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Huge cost to recover from security breaches

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A recent Kaspersky Lab survey has revealed that the most expensive types of security breaches are employee fraud, cyber espionage, network intrusion and the failure of third party suppliers.

A worldwide survey of more than 5,500 companies in 26 countries, including South Africa, conducted by Kaspersky Lab in cooperation with B2B International in 2015 showed that the most expensive types of security breaches are employee fraud, cyber espionage, network intrusion and the failure of third party suppliers. The average budget required to recover from a security breach is US$551,000 for enterprises and $38,000 for small and medium businesses.

Averaging the variety:

A serious breach of IT security systems leads to many business issues. With damage being so diverse, it’s sometimes hard for the victims themselves to estimate the total cost of a breach. The methods used for this survey relied on data from previous years to pinpoint areas where companies have to spend money following a breach, or lose money as a result of a breach. Typically businesses have to spend more on professional services (such as external IT experts, lawyers, consultants, etc.), and earn less due to lost business opportunities and downtime.

The probability of each separate consequence also varies and this, along with the size of a company has to be taken into account. A similar method was used to estimate indirect spend: the budget businesses allocate after the recovery, but is still connected to a security breach. So, on top of the aforementioned figures, businesses typically pay from $8,000 (SMBs) to $69,000 (enterprises) on staffing, training and infrastructure upgrades.

An average breached enterprise bill:

·         Professional services (IT, risk management, lawyers): up to $84K with a probability of 88%

·         Lost business opportunities: up to $203K, 29%

·         Downtime: up to $1,4M, 30%

·         Total average: $551,000

·         Indirect spend: up to $69K

·         Including reputation damage: up to $204,750

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SMBs and enterprises: different ways to suffer

Nine out of ten companies that took part in our survey reported at least one security incident. However, not all incidents are serious and/or lead to the loss of sensitive data. Most frequently a serious security breach is the result of a malware attack, phishing, leaks of data by employees and exploited vulnerable software. Cost estimation provides a new look at the severity of IT security incidents and the outlook for SMBs and enterprises is slightly different.

Large companies pay significantly more when a security breach is the result of a trusted third party failure. Other expensive types of breaches include fraud by employees, cyber espionage and network intrusion. SMBs tend to lose a significant amount of money on almost all types of breach, paying a similar high price on recovering from acts of espionage as well as DDoS and phishing attacks.

“We have not seen too many reports on the consequences of IT security breaches, estimating a loss in real money. It is hard to come up with a reliable method of producing an average, but we understood that we had to do it, to bridge the theory of the corporate threat landscape with business practice. As a result, we have a list of corporate threats that caused the most significant damage – the ones we believe businesses should pay the utmost attention to,” commented Brian Burke, Head of Market Intelligence Team, Kaspersky Lab.

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Welcome to world of 2099

The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.

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Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.

This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.

Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.

As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.

“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”

The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.

“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”

Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.

  •    Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube

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Street art goes electric

Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.

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The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.

The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.

D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.

D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.

“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”

As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.

Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”

Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”

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