Ten per cent of organisations who suffered a breach stated that they were so badly hit they had to change the nature of their business.
That’s according to the 2014 Information Security Breaches Survey which highlighted that, whilst security breach levels have decreased, the cost of these breaches has increased.
The survey reported that 81 per cent of large organisations were victims of a security breach, down from 86 per cent a year ago. The impact was similar for smaller business, with 60 per cent reporting an attack, which had reduced from 64 per cent a year ago. Although the attacks might have reduced, the impact that they had has only increased. The cost of these breaches has increased, significantly for small businesses. The average cost of an attack for a small company was between £35 – £65k a year ago and this has shot up to between £65 – £115k this year. Large business in comparison have seen the price increase from £450 – £850k a year ago, to £600k – £1.15 m this year. The impact that these breaches have on companies continues to demonstrate how much business suffers from cyber security threats.
Some positive news is that the number of breaches has decreased, with smaller companies experiencing a small respite. The survey found that fewer smaller business experienced attacks this year, with the focus shifting to large organisations. The survey does note however, under its key observations that, ’70 per cent of organisations keep their worst security incident under wraps. So what’s in the news is just the tip of the iceberg’. It might be that we are just scraping the surface of attacks, however it has once again reinforced the need for cyber security, in order to conduct business safely.
It is not only financial costs involved in a security threat, loss of reputation and data are also key to the impact on a company. David Prince from Schillings will be speaking on these very topics at the inaugural Cyber Security Briefing in London on June 26th. You can download the brochure to find out more.Google]