• TREND MICRO
  • ABOUT
Search:
  • Latest Posts
  • Categories
    • Android
    • AWS
    • Azure
    • Cloud
    • Compliance
    • Critical Infrastructure
    • Cybercrime
    • Encryption
    • Financial Services
    • Government
    • Hacks
    • Healthcare
    • Internet of Everything
    • Malware
    • Microsoft
    • Mobile Security
    • Network
    • Privacy
    • Ransomware
    • Security
    • Social Media
    • Small Business
    • Targeted Attacks
    • Trend Spotlight
    • Virtualization
    • Vulnerabilities
    • Web Security
    • Zero Day Initiative
    • Industry News
  • Our Experts
    • Ed Cabrera
    • Rik Ferguson
    • Greg Young
    • Mark Nunnikhoven
    • Jon Clay
    • William “Bill” Malik
  • Research
Home   »   Industry News   »   Current News   »   Study: Businesses underestimating costs of security breaches

Study: Businesses underestimating costs of security breaches

  • Posted on:August 8, 2011
  • Posted in:Current News, Vulnerabilities & Exploits
  • Posted by:
    Trend Micro
0

While many companies understand the types of cyber security threats facing their vital IT networks, some do not have a realistic grasp on the consequences that could ensue if a security breach were to occur.

According to a new report from Aveksa, a data management solutions provider, data protection is a major issue for many companies. In a survey of enterprise IT executives, nearly half said unauthorized access to corporate information was among their chief concerns. Furthermore, nearly all – 98 percent – of respondents said strict data access was either very or critically important.

However, despite this firm understanding of the need for cyber security, many companies underestimate the potential damage poised by a data breach. According to the study, 42 percent of respondents said they thought a data breach would cost less than $200 per compromised record, while others said it would cost less than $100.

Citing figures from a Ponemon Institute study, however, Aveksa stated that the average cost of a data breach is $214 per affect record. If one or two records are breached, this can be made up by working through a couple of lunch breaks. But, as is often the case, if thousands of records are breached, a company could be looking at some serious damage to its bottom line.

"The survey also demonstrates that many companies are underestimating the high costs of cleaning up user records following a security breach," said Aveska president and CEO Vick Viren Vaishnavi. "In order to mitigate the risk of IT security breaches, enterprises need to implement more preventative processes and stronger access controls to applications and data."

Aveska figures may be particularly pressing given the likelihood of a security breach impacting companies. As a separate Ponemon Institute study found, 90 percent of surveyed companies polled indicated they had experienced a data security incident in the last 12 months. As it seems that nearly all companies suffer a data breach at one time or another, it is important business adhere to strict security policies and implement effective tools to mitigate the effects of these incidents.

Related posts:

  1. Despite breaches, companies failing to take action
  2. Study: Cloud providers and users think differently about security
  3. Three quarters of businesses suffered data breaches in 2010, study finds
  4. Unstructured data leads to mounting compliance costs, study reveals

Security Intelligence Blog

  • Our New Blog
  • How Unsecure gRPC Implementations Can Compromise APIs, Applications
  • XCSSET Mac Malware: Infects Xcode Projects, Performs UXSS Attack on Safari, Other Browsers, Leverages Zero-day Exploits

Featured Authors

Ed Cabrera (Chief Cybersecurity Officer)
Ed Cabrera (Chief Cybersecurity Officer)
  • Ransomware is Still a Blight on Business
Greg Young (Vice President for Cybersecurity)
Greg Young (Vice President for Cybersecurity)
  • Not Just Good Security Products, But a Good Partner
Jon Clay (Global Threat Communications)
Jon Clay (Global Threat Communications)
  • This Week in Security News: Ransomware Gang is Raking in Tens of Millions of Dollars and Microsoft Patch Tuesday Update Fixes 17 Critical Bugs
Mark Nunnikhoven (Vice President, Cloud Research)
Mark Nunnikhoven (Vice President, Cloud Research)
  • Twitter Hacked in Bitcoin Scam
Rik Ferguson (VP, Security Research)
Rik Ferguson (VP, Security Research)
  • The Sky Has Already Fallen (you just haven’t seen the alert yet)
William
William "Bill" Malik (CISA VP Infrastructure Strategies)
  • Black Hat Trip Report – Trend Micro

Follow Us

Trend Micro In The News

  • Cloud-based Email Threats Capitalized on Chaos of COVID-19
  • Detected Cyber Threats Rose 20% to Exceed 62.6 Billion in 2020
  • Trend Micro Recognized on CRN Security 100 List
  • Trend Micro Reports Solid Results for Q4 and Fiscal Year 2020
  • Connected Cars Technology Vulnerable to Cyber Attacks
  • Home and Home Office
  • |
  • For Business
  • |
  • Security Intelligence
  • |
  • About Trend Micro
  • Asia Pacific Region (APAC): Australia / New Zealand, 中国, 日本, 대한민국, 台灣
  • Latin America Region (LAR): Brasil, México
  • North America Region (NABU): United States, Canada
  • Europe, Middle East, & Africa Region (EMEA): France, Deutschland / Österreich / Schweiz, Italia, Россия, España, United Kingdom / Ireland
  • Privacy Statement
  • Legal Policies
  • Copyright © 2017 Trend Micro Incorporated. All rights reserved.