Welcome!

@CloudExpo Authors: Pat Romanski, Liz McMillan, Elizabeth White, Kevin Jackson, Sanjay Zalavadia

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
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Edge Hosting has announced a partnership with and the availability of CloudFlare, a web application firewall, CDN and DDoS mitigation service. “This partnership enhances Edge Hosting’s world class, perimeter layer, application (layer 7) defensive mechanism,” said Mark Houpt, Edge Hosting CISO. “The goal was to enable a new layer of customer controlled defense and compliance through the application of DDoS filters and mitigations, the web application firewall (WAF) feature and the added benefit ...
"SpeedyCloud's specialty lies in providing cloud services - we provide IaaS for Internet and enterprises companies," explained Hao Yu, CEO and co-founder of SpeedyCloud, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profession...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discusse...
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...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2016' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited t...
University of Colorado Athletics has selected FORTRUST, Colorado’s only Tier III Gold certified data center, as their official data center and colocation services provider, FORTRUST announced today. A nationally recognized and prominent collegiate athletics program, CU provides a high quality and comprehensive student-athlete experience. The program sponsors 17 varsity teams and in their history, the Colorado Buffaloes have collected an impressive 28 national championships. Maintaining uptime...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.