Importance of Cybersecurity Monitoring in Your Business


Everyday, news of another data breach hits the headlines. Malicious actors target businesses and governmental IT systems for either financial or political gain. Malicious actors compromised approximately 400 GB of United Nations data by gaining access to IT systems located in the Geneva and Vienna offices. Although most data breaches arise from third-parties, nearly every organization sits in the middle of a supply stream. In other words, almost every business today is someone else’s third- or fourth-party vendor. Cybersecurity monitoring in your business is more important than ever to ensure your organization’s continued financial stability.

What are the costs of a data breach?

Reports of data breach costs vary depending on how the report defines the costs. More importantly, data breaches account for only a portion of the data security events that occur. A data breach involves the exfiltration, or unauthorized acquisition, of data. Meanwhile, a security event often incorporates unauthorized access, not necessarily a download, to systems, software, and networks.
When determining the value cybersecurity monitoring brings to your organization, you need to think not only about the “hard” costs of a data breach but also the “soft” costs that arise from a data security incident.
Data breach costs

Data security incident costs

Although the Accenture report incorporates a wide variety of costs, the report focuses on successful cybercrimes. Meanwhile, the Net Diligence Cyber Claims Study 2019 Report provides additional insight into the overarching costs arising from cybersecurity incidents.
The data in the Cyber Claims Study differs from the Cost of Cybercrime Report because it uses information provided by organizations who made cyber insurance claims.
Focusing the data on cyber insurance claims means that the report incorporates information about data events that fall under insurance policy coverage but may not rise to the level of exfiltration. For example, the report compares the costs associated with “Recordless Claims” against those arising from “Exposed Records.”
·         39%: the percentage of claims arising from “recordless” events
·         63%: the increased proportion of recordless claims made
·         90%: the percentage of recordless events arising from social engineering, business email compromise, banking fraud, and ransomware
·         $216,000: Average cost of a recordless event for large enterprise
·         $87,000: Average cost of a recordless event for a small- or mid-size organization
While the actual costs arising from recordless claims are significantly lower than those connected to exposed records, the cost impact of these types of claims is not considered when calculating the Cost of Cybercrime. Additionally, these numbers just note the average cost of a single recordless event.

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