Welcome!

Cloud Expo Authors: Pat Romanski, Carmen Gonzalez, Liz McMillan, Elizabeth White, Victoria Livschitz

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
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps,...