The rate, as well as the effects of data breaches, have increased significantly over the past several years as businesses conduct their transactions online. In addition to data loss, businesses often incur financial losses as well following a successful data breach. In 2019, the average global cost of a data breach to an organization was $3.92 million representing a 1.5% increase from the preceding year, 2018.
We live in a fast-paced technical world, where businesses and consumers want things now and where cyberattacks can happen in a matter of seconds. Additionally, corporations operate on multiple devices and platforms, giving cybercriminals plenty of options. To identify and protect a business form possible vulnerabilities, Intrusion Detection and Prevention (IDS/IPS) was created. It’s a managed security solution under Security as a Service (SECaaS) that is literally what it sounds like. IDS & IPS detect and prevent intrusions in company networks so businesses can function normally without compromise. Below, we take a closer look into Intrusion Detection and Prevention, how it works and its benefits to ultimately help you determine if this solution should be your next cybersecurity investment.
Cloud adoption by financial institutions has been on the rise. According to PwC, by 2020 core financial services like credit scoring, statements management, payments, and billing will use the cloud for processing and computing. From retail banking to collection agencies to asset management and investment banking, the cloud provides many use cases to bring scalability, cost savings and higher security to financial institutions.
The largest financial institutions have already adopted cloud technology. But it’s not just the J.P. Morgan’s or Bank of America’s of the world. Smaller financial institutions are finding the same benefits in cloud computing and cybersecurity practices that enterprises are leveraging. Here are 7 reasons financial institutions need cloud computing and cybersecurity.
1. Cost Savings
Financial institutions are leveraging the cloud to move IT operations to an operating expense model (OpEx). IT hardware and underlying infrastructure is expensive, and financial institutions are concerned about the rising costs associated with running data centers. Additionally, on-premise data centers are difficult to scale, and any growth requires large capital expenditures. Instead, hybrid cloud strategies allow banks and collection agencies to safeguard mission-critical data in the cloud without the high cost and maintenance that typical on-premise centers come with.
In today’s digitized world, cyberattacks are inevitable if businesses aren’t proactive in their protection. Regardless of business size, it’s only a matter of time before organizations become victims due to the absence of cloud computing and security solutions. In fact, 81% of cyberattacks affect small to medium-sized businesses, simply because they lack cloud knowledge.
Topics: Cloud Computing, Backup, Cloud Security, Cloud Storage, healthcare, Cybersecurity, SIEM, Intrusion Detection and Prevention, Office 365 Backup, Cloud Solutions, Identity Management, Security as a Service
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. A single data breach costs a business an average of $3.92 million; this is a 1.5 percent increase from 2018.
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. So far this year, data breaches and cyberattacks have cost businesses an average of $3.92 million; this is a 1.5 percent increase from 2018 and a 12 percent increase from 2014 when the cost of a data breach was approximately $3.5 million.
With the incidence of cyber threats growing more rapidly than ever, the issue of security has been brought to the forefront of every CIO’s mind. Today, cybercrime is a billion dollar enterprise, and it’s on the rise. In 2018, high profile cyberattacks plagued some of the world's largest organizations, releasing the personal records of millions, if not billions. With the incidence of cyberattacks growing year over year, no organization, regardless of size or industry, is free from the risk of data breach. It is no longer a question of if your company will be attacked, but when. For this reason, it is important now, more than ever, to implement a proactive approach to cybersecurity.
The number of online data breaches as well as other forms of cybercriminal activity has steadily increased over the past several years. In the months of April, May, and June of 2018, 765 million people worldwide were impacted either directly or indirectly by a data breach. With cyber-attacks occurring once every thirty-nine seconds, the number of people who are impacted by data breaches is expected to increase with each passing year. This is because more businesses are conducting themselves online and poorly secured internet-capable devices are used to connect to computer networks as well as the internet. In addition, cybercriminals have developed more advanced tools for penetrating supposedly secure computer networks. With these tools, cybercriminals are also able to remain undetected for longer periods of time after compromising a computer network.
There has been an exponential increase in the rate of cybercrime over the past several years as enterprises increasingly conduct more of their business activities online. Cybercriminals have developed more sophisticated tools that offer them greater ability to penetrate and compromise the networks of unsuspecting enterprises, with resulting adverse consequences. There are about 130 reported network security breaches yearly. In 2018 alone, the estimated amount of money lost by businesses globally as a result of cybercrime was $600 billion, corresponding to about 0.8 percent of the global GDP.
As people increasingly use the internet for transactions and other daily activities, businesses must take extra measures to ensure the security of the data being exchanged online. Hackers and other malicious actors devote a considerable amount of time as well as resources seeking ways to compromise computer networks in order to access personal data and proprietary information belonging to businesses. This data, once accessed, is used for various sorts of illegal and nefarious activities. In the first half of 2018, there were roughly 4.5 billion data records compromised by malicious attacks.