Less than half of organizations are capable to detect major data breaches within the first hour after they take place, according to a new report.
It was a finding of Widmeyer Communications, which surveyed over 750 IT professionals from Europe, Asia and North America for the report.
An average corporation has around 10 to 12 in-house cyber security specialists, which is an indicator of cyber security maturity.
The study found that 95 percent of IT firms use software-based threat amelioration and around 25 percent of them use at least 10 types of software.
The demand of cybersecurity professionals will continue to increase in the coming years, the report said.
One third of surveyed organizations said that they’ve reserved only 10 percent of their budget for threat detection
Global Market research and Consulting firm Frost & Sullivan, in a recent report said that there will be around 1.5 million cyber security positions vacant at the corporate level by the end of 2020.
About one third of surveyed organisations said that they’ve reserved only 10 percent of their budget for threat detection.
57 percent of respondents expressed satisfaction over the amount of budget their organizations have allocated for this purpose.
Research firm Ponemon Institute recently found that breach of customer data by cybercriminals may incur total financial losses of up to $4 billion to major corporations.
In some cases, the cost of a stolen general business record may be around $150.
The cost of breached health records may be even high, at around $350 per record, because of stringent laws regarding digital patient information.
Heavy fines to the regulatory bodies, court fees and investigation procedures even further increase the total cost of data breaches.
According to a recent study by Ipswitch, about three-quarters of data breaches occur due to insider threats.
The finding is supported by the fact that insiders have access to organisation’s key applications, storage and security systems which make them even more dangerous than outsider intruders who use malware and other mechanisms to break into its network.
