“THE COST OF A BREACH”
Cost of a breach report is a much-awaited report by the cyber security fraternity the world over. Unfortunately, it has still not become a mainstream read for the top management and also for the people at large. They are also impacted by the cyber security in big way both in professional and personal life. The professional stance would certainly help the organizations they work in, undeniably they are getting more and more prone to cyber attacks and a large component of it is because of the human failings and lack of expertise.
Annual “Cost of a Breach” report is published by IBM and as has been its track record, the 2023 edition also throws up facts which can be used as guidance tool and a clear narrative for a variety of purposes with the final intention of making the enterprise safer. The cost of a breach would be costly has been known and understood by all. What is fascinating is the rate of increase,* second knowing the core areas, third time taken to respond and technologies that can help reduce the cost in that nightmare scenarios. We are here certainly not talking here about the ransom payment post ransomware attacks like the cases of JBS or the Colonial Pipeline.
IBM Security’s Cost of Data Breach Report has put the average cost of data breach at Rs.17.9 crores, which is an all time high. It has risen by almost 28% since 2020. During the same time period, there has been a sharp rise in the detection and escalation costs. This represents the highest portion of breach costs. This is also a clear-cut indication that there is shift towards more complex breach investigations. Global findings have been released based on study of 550 breaches across 17 countries and 17 industries with data gathered from over 3600 interviews. Health sector happens to be the most targeted followed by the financial sector.
The healthcare sector has the highest data breach costs. It we talk on 2022, the healthcare industry was paying an average of US $ 10.10 million per data breach, 9.4% more than 2021. The cost of a breach is directly proportional to longer a breach remains undetected. The new average of 277 days is 10 days less than 2021 results. This time period is unacceptable for business and continues to be a huge area of concern. Organizations deploying XDR (Extended Detection and Response) solution have been able to compress the data breach lifecycle to just 29 days. It seems magical compared to 277 days. Besides, the core research in Cyber Security, understanding the real nature of the animal is key to our movement towards a more cyber secure environment.
LIVING WITH A CRIME UNKNOWN IS THE BIGGEST CRIME BEING COMMITTED BY ENTERPRISES AND GOVERNMENTS.
Have a nice evening.