Security

Spending wisely to fight cyberattacks can save your company millions

An average enterprise suffers 130 successful cyberattacks annually, costing an average of $12 million. Fighting back cost-effectively requires a comprehensive policy.

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Image: iStock/PaulPaladin

According to an October 2017 study published by the Ponemon Institute and jointly developed by Accenture Security, the annualized cost of cybersecurity breaches across all enterprises in the United States has risen to a whopping $11.7 million. Consider the meaning of that statistic—the average enterprise spends almost $12 million dollars per year just to recover from successful cybersecurity breaches. That number doesn't account for the dollars enterprises spend dealing with unsuccessful attacks.

The study results show that the average number of annual successful security breaches suffered by enterprises has risen to 130 in 2017 from 102 in 2016. The key word in that statistic is successful—unsuccessful attempts must register an astronomical number. Obviously, enterprises around the world are under constant attack and must spend a great deal of time and resources fighting off cyberattacks, but are organizations spending wisely?

SEE: Network security policy (Tech Pro Research)

The study looked at the cost-to-benefit gap for various security investments and determined that security intelligence systems and advanced identity and access governance were the top two most widely deployed enabling security technologies. Those two security investments also happen to be the most cost-effective investments enterprises can make, with a positive cost savings averaging more than $2 million each.

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Image: Ponemon Institute

Put simply, to effectively and efficiently counteract cyberattacks, enterprises are going to have to spend their limited resources wisely. The Ponemon Institute study shows that the most cost-effective way to do this is by deploying security intelligence systems and establishing an advanced identity and access governance policy. TechRepublic's premium sister site, Tech Pro Research, offers a ready-made Network Security Policy that can give your enterprise a head start toward creating effective secure access protocols to help protect data at every level of the organization.

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About Mark Kaelin

Mark W. Kaelin has been writing and editing stories about the IT industry, gadgets, finance, accounting, and tech-life for more than 25 years. Most recently, he has been a regular contributor to BreakingModern.com, aNewDomain.net, and TechRepublic.

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