A new study has found that companies suffer the most damage as a result of a cyber incident relating to their partners.

The study, conducted by Kaspersky Lab, found that incidents affecting infrastructure hosted by a third party cost small businesses on average £106,000, with large enterprises losing nearly £1.5m as a result of breaches affecting third parties.

These findings indicate that while companies need to focus heavily on investing in their own robust security, but also need to pay close attention to that of their business partners. If one member has weak IT security measures in place, you both are bound to suffer.  

Among other things, the study found that while organizations IT Security budgets are increasing, the overall IT budget has shrunk substantially. But we all know that while budgets may shrink, the cost associated with falling victim to a breach is only on the rise. In 2017, SMEs are paying £66,800 on average worth of costs associated with a breach, while enterprises are facing costs of up to £756,000.

Governments across the globe are introducing legislation requiring organizations to provide information about how they share and how they protect personal data belonging to consumers. Take for example the General Data Protection Regulation or GDPR. Under this legislation, companies will be required to prove that they’ve ensured ‘appropriate security and confidentiality of personal data.’ For those found non-compliant, fines of up to €20 Million, or in the case of an undertaking, up to 4 % of the total worldwide annual turnover of the preceding financial year, whichever is higher, will be administered. NNT suggests organizations strike now, and make sure you’re in compliance before the May 2018 deadline.

 

Read this article on InfoSecurity Magazine

 

 

 

 

 

Contact Us

USA Offices

New Net Technologies LLC
Suite #10115, 9128 Strada Place
Naples, Florida, 34108

New Net Technologies LLC
1175 Peachtree St NE
Atlanta, Georgia, 30361.

Tel: (844) 898-8358
[email protected]

 

UK Office

New Net Technologies Ltd
Rivers Lodge, West Common
Harpenden, Hertfordshire
AL5 2JD

Tel: 020 3917 4995
 [email protected]

SC Magazine Cybersecurity 500 Infosec Security Winners 2018 CIS benchmarking SEWP Sans Institute Now Certified IBM Security
Copyright 2020, New Net Technologies LLC. All rights reserved. 
NNT and Change Tracker are registered trademarks of New Net Technologies LLC.
All other product, company names and trademarks are the property of their respective owners.