We know that cybercrime is a real business risk today seemingly every week, another report of a major data breach emerges. With so much at stake if a breach is incurred loss of customer data, intellectual property, brand reputation and more – companies need to adopt a risk based approach to invest wisely and prioritize how they allocate their budgets. They need to think about the holistic end-to-end purpose of their security operating model to counter-this-risk and spend their money wisely and to greatest effect.
Hackers do not alert businesses to their presence. In fact the Verizon 2018 Data Breach Investigations Report (2018 DBIR) found that a 68 percent of breaches took months or longer to discover, and alarmingly 87 percent of the breaches examined had data compromised within minutes or less of the attack taking place.
The ultimate aim of cybercrime is not random; security controls shouldn’t be random either. Our findings saw 76 percent of breaches are financially motivated with 13 percent of breaches motivated by the gain of strategic advantage (espionage).
The security industry as a whole has a responsibility to help businesses take a more proactive approach to their security. Increasing confidence through education and helping them to understand the threats they face, and the initial steps to implementing solutions that will be effective in the prevention of cybercrime. – Verizon