Cybersecurity incidents value organizations $1,197 per worker, per 12 months

Cybersecurity is an costly enterprise. To put together to deal with subtle menace actors, an enterprise wants to keep up a whole safety operations heart (SOC) crammed with state-of-the-art applied sciences and skilled professionals who know how one can establish and mitigate threats. 

All of those elements add up. According to a brand new report launched by menace prevention supplier Perception Point and Osterman Research, organizations pay $1,197 per worker yearly to deal with cyber incidents throughout electronic mail providers, cloud collaboration apps or providers, and internet browsers. 

This means the typical 500-employee firm spends $600,000 yearly on addressing cybersecurity incidents, with out factoring in extra prices like enterprise losses, compliance fines, or mitigation prices. 

With a recession looming in 2023, organizations are below rising stress to chop prices and optimize their present safety approaches. 

The value of cybersecurity 

The announcement comes as increasingly organizations are struggling to maintain up with the advanced menace panorama, with the variety of knowledge breaches rising by 70% throughout Q3 of 202.

Perception Point’s report notes that one of many key challenges for defenders, is that menace actors have modified their assault toolkits past electronic mail and the online browser, with assaults on cloud-based apps and providers, comparable to collaboration apps and storage, occurring at 60% of the frequency with which they happen on email-based providers. 

Given that Gartner estimates that almost 80% of staff are utilizing collaboration instruments for work, enterprises not solely want to have the ability to stop cyberattacks throughout on-premise and cloud environments which might be cost-efficient, however in addition they want a sturdy incident response course of to resolve safety incidents within the shortest time doable. 

“In terms of the potential risk and damages — prevention of attacks has a greater financial impact on the organization,” mentioned Michael Calev, Perception Point’s VP of company growth and technique. 

“One successful breach for an organization can cause damage amounting to millions of dollars — for bigger companies this could mean a significant loss in revenue, production capabilities, and a hit to their reputation, while for smaller companies it could spell disaster and even the end of their ability to operate,” Calev mentioned. 

While processing spam and phishing emails is time-consuming, prevention saves SOC groups cash so that they don’t should remediate and handle occasions post-breach. 

Making cybersecurity reasonably priced 

Managing cybersecurity spending is tough as a result of even handbook duties can eat a considerable quantity of money and time. 

For occasion, it takes a safety workers a median of 86 hours to deal with a single email-based cyber incident. This means a single safety skilled can solely deal with 23 electronic mail incidents per 12 months, a direct value of $6,452 per incident in time alone. 

In response to those excessive prices, the report recommends that enterprises consolidate their safety stack for extra environment friendly menace safety capabilities, whereas leveraging managed providers to help safety groups with scalable incident response capabilities. 

Cadev highlights that managed providers particularly give overburdened safety groups 24/7 protection as they will guarantee techniques stay protected with out working around the clock.