• The Four Hundred
  • Subscribe
  • Media Kit
  • Contributors
  • About Us
  • Contact
Menu
  • The Four Hundred
  • Subscribe
  • Media Kit
  • Contributors
  • About Us
  • Contact
  • Study Counts the Cost of Data Breaches

    July 30, 2007 Timothy Prickett Morgan

    Compliance regulations are a big pain in the neck, but putting policies and practices in place that control who has access to what information and under what conditions is not just a requirement of many laws, it is also a good idea in an increasingly networked and computerized world. But often, companies look at compliance measures as a cost, much as they did when they considered mainframes and minicomputers decades ago. But the IT Policy Compliance Group wants companies to think of compliance efforts as a means of preserving corporate reputations and revenues.

    In a new report entitled Why Compliance Pays: Reputations and Revenues at Risk, which you can download here, the group has tried to hang some numbers on the costs of data breaches. Based on Attrition‘s Data Loss Database, in the past two years, 280 companies based in the United States have had publicly exposed incidents of data theft or loss, and they reckon that the numbers will only increase because breaches will be exposed as consumers and government regulators are watching more closely. Based on benchmark metrics derived by the group, companies that are outed for losing customer data or being breached in some way by hackers expect to see an 8 percent decline in revenue, and 8 percent hit on their stock price, and expenses in the range of $100 per lost customer record. Those are pretty big numbers, obviously, even if they are very broad averages.

    The study also says that if a company is a compliance laggard, it can expect some sort of data loss that is publicly disclosed every three years, while those who are on top of their compliance game have cut the probability of a data loss down to once every 42 years. The group’s benchmarks also show that those who are the best at compliance are the same companies that have the fewest data losses and the lowest number of disruptions in IT system downtime.



                         Post this story to del.icio.us
                   Post this story to Digg
        Post this story to Slashdot

    Share this:

    • Reddit
    • Facebook
    • LinkedIn
    • Twitter
    • Email

    Tags: Tags: mtfh_rc, Volume 16, Number 29 -- July 30, 2007

    Sponsored by
    UCG Technologies

    CYBER-ATTACKS ON THE RISE. PROTECT WITH THE TRIPLE PLAY.

    COVID-19 has not only caused a global pandemic, but has sparked a “cyber pandemic” as well.

    “Cybersecurity experts predict that in 2021, there will be a cyber-attack incident every 11 seconds. This is nearly twice what it was in 2019 (every 19 seconds), and four times the rate five years ago (every 40 seconds in 2016). It is expected that cybercrime will cost the global economy $6.1 trillion annually, making it the third-largest economy in the world, right behind those of the United States and China.”1

    Protecting an organization’s data is not a single-faceted approach, and companies need to do everything they can to both proactively prevent an attempted attack and reactively respond to a successful attack.

    UCG Technologies’ VAULT400 subscription defends IBM i and Intel systems against cyber-attacks through comprehensive protection with the Triple Play Protection – Cloud Backup, DRaaS, & Enterprise Cybersecurity Training.

    Cyber-attacks become more sophisticated every day. The dramatic rise of the remote workforce has accelerated this trend as cyber criminals aggressively target company employees with online social engineering attacks. It is crucial that employees have proper training on what NOT to click on. Cyber threats and social engineering are constantly evolving and UCG’s Enterprise Cybersecurity Training (powered by KnowBe4) is designed to educate employees on the current cutting-edge cyber-attacks and how to reduce and eliminate them.

    A company is only as strong as its weakest link and prevention is just part of the story. Organizations need to have a quick response and actionable plan to implement should their data become compromised. This is the role of cloud backup and disaster-recovery-as-a-service (DRaaS).

    Data is a company’s most valuable asset. UCG’s VAULT400 Cloud Backup provides 256-bit encrypted backups to two (2) remote locations for safe retrieval should a cyber-attack occur. This is a necessary component of any protection strategy. Whether a single click on a malicious link brings down the Windows environment or an infected SQL server feeds the IBM i, once the data is compromised, there is no going back unless you have your data readily available.

    Recovery is not a trivial task, especially when you factor in the time sensitive nature of restoring from an active attack. This leads to the third play of the Triple Play Protection – DRaaS.  Companies have myriad concerns once an attack is realized and a managed service disaster recovery allows employees to keep focus on running the business in a crisis state.

    The combination of training employees with secure backup and disaster recovery offers companies the best chance at avoiding financial disruption in an age of stronger, more frequent cyber-attacks.

    Reach out to UCG Technologies to discuss your company’s security needs and develop a data protection plan that fits you best.

    ucgtechnologies.com/triple-play

     800.211.8798 | info@ucgtechnologies.com

     

    1. https://theconversation.com/cyberattacks-are-on-the-rise-amid-work-from-home-how-to-protect-your-business-151268

    Share this:

    • Reddit
    • Facebook
    • LinkedIn
    • Twitter
    • Email

    IBM Ready to Announce Power6-Based System i Box IBM Shows Off Web 2.0 Stuff with Lotus Quickr

    Leave a Reply Cancel reply

TFH Volume: 16 Issue: 29

This Issue Sponsored By

    Table of Contents

    • IBM, VMware Working on ESX Server Support for the System i
    • Q4bis Raises $6 Million in Venture Capital Funding
    • Workload Partitions Not Coming to i5/OS V6R1?
    • Jack Henry Acquires Gladiator Technology
    • Power6-Based System i Performance and Bang for the Buck
    • HP Sells Heat Modeling Service to Cool Data Centers
    • The IT Job Market Is More Competitive, Says Gartner
    • Study Counts the Cost of Data Breaches
    • User Feedback Credited for Inspiring System i Development
    • Lawson Back in the Black as Fiscal 2007 Closes

    Content archive

    • The Four Hundred
    • Four Hundred Stuff
    • Four Hundred Guru

    Recent Posts

    • Why Open Source Is Critical for Digital Transformation
    • mrc Refreshes IBM i Low-Code Dev Tool
    • Unit Testing Automation Hits Shift Left Instead of Ctrl-Alt-Delete Cash
    • Four Hundred Monitor, March 3
    • IBM i PTF Guide, Volume 23, Number 9
    • Doing The Texas Two Step From Power9 To Power10
    • PHP’s Legacy Problem
    • Guru: For IBM i Newcomers, An Access Client Solutions Primer
    • IBM i 7.1 Extended Out To 2024 And Up To The IBM Cloud
    • Some Practical Advice On That HMC-Power9 Impedance Mismatch

    Subscribe

    To get news from IT Jungle sent to your inbox every week, subscribe to our newsletter.

    Pages

    • About Us
    • Contact
    • Contributors
    • Four Hundred Monitor
    • IBM i PTF Guide
    • Media Kit
    • Subscribe

    Search

    Copyright © 2021 IT Jungle

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.