World Internet Day: How much does a cyber incident cost?

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In 2017, the UN established May 17 as the celebration of International Internet Day; its objective was to promote awareness about the use of technology, network safety, and to promote digital inclusion.

In an increasingly connected and mobile world, it is becoming increasingly important to disseminate good cyber security practices among people to prevent them from being the victim of cybercrime.

Cybercrime is very profitable for criminals and extremely expensive for Organizations

When a company does not understand the real importance of cybersecurity and fails to make it a priority, it dramatically increases the odds of a financial loss.

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The financial impact of data breaches

A technology segment report on the financial impact of data breaches on companies reveals that a data breach costs, on the global average, US $ 3.8 million for businesses. In addition to the financial loss, the report shows that companies also spend a lot of time on breaches: 265 days to identify an incident and 115 days to contain breaches.

Another survey shows that 20% of attackers take advantage of incorrect cloud configuration to breach the network, increasing the cost of breaches to $ 4.41 million on average.

The costs of mega violations, in which more than 50 million records are compromised, has risen from $ 388 million to $ 392 million. This type of breach costs companies an average of $ 364 million.

In Brazil, the average cost of data breaches is R $ 5.88 million.

The entry point most often used by hackers are stolen or compromised credentials and clouds with incorrect settings.

When analyzing data breaches suffered by more than 500 organizations worldwide, a study found that 80% of the investigated incidents caused exposure of personally identifiable customer information.

Cyber incidents come at a high cost for organizations, which is not always financial. Look:

  • It can damage the company’s reputation, causing it to be seen as negligent
  • It can alienate customers and investors, associating an image with little credibility

Organizations must position cybersecurity as strategic and adopt the zero-trust approach for user authentication and granting access.

With VaultOne, the Organization achieves total control and visibility over who accesses its data, systems, applications, infrastructure, and any other assets, as it is based on the zero-trust model.

VaultOne protects your company’s resources, ensures compliance with data protection legislation, and prevents cyber-attacks and data leaks.

Talk to our experts and find out how we can help protect your business.