Cisco: Data breaches now cost 20% of revenue

Companies only have the resources to investigate 90% of security alerts

Cisco has revealed the mounting cost of data breaches to businesses, saying companies are losing 20% of revenues and new customer business as a consequence of hackers stealing or accessing data.

The company's Annual Cybersecurity Report 2017 also explained that although 90% of companies have started improving their threat defences, they still have security gaps in which hackers can break into their systems.

Worryingly, companies only have the resources to investigate 56% of the security alerts they receive, meaning many threats are not being combatted at the point of entry. A third of these turn out to be serious threats, which should be investigated at the first indication of a security risk.

"In 2017, cyber is business, and business is cyber - that requires a different conversation, and very different outcomes," John Stewart, senior vice president and chief security and trust officer, Cisco.

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

"Relentless improvement is required and that should be measured via efficacy, cost, and well managed risk. The 2017 Annual Cybersecurity Report demonstrates, and I hope justifies, answers to our struggles on budget, personnel, innovation and architecture."

Some of the problem areas are hackers introducing new methods of attack to evade detection, organisations adopting cloud applications that aren't secure and adware, which infected 75% of the organisations investigated by Cisco.

Cisco's report also revealed the amount of time it's taking companies to realise there's a threat. It claimed companies using its security products have reduced the time of detection from 14 hours at the beginning of 2016 to just six hours in 2016.

"One of our key metrics highlighted in the 2017 Annual Cybersecurity Report is the time to detection' the time it takes to find and mitigate against malicious activity," David Ulevitch, vice president and general manager of security business at Cisco. "We have brought that number down to as low as six hours. A new metric the time to evolve' looked at how quickly threat actors changed their attacks to mask their identity.

"With these and other measures gleaned from report findings, and working with organisations to automate and integrate their threat defense, we can better help them minimize financial and operational risk and grow their business."

Featured Resources

The IT Pro guide to Windows 10 migration

Everything you need to know for a successful transition

Download now

Managing security risk and compliance in a challenging landscape

How key technology partners grow with your organisation

Download now

Software-defined storage for dummies

Control storage costs, eliminate storage bottlenecks and solve storage management challenges

Download now

6 best practices for escaping ransomware

A complete guide to tackling ransomware attacks

Download now
Advertisement

Recommended

Visit/security/354156/google-confirms-android-cameras-can-be-hijacked-to-spy-on-you
Security

Google confirms Android cameras can be hijacked to spy on you

20 Nov 2019
Visit/software-defined-wide-area-network-sd-wan/33346/what-is-sd-wan
software-defined wide area network (SD-WAN)

What is SD-WAN?

18 Sep 2019
Visit/network-internet/33802/what-to-expect-from-cisco-live-2019
Network & Internet

What to expect from Cisco Live 2019

10 Jun 2019

Most Popular

Visit/security/identity-and-access-management-iam/354289/44-million-microsoft-customers-found-using
identity and access management (IAM)

44 million Microsoft customers found using compromised passwords

6 Dec 2019
Visit/cloud/microsoft-azure/354230/microsoft-not-amazon-is-going-to-win-the-cloud-wars
Microsoft Azure

Microsoft, not Amazon, is going to win the cloud wars

30 Nov 2019
Visit/operating-systems/microsoft-windows/354297/this-exploit-could-give-users-free-windows-7-updates
Microsoft Windows

This exploit could give users free Windows 7 updates beyond 2020

9 Dec 2019
Visit/hardware/354237/five-signs-that-its-time-to-retire-it-kit
Sponsored

Five signs that it’s time to retire IT kit

29 Nov 2019