Data Breach Costs Exceed 20% of Revenue

The cost of data breaches amounted to more than 20% of revenue in 2016.

For more than a third of organisations breached in 2016 the cost of data breaches amounted to more than 20% of revenue.

Findings from a report from Cisco found that more than a fifth of breached organisations lost customers, with 40% losing 20% of their customer base. It showed that 29% lost revenue, with 38% losing more than 20% of revenue and 23% lost business opportunities.

However according to the cyber security report from Cisco 90% of these organisations are improving threat defences and processes after attacks.

More than a third are separating IT and security functions and 38% are increasing security awareness training for employees.

The report highlighted the challenges and opportunities for security teams in defending against the evolution of cyber crime.

Cyber resiliency expert at Mimecast, Dan Sloshberg, said email is an organisation’s weakest link in terms of cyber security.

He said: “It’s no surprise that spam, about a tenth of which is malicious, is at its highest level since 2010.

“Cyber criminals haven’t rediscovered this vulnerability; they’ve simply improved their tactics. Email accounts for 91% of all cyber attacks, from botnet-sent spam through to carefully curated messages targeting and impersonating senior executives.”

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