by Ponemon Institute[1], revealed that 54 percent of respondents have experienced at least one data breach in the last year, with nearly a fifth (19 percent) experiencing more than four. Perhaps more worryingly, those that have so far avoided a data breach demonstrated a real lack of awareness of the financial and long-term damage that a breach can have on a company.

Of those who have suffered a data breach, nearly half (48 percent) stated that it damaged their reputation, while close to a third (30 percent) were forced to downsize due to a loss of customers. However, when asking those that have not suffered a breach, 58 percent believe brand reputation would be untarnished should they fall victim, while the majority (70 percent) do not think that the cost of customer acquisition would increase. In fact, the research shows that on average the cost of customer acquisition rose by £91,985 after a breach.

"Despite growing awareness of cybercrime in general, it seems that organisations are still oblivious to the full financial and reputational costs data breaches can bring," said Dmitry Shesterin, VP of product management at Faronics. "As these results indicate, there is a serious discrepancy between what organisations perceive to be the real repercussions of failed security and what they actually are. While it's no secret that organisations are becoming more concerned about the possibility of a data breach, it seems they are actually not as prepared as they should be. Existing business contracts are not the only thing at stake - so too are future revenue opportunities, shifting it from a short-term to a potentially long-term problem. What is also worrying is that a growing number of organisations are not just experiencing one data breach, they are experiencing three, four or even more, indicating that they are either failing to learn from past mistakes or are simply not taking the necessary steps to adequately protect the data that they have been entrusted with."

The study also concluded that organisations are underestimating the long-term financial costs and time it takes to recover from a breach by up to a half, with those that have not suffered a data breach estimating a cost of just under £95,000 and a recovery period of four months. In reality, the research found that it is costing businesses £138,700 and taking over twice as long (9.3 months) to get back to normal.

"There really is no room for nonchalance when it comes to security strategies and it is completely irresponsible to assume the repercussions will be anything less than they are," continued Shesterin. "Organisations need to know exactly what is at stake in order to readdress existing security practices and ensure they are as well protected as they can be. Businesses are without doubt more vulnerable than ever, and with figures such as these, it's not surprising that many are unable to absorb the eye-watering cost and reputational damage that so often follows a breach."

In terms of the threats keeping security teams awake at night, nearly two thirds of those surveyed (62 percent) consider BYOD to be the most serious threat to security, followed by a lack of data protection across devices (56 percent), insecure third parties and cloud providers (53 percent), and the proliferation of unstructured data (44 percent), indicating that although they are becoming essential to business development, new technology trends pose a growing cause for concern for many organisations. Perhaps a little surprising, widely publicised threats are still a relatively low priority, with only eight percent stating it is very likely that their organizations would be affected by cyber espionage and just 17 percent very likely to see APTs as a potential danger.

"With today's complex security landscape, any organisation is a potential target," continued Shesterin. "You only need to take a look at the high profile security incidents, such as those at HSBC, LinkedIn and Yahoo, to realise that no one is safe. As well as raising awareness of cybercriminal tactics, organisations must consider a more holistic approach to security. They cannot afford to become absent-minded and rely solely on traditional perimeter solutions, such as anti-virus, as today's threats are just too sophisticated. Instead, organisations must consider a layered security approach involving application control and system restore methods, which offers a safety net should any malware make its way onto the network."

[1] 544 individuals in organisations with between 50 and 3,000 employees were surveyed by The Ponemon Institute on behalf of Faronics in October 2012.

The full report findings can be found here: http://www.faronics.com/assets/UK-Faronics-FINAL-1.pdf

About Faronics
With a well-established record of helping businesses manage, simplify, and secure their IT infrastructure, Faronics makes it possible to do more with less by maximising the value of existing technology. Faronics is the ONLY endpoint security software vendor to offer a comprehensive layered security solution consisting of anti-virus, application whitelisting, and instant system restore protection. Incorporated in 1996, Faronics has offices in the USA, Canada and the UK, as well as a global network of channel partners. Our solutions are deployed in over 150 countries worldwide, and we are helping more than 30,000 organisations.

For more information visit www.faronics.com

Press contacts:
Hannah Townsend or Richard Scarlett
Johnson King
T: +44 (0)20 7401 7968
E: [email protected]

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

@CloudExpo Stories
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...