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The price of carelessness: How much data leakage and cybersecurity cost

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Cybersecurity is not a panacea. It is possible to provide a system of protection of information, data, programs at a high level using the latest technologies, but this does not guarantee that you are safe. So, it is no wonder why people, for example, compare Kaspersky vs Avast, read tons of reviews, and try to pick the best antivirus software.

For example, remember May 2017 – during this period, one of the largest cyberattacks with the help of the WannaCry extortion program was carried out. More than half a million computers in 100 countries were cracked. Malware and hackers – can wreak havoc among society not only within one country but also within the whole world.

It’s a global problem globally; it’s not the only one of its kind. Regularly, we can watch as corporations investing millions or billions in cybersecurity are exposed to cyber threats and have plenty of vulnerabilities.

Losses From Data Breaches

According to experts, 13.53 PetaBytes of data are the share of one organization on average now that is 831% more than in 2016 and for 40% surpasses an indicator of the 2019th. At the same time, 81% of IT professionals surveyed recognize significant problems with data protection.

Besides, 85% of survey participants in 15 countries stated that it was critical to secure cloud applications from data protection providers. However, almost three quarters (71%) of respondents believe that modern technologies pose more challenges to data protection.

The cost of disaster recovery is also rising rapidly. The average cost of idle time increased from 2018 to 2019 by 54%. Thus, the estimated cost grew from 526,845 in 2018 to 810,018 dollars in the 2019th. The estimated cost of the data breach also increased during this time, from $995,613 million to $1 million. This cost is significantly higher for organizations that use more than one data protection provider – on average, the cost of downtime is twice as high, and the cost of leakage is five times higher.

The Expenses for Cyber Security Will Increase

According to Forbes, the global cybersecurity market reached $75 billion in 2015. In 2016-2019, and the current 2020, it continues to gain momentum and is expected to reach more than $170 billion in 2020. This rapid market growth is driven by a host of technological innovations and trends, including ever-changing security requirements.

The research company International Data Corporation (IDC) predicts that the volume of the world information security market will grow in 2021 by 45% and reach $133.7 billion.

The average annual growth rate of spending on cybersecurity equipment, software, and services is expected to be 9.9%.

Analysts call the largest and fastest-growing category of the IB-technology market services, sales of which this year will be measured 40.2 billion dollars, and in 2017-2022 they will increase by 11.9% annually. The largest segment here will be information security management services, which in 2022 will account for about half of the costs. Consulting and integration services will occupy the rest of the IB-services market.

According to Gartner, in 2020, the spending of companies and consumers on the corresponding products and services will increase by 9.7% to 124 billion dollars. According to a study conducted by Dell Technologies IT, the data leak costs companies more than $1 million on average.

Bottom Line

Security threats are generated faster than our perception of possible risks in the system aspect. What did not pose any danger before could now prove to be a very serious and critical problem. Nevertheless, there are a number of well-known threats worth remembering and applying appropriate protection measures to prevent them.

About the Author: Harry Brown

Experienced and tech-savvy reviewer, Harry knows exactly what to expect from good antivirus software. His professional life was and is closely connected with cyber security and cybercrime prevention. It gave him the necessary vision of how perfect protection should function. It will be difficult to imagine that Harry would miss any modern tech security innovation – once it is launched, it should be studied and “dissected.” He understands how important it is to always stay up to date and that is 99% percent of success. Therefore, Harry Brown’s motto is to keep on moving and exploring the new technological paths. He has personally tested all the most popular solutions available in the market, and his all-round unbiased reviews will make it easier for you to choose the antivirus that suits you best.

augusta free press
augusta free press