Organisations are not always aware of the cost a security breach, as the ripple effects of cybercrime are often more damaging than the actual theft of information, writes DOROS HADJIZENONOS, Country Manager of Check Point.
The cost of any type of theft is often a lot higher than just the value of the stolen goods. If your house was broken into, you would feel violated. While your insurance company would reimburse you for the items stolen, you might not have the same sense of security as you did before the break-in. To feel more secure, you might invest in security system upgrades and even change your habits, like going out less often or not coming home in the dark. At the end of the day, you end up spending more – and not necessarily just money – in order to feel safe again.
Corporate breaches are no different and the ripple effects of cybercrime are often more damaging than the actual theft of information. The loss of confidence – both from your company and your customers – make you overspend on security solutions, feel obligated to pay impacted suppliers and cause your customers to flee.
Tallying the cost of cybercrime
According to the Ponemon Institute, the average cost of a data breach is $154 (R2,180) per record. With many incidents involving thousands or even millions of records, the average cost of a single breach is often in the region of $3.79 million. The initial “splash” costs of a breach – when the stone first hits the water – includes several direct expenses:
- The value of stolen intellectual property
- Downtime analysing, repairing and refortifying all compromised systems
- Checking all systems for additional infections
- Restoring systems from backups and checking backups for vulnerabilities
- Changing security procedures and training personnel on new safeguards
The less obvious “ripple” costs, however, can quickly overshadow these direct costs, and include:
- Reputational damage. Brand value decreases 21% as a direct result of a security breach.
- Loss of business resulting from breach of trust. Research found that 73% of US customers switch their financial service provider due to personal data theft, and 44% of financial services companies reported business loss of 20% or more due to reputation issues.
- Knock-on attacks. People often use the same passwords to access different websites. Stolen passwords from one site are used in multiple breaches targeting other sites.
- Disruption caused to other businesses, such as suppliers and partners. In the case of critical infrastructure, if one grid goes offline, hundreds or thousands of businesses could be impacted in ways not easily quantified.
In 2013, US retail chain Target suffered a data loss event in which 40 million debit and credit card records were stolen. Direct expenses added up to $248 million over two years but some sources estimate costs will exceed $2.2 billion when including losses from fraudulent charges, reimbursing suppliers, and penalties from class action lawsuits.
The ripple effects to company reputation are difficult to estimate, but very real. If a company has strong customer support and handles the situation carefully, customers may be shaken but not leave.
Organisations can protect themselves by taking a holistic approach to security instead of patching together point solutions, and by focusing on threat prevention as opposed to threat detection and remediation. To further reduce risk, they should include data loss prevention in the security mix and use best practices when configuring security.
When considering their cybersecurity goals, organisations should ask the following questions:
- Understand the situation. How confident are we that our cybersecurity is effective against zero-day threats? How well trained are my employees about cyber threats and the potential consequences of their actions?
- See what’s coming. Do we have clear visibility of log activity in all of our network segments?
- Secure workloads not servers. Do the workloads I run in virtual, cloud and software-defined environments receive the same protections as workloads run in my data centre?
- Get prepared. Do the company’s policies protect information and resources in all environments? How is the executive leadership informed about the current threat level and potential business impact of cyber-attacks?
The volume of attacks and attack points requires complete visibility into operations and centralised security management, but not complete transparency. Security officers should be cautious about exposing protection methods or discussing attack details because when cybercriminals see where attacks have an impact, they adapt their tactics. Because of this, organisations – especially financial institutions – now share attack information through shared threat intelligence feeds. Since most hackers use the same successful attack methods against multiple victims, it increases their costs if a hack method only works once. The more expensive hacking is, the lower the number of hackers, making everyone safer.
Appdate: No wallet? No problem?
In his app roundup, SEAN BACHER highlights VodaPay Masterpass, Charge Running, South African App Integrator Directory, uKheshe Health and LocTransie.
Digital mobility is now a way of life and most are using smartphones to pay bills.
To meet this need Vodacom and Mastercard have launched VodaPay Masterpass, which enables Vodacom customers to load any bank card into a secure digital wallet, downloaded as an app on their smartphone. Once loaded, these cards and the secure credentials associated with them are safely stored, enabling customers to start transacting immediately without the hassle of entering card details each time they make a purchase.
Vodacom customers can buy prepaid data, airtime and SMS, or voice bundles, directly through the app. They can also select the Pay Bills menu option to settle their DStv accounts, pay a utility bill or take care of a traffic fine.
With the app’s Scan to Pay functionality, users can scan a QR code to pay for goods and services wherever Masterpass is accepted, including all SnapScan and Zapper merchants. Once a QR code is scanned, users select the card they wish to use, and enter their bank PIN number on their own device to complete the transaction.
Platform: Android and iOS
Expect to pay: A free download and users will not be charged for any transaction fees.
Most running apps track data like pace and distance and, in some cases play audio designed to motivate you, but don’t give you the push you get when you run with a friend. Charge Running is an app that lets you run alongside other runners, virtually, as well as giving live coaching to help you go the distance.
The app includes features such as:
· Unlimited access to live running classes and virtual races
· The ability to compete with runners anywhere in the world in real-time
· A live leaderboard that shows where you are in the pack to keep you pushing
· Live, personalised feedback from professional trainers
· Group chats with coaches and fellow runners throughout the run
· On-demand runs for times when you can’t join the live groups
· A choice of difficulty levels and race types
Platform: Android and iOS
Expect to pay: A free seven-day trial; thereafter R150 per month
Stockists: Visit the Charge Running site here for downloading instructions.
South African App Integrator Directory
The South African App Integrator Directory from Xero is designed to solve the complexity of choosing apps for small business owners.
The directory is now available in South Africa with six partners, including Realm Digital, Radical Cloud Solutions, Nimacc, Insights, Iridium Business Solutions and Creative CFO. According to Xero, these are all organisations with a proven track record of successfully integrating marketplace apps into Xero businesses. There are also currently over 700 apps in Xero’s App Marketplace worldwide, 21 of which are South African born.
As small businesses become more tech-savvy, they need to know exactly which apps to install on their devices and how the apps will help them. They also need to be able to install these apps from a trusted integrator so they know for what they are paying.
Platform: Any device with an up-to-date Internet browser.
Expect to pay: A one month trial version is offered, after which the App Integrator ranges from R125 to R245 per month, depending on the company’s needs.
Stockists: Visit Xero here for downloading instructions.
Click here to read about uKheshe Health and LocTransie.
Prize offered for drone films
DJI and SkyPixel, the world’s most popular aerial photography community, have announced the first short film contest inviting users to submit cinematic stories shot with camera and gimbal products. The 2019 SkyPixel Short Film Contest will accept entries until 14 October 2019. It welcomes submissions from all creators, ranging from hobbyists to social media users and professional videographers. around the globe.
The 2019 SkyPixel Short Film Contest consists of three storytelling categories—‘Big Moments Start Small,’ ‘Make Your Move’ and ‘Adventure Starts With You.’ There is no restriction on the type or brand of equipment participants use, and they can submit as many videos as they wish.
A total of 100 winners can win a range of prizes totaling $48,600 USD in categories including Recommended Films, Best Editing, Best Story, Nominated Entries, People’s Choice Prize as well as This Week’s Most Popular, sponsored by the partner SanDisk and WD brand from Western Digital Corp. This year’s Best Short Video winners will each receive the new Ronin-SC Pro Combo, Osmo Action as well as WD 2TB My Passport Wireless SSD.
Winning entries will also be showcased on the SkyPixel website as well as to DJI’s millions of fans and followers across its social media platforms.
“DJI has redefined how people capture stable video for all of life’s moments. The compact size, portability and powerful imaging system of our Osmo and Ronin series have also made it possible for anyone to take their creativity and inspirations to the next level,” said Basile David, Director of Brand and Content Partnerships at DJI. “With this contest, we hope to encourage more people to embrace and share their own creative way of storytelling.”
Since 2014, the SkyPixel online community has attracted 16 million professional aerial photographers and content creators from more than 140 countries, growing into the largest aerial photography community today. Over the past five years, SkyPixel has received over 150,000 submissions, becoming a go-to platform for original aerial masterpieces and extraordinary footage powered by other gimbal products focusing on various themes.
Details of the 2019 SkyPixel Short Film Contest
The short film contest consists of three categories:
Big Moments Start Small: Create a video showcasing the small, lightweight design of your camera device and your best cinematic scenes. Users are recommended to include at least 10 seconds of behind-the-scenes clips of their product such as DJI Osmo Pocket or other devices.
Make Your Move: Create a video showcasing the stabilized footage from your device. Users are recommended to include at least 10 seconds of behind-the-scenes clips of their product such as DJI Osmo Series or other devices.
Adventure Starts With You: Create a short, cinematic narrative film to showcase your creative skills and visual effects. Users are recommended to include at least 10 seconds of behind-the-scenes clips of their product such as DJI Ronin Series or other devices.
*Video submissions should not be longer than three minutes in length.
Submission Start Date: August 15, 2019, 2:00 AM (EST)
Submission End Date: October 14, 2019, 2:00 AM (EST)
Award Announcement: October 31, 2019