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New Study Finds Average Cost of Security Breach and Cyber Incidents Increased, Costs Up to $5.8M

March 6, 2019

Hikvision Discusses Network Security and Segmentation to Reduce Security Concerns

Hikvision Discusses Network Security and Segmentation to Reduce Security Concerns

 

The 2019 Scalar Security Study surveyed more than 400 Canadian IT and security workers, and found that the average cost of security breach and cybersecurity incidents has increased and can cost organizations up to $5.8 million, according to an article in Canadian Security magazine.

“Canadian companies are still overconfident in their abilities to successfully defend against cybersecurity attacks. Many are now realizing the need to implement a cyber resiliency plan in order to better prepare, defend and respond to incidents. The rise in the percentage of successful breaches coincides with the shift in cybersecurity efforts from protection against attacks to improving detection of malicious attacks and responding to and recovering from incidents,” said Theo Van Wyk, chief technology officer for security at Scalar, in the article.

Survey results also included the following:

  • 18 percent reported data recovery was subject to ransomware demands
  • 11 percent of respondents had a high degree of confidence in the organization’s ability to prevent security breaches
  • It took an average of 19.4 days (up from 16.1 the prior year) to recover from security breaches

Click here to read more about the study.

In the Hikvision blog, “SecurityInfoWatch.com on Cybersecurity Tasks to Deter Cyber Threats, Prevent Security Breach,” Hikvision cybersecurity director Chuck Davis provides insight to reduce security concerns and explains why network segmentation should be used at home.

 

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