On a global scale, the average cost of a data breach is an estimated $4.45 million in 2023.
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Addressing the rising threat of cybercrime: Pervasive risks and business vulnerabilities
Cybercrime is a frequent occurrence in today's world. Hackers attack every 39 seconds, meaning that a cyber attack takes place 2,244 times a day. And these attacks are not just a threat to large companies— 43% of breach victims in 2020 were small businesses.
Despite the intensity of attacks, 77% of security and IT professionals worldwide indicate that they do not have an incident response plan applied consistently throughout the company. This may negatively impact the amount of time it takes to identify and contain a breach, which, in turn, increases the cost of a breach.
The average time to identify and contain a breach in 2023 was 204 days. However, research by the Ponemon Institute indicates that a breach with a life cycle under 200 days costs $1 million less than one with a lifecycle of more than 200 days.
The situation for businesses is further complicated by the challenges and increased vulnerabilities caused by the growing use of remote working worldwide.
According to research by the Ponemon Institute, 76% of respondents whose companies have shifted to remote work expect that working from home could increase the time it takes to identify and contain a data breach. Additionally, 70% of respondents expect that remote working could increase the cost of a data breach.
Clearly, there is a disconnect between businesses' experience and concern about cyber security threats and their understanding and ability to implement effective preventative measures. The most significant barriers to good cyber security practices are typically:
- A lack of dedicated IT security staff, as well as difficulty recruiting cyber talent.
- Insufficient planning for and response to cyber incidents.
- A failure to identify weaknesses or uncertainty about where to begin.
- Underestimation of cyber security risks.
- A limited understanding of their own cyber security posture.
The reality of cybercrime is that it's more likely a case of when and how bad an incident will be for an organization, rather than if it will occur.
And while you can't control when an attack will happen, you can limit its impact through effective preparation and a detailed incident response plan.
Navigating cyber threats to businesses: Understanding common risks
Three of the most common cyber threats to organizations are malware, phishing, and ransomware.
Malware is malicious software, including viruses, spyware, trojans, and worms, designed to access important information, take control of a person's computer, or spy on them.
Phishing is the use of fraudulent emails to trick victims out of money or information or into downloading malware. The emails will mimic individuals or organizations that the person knows and trusts.
Ransomware is a type of malware that locks down your computer or files until a ransom is paid. They usually gain access via a legitimate-looking email link or attachment and often ask for payment in cryptocurrencies.
While every organization should prepare for cyber threats such as these, this is especially important if your business is in one of the most at-risk industries for cybercrime: healthcare, manufacturing, financial services, government agencies, or education.
These industries are highly targeted for many reasons, including the personal data and intellectual property they hold, the amount of money they handle, and the impact that their service disruption would have on a society or State.
Essential steps in incident preparation for cyber security
It's important to review preventative measures first when looking to reduce the risk of a cyber attack. However, as previously mentioned, the likelihood of businesses experiencing a cyber incident is high, so effective risk management must include a cyber incident response plan and team.
In this guide, you'll find information to help your business prepare for and limit the impact of a cyber incident, including:
- How to create a cyber incident response plan.
- How to use the PICERL methodology to map out the most effective incident response for your business.
- How to protect your business' reputation during and following an incident.
- Common legal consequences to consider following an incident.
- War stories from the NCC Group archive recounting real-life cyber attacks and how they were mitigated.
Better incident response planning starts now.
Download the PDF to read the rest of The Guide to Cyber Incident Response Planning or reach out to an incident response expert with more specific questions.