10 October 2014

How US organizations are losing the cyber war

Cyber crime, hacking and data breaches have seldom been out of the news in 2014, but just how well are organizations coping with it?

Not very well, according to a new infographic released by security solutions company CSO that's based on the results of a survey of over 500 private and public sector executives and security experts.

Among the findings are that 77 percent of organizations have reported a security breach in the past year, with an average of 135 incidents per organization. Yet only 38 percent have a system to prioritize security spending based on risk and business impact.

Of those that detected an incident, 69 percent said they weren’t able to estimate the cost. Those that did, put the average annual loss to cyber incidents at $415,000. However, 19 percent of US companies put losses at between $50,000 and $1 million.

Among the major concerns are that most organizations don't take a strategic approach to security, supply chain risks that aren’t adequately assessed or understood, and inadequate mobile device security.

The report finds that effectively fighting cyber crime requires collaboration in order to share experience and knowledge of threats. It also needs strategic spending, particularly on security training for employees.

You can view more detail in the complete infographic below.

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