{"id":6407,"date":"2014-10-01T13:33:03","date_gmt":"2014-10-01T05:33:03","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=6407"},"modified":"2014-10-01T13:33:03","modified_gmt":"2014-10-01T05:33:03","slug":"cybersecurity-incidents-becoming-frequent-costly","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2014\/10\/01\/cybersecurity-incidents-becoming-frequent-costly\/","title":{"rendered":"Cybersecurity incidents becoming more frequent and costly"},"content":{"rendered":"

The number of reported information security incidents around the world rose 48 percent to 42.8 million, the equivalent of 117,339 attacks per day, according to The Global State of Information Security Survey 2015, released by PwC, in conjunction with CIO and CSO magazines. Detected security incidents have increased 66 percent year-over-year since 2009, the survey data indicates.<\/strong><\/p>\n

\u201cIt\u2019s not surprising that reported security breach incidents and the associated financial impact continue to rise year-over-year,\u201d said David Burg, PwC\u2019s Global and US Advisory Cybersecurity Leader. \u201cHowever, the actual magnitude of these breaches is much higher when considering the nature of detection and reporting of these incidents.\u201d<\/p>\n

As security incidents become more frequent, the associated costs of managing and mitigating breaches are also increasing. Globally, the estimated reported average financial loss from cybersecurity incidents was $2.7 million \u2013 a 34 percent increase over 2013. Big losses have been more common this year as organizations reporting financial hits in excess of $20 million nearly doubled.<\/p>\n

But despite elevated concerns, the survey found that global information security budgets actually decreased four percent compared with 2013. Security spending as a percentage of IT budget has remained stalled at 4 percent or less for the past five years.<\/p>\n

\u201cStrategic security spending demands that businesses identify and invest in cybersecurity practices that are most relevant to today\u2019s advanced attacks,\u201d explained Mark Lobel, PwC Advisory principal focused on information security. \u201cIt\u2019s critical to fund processes that fully integrate predictive, preventive, detective and incident-response capabilities to minimize the impact of these incidents.\u201d<\/p>\n

Organizations of all sizes and industries are aware of the serious risks involved with cybersecurity; however, larger companies detect more incidents.<\/p>\n

Large organizations \u2013 with gross annual revenues of $1 billion or more \u2013 detected 44 percent more incidents this year. Medium-sized organizations \u2013 with revenues of $100 million to $1 billion \u2013 witnessed a 64 percent increase in the number of incidents detected. And while risk has become universal, the survey found that financial losses also vary widely by organizational size.<\/p>\n

\u201cLarge companies have been more likely targets for threat actors since they offer more valuable information, and thus detect more incidents,\u201d said Bob Bragdon, publisher of CSO. \u201cHowever, as large companies implement more effective security measures, threat actors are increasing their assaults on middle-tier companies. Unfortunately, these organizations may not yet have security practices in place to match the efficiency of large companies.\u201d<\/p>\n

Insiders have become the most-cited culprits of cybercrime \u2013 but in many cases, they unwittingly compromise data through loss of mobile devices or targeted phishing schemes. Respondents said incidents caused by current employees increased 10 percent, while those attributed to current and former service providers, consultants and contractors rose 15 percent and 17 percent, respectively. \u201cMany organizations often handle the consequences of insider cybercrime internally instead of involving law enforcement or legal charges. In doing so, they may leave other organizations vulnerable if they hire these employees in the future,\u201d added Bragdon.<\/p>\n

Meanwhile, high profile attacks by nation-states, organized crime and competitors are among the least frequent incidents, yet the fastest-growing cyber threats. This year, respondents who reported a cyber-attack by nation-states increased 86 percent \u2013 and those incidents are also most likely under-reported.<\/p>\n

The survey also found a striking 64 percent increase in security incidents attributed to competitors, some of whom may be backed by nation-states.<\/p>\n

Effective security awareness requires top-down commitment and communication, a tactic that the survey finds is often lacking across organizations. Only 49 percent of respondents say their organization has a cross-organizational? team that regularly convenes to discuss, coordinate, and communicate information security issues.<\/p>\n

PwC notes that it is critical for companies to focus on rapid detection of security intrusions and to have an effective, timely response. Given today\u2019s interconnected business ecosystem, it is just as important to establish policies and processes regarding third parties that interact with the business.<\/p>\n

\u201cCyber risks will never be completely eliminated, and with the rising tide of cybercrime, organizations must remain vigilant and agile in the face of a constantly evolving landscape,\u201d said PwC\u2019s Burg. \u201cOrganizations must shift from security that focuses on prevention and controls, to a risk-based approach that prioritizes an organization\u2019s most valuable assets and its most relevant threats. Investing in robust internal security awareness policies and processes will be critical to the ongoing success of any organization.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The number of reported information security incidents around the world rose 48 percent to 42.8 million, the equivalent of 117,339 attacks per day<\/p>\n","protected":false},"author":6,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[495,2089],"class_list":["post-6407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-cybersecurity-and-cybercrime","tag-pwc"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/6407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=6407"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/6407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/791"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=6407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=6407"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=6407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}