Cybersecurity incidents cost businesses $1,197 per employee per year
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Cybersecurity is an expensive business. To prepare to deal with sophisticated threat actors, a business must maintain a comprehensive Security Operations Center (SOC) filled with cutting-edge technology and experienced professionals who know how to identify and mitigate threats.
All of these factors add up. According to a new report from threat prevention vendor Perception Point and Osterman Research, organizations are paying $1,197 per employee per year to address cyber incidents on email services, cloud collaboration apps or services, and web browsers.
This means that an average company with 500 employees spends $600,000 per year to address cybersecurity incidents, not considering additional costs such as business losses, compliance fines, or mitigation costs.
With a recession looming in 2023, organizations are under increasing pressure to reduce costs and optimize their current security approaches.
EventSmart Security Summit
Learn about the essential role of AI and ML in cybersecurity and industry-specific case studies on December 8. Sign up for your free pass today.
Register now The cost of cybersecurityThe announcement comes as more organizations struggle to navigate the complex threat landscape, with the number of data breaches increasing by 70% in the third quarter of 202.
The Perception Point report notes that one of the main challenges for defenders is that threat actors have shifted their attack toolkits beyond email and web browser, with attacks on cloud-based applications and services, such as collaboration apps and storage, occurring at 60% of the frequency they occur on email services.
Since Gartner estimates that nearly 80% of employees use collaboration tools for work, organizations must not only be able to prevent cyberattacks in cost-effective on-premises and cloud environments, but they also need a robust incident. response process to resolve security incidents as quickly as possible.
“In terms of risk and potential damage, attack prevention has a greater financial impact on the business,” said Michael Calev, vice president of business development and strategy at Perception Point.
“A successful breach for an organization can cause damages amounting to millions of dollars. For large companies, it could mean a significant loss of revenue, production capacity and damage to their reputation, while for small businesses, this could spell disaster and even the end of their ability to operate,” Calev said.
While dealing with spam and phishing emails takes time, prevention saves SOC teams money so they don't have to remediate and manage events afterwards the violation.
Making cybersecurity affordableManaging cybersecurity expenses is difficult because even manual tasks can consume a lot of time and money.
For example, it takes an average of 86 hours for a security team to address a single email cyber incident. This means that a single security professional can only handle 23 email incidents per year, at a direct cost of $6,452 per incident over time alone.
In response to these high costs, the report recommends...
Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and gain efficiencies by improving and scaling citizen developers. Watch now.
Cybersecurity is an expensive business. To prepare to deal with sophisticated threat actors, a business must maintain a comprehensive Security Operations Center (SOC) filled with cutting-edge technology and experienced professionals who know how to identify and mitigate threats.
All of these factors add up. According to a new report from threat prevention vendor Perception Point and Osterman Research, organizations are paying $1,197 per employee per year to address cyber incidents on email services, cloud collaboration apps or services, and web browsers.
This means that an average company with 500 employees spends $600,000 per year to address cybersecurity incidents, not considering additional costs such as business losses, compliance fines, or mitigation costs.
With a recession looming in 2023, organizations are under increasing pressure to reduce costs and optimize their current security approaches.
EventSmart Security Summit
Learn about the essential role of AI and ML in cybersecurity and industry-specific case studies on December 8. Sign up for your free pass today.
Register now The cost of cybersecurityThe announcement comes as more organizations struggle to navigate the complex threat landscape, with the number of data breaches increasing by 70% in the third quarter of 202.
The Perception Point report notes that one of the main challenges for defenders is that threat actors have shifted their attack toolkits beyond email and web browser, with attacks on cloud-based applications and services, such as collaboration apps and storage, occurring at 60% of the frequency they occur on email services.
Since Gartner estimates that nearly 80% of employees use collaboration tools for work, organizations must not only be able to prevent cyberattacks in cost-effective on-premises and cloud environments, but they also need a robust incident. response process to resolve security incidents as quickly as possible.
“In terms of risk and potential damage, attack prevention has a greater financial impact on the business,” said Michael Calev, vice president of business development and strategy at Perception Point.
“A successful breach for an organization can cause damages amounting to millions of dollars. For large companies, it could mean a significant loss of revenue, production capacity and damage to their reputation, while for small businesses, this could spell disaster and even the end of their ability to operate,” Calev said.
While dealing with spam and phishing emails takes time, prevention saves SOC teams money so they don't have to remediate and manage events afterwards the violation.
Making cybersecurity affordableManaging cybersecurity expenses is difficult because even manual tasks can consume a lot of time and money.
For example, it takes an average of 86 hours for a security team to address a single email cyber incident. This means that a single security professional can only handle 23 email incidents per year, at a direct cost of $6,452 per incident over time alone.
In response to these high costs, the report recommends...
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