Data security risks and the cost of business continuity (slideshare) tmcs q3 july 2016
- 1. Data Security Risks And The Cost of Business Continuity
- 2. The state of data security isn’t healthy.
- 3. The number of security breaches has increased.
- 4. The scale and cost has nearly doubled.
- 5. But 59% of businesses still expect more security incidents to occur in the next year.
- 6. So what does this all mean? ?
- 7. It means your business operations will need to change.
- 8. Why?
- 9. Because the average data security breach costs: Large Businesses £1.5m Small & Medium Size Businesses £75k
- 10. Loss of business continuity brings more costs. Data breaches create downtime Downtime means loss of business continuity
- 11. The nature of the breach will determine the length of downtime and ultimately the business continuity cost. So let’s imagine the worst case scenarios.
- 12. 14 breaches a year £3.1m cost per breach Annual cost = £43.4m Large business
- 13. 4 breaches a year £311k cost per breach Annual cost = £1.24m Small business
- 14. What do these costs consist of? ?
- 15. In Kapersky Labs’ global study, they found the following: SMB Enterprise Proposition of business incurring this expense Typical losses Proportion of business incurring this expense Typical losses Professional services Lose business opportunities Down time Total expected typical damage $384K $551K 88% £11K 88% $84K 32% $16K 29% $203K 34% $66K 36% $1.4M
- 16. What sort of breaches are causing so much disruption and costly payouts?
- 17. According to Kapersky Lab, the top 3 most expensive security breaches are: Employee Fraud Cyber Espionage Third Party Failure
- 18. The ICO found that the most prevalent security incidents for businesses, from January - March 2016, were insecure web pages being targeted by hackers. (42%)
- 19. However it’s not just IT business costs you should worry about.
- 20. Other big consequences include: ● Damage to company reputation. ● Temporary loss of access to information critical to business continuity. ● Loss of ability to do business.
- 21. This isn’t anything to take lightly.
- 22. 11% of organisations changed the nature of their business as a result of their worst breach.
- 23. But what if you weren’t aware of your business’ IT security threats? ?
- 24. 14% of IT management admitted they have never communicated data security threats to their board. ? ? ?
- 25. For an infrastructure that can recover from a data protection breach, standardisation is required across 3 main areas of your business...
- 27. But this means you must stretch your IT budget even further.
- 28. These costs are indirect to the recovery, yet 75% of security breaches led to unexpected expenses.
- 29. SMBs - $8k Large business - $69k
- 30. Make sure you…. Educate the workforce around your data protection plan and what everybody is to do in the event of one.
- 31. Make sure you…. Provide adequate training on hosted and cloud based systems.
- 32. Make sure you…. Choose the right technology for your business and ensure your IT strategy is centric to the wider needs of the business.
- 33. Discover how to reduce the downtime and maintain steady output in times of a breach in our guide Data Protection: A Modern Threat to Modern Business
Editor's Notes
- #16: Can you redesign this table?