10 Reasons why this is the moment to invest in cyber security
It is still a common thought that cyberthreats come from external threats. That may have been the case a few years ago. But, we are seeing an increase in data leaks from within the organization. Where the focus used to be on systems that had to stop external factors, we now have to look at how we can tackle insider threats.
Cyber security: 10 reasons why
Many organizations are aware that employees can pose the greatest threat. Yet that doesn’t apply to everyone…yet. Therefore, 10 reasons why you should put cyber security on the agenda now.
- 52% of data leaks is caused by insiders. Whether deliberately or through negligence, most of the threats that lead to data loss originate from insiders.
- Almost 2/3 of insider threats is caused by the negligence of employees, freelancers or third parties.
- The faster the incident is dealt with, the lower the costs. Incidents that lasts longer than 90 days, cost an average of 1 million EUR. Compared to EUR 6 million for incidents resolved within 30 days.
- The average insider threat incident takes more than two months - 77 days. Only 13% is under control within 30 days.
- 15% of incidents is related to theft of credentials, costing organizations an average of 2.38 million EUR per year.
- The costs of a single incident will triple if the incident concerns theft of credentials: 742,820 EUR on average.
- Human errors lead to the most reported incidents, such as lost, stolen, or hacked devices (33%), unpatched software vulnerabilities (32%), insecure network activity (31%), and lost credentials (29%).
- Incident control accounts for 1/3 of the total cost of an insider threat incident - followed by remediation (23%) and incident response (18%).
- The larger an organization, the higher the costs - at 6.75 million EUR for organizations with 25,001 to 75,000 employees and 5.9 million EUR for those with between 500 and 1000 employees.
- Organizations can reduce insider threat costs by 2.64 million EUR to 2.9 million EUR by implementing solutions that focus on user activity and access.
So, what’s next?
Human (inter)actions are difficult to monitor: it is impossible to keep track of all activities. It is therefore important to increase awareness among your employees. The more consciously they deal with your business data, the smaller the chance of an error.
Are you curious how you can do that best? Book 30 minutes with one of our specialists and discover how you can remove human error from your work processes.