Canadian Security Magazine Covers Scalar Study, Security Breach Costs Companies Up to $5.8M
Hikvision on Ways to Reduce Security Breach Risk
In the “Cost of cyber breach recovery hits all-time high of $5.8M: Scalar Security Study,” Canadian Security magazine covers Scalar’s 2019 Security Study conducted by IDC Canada, which found that security breach costs companies an average of between $4.8 to $5.8 million, up from the prior year.
“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 [security] 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.
Other survey results include:
- 9 percent of respondents were not confident in their organization’s ability to prevent security breach
- 38.5 percent of stored data is considered confidential
- Average days to recover from security breach increased to 19.4 days, up from 16.1 the prior year
Read more and download the study at this link.
For ways to reduce risk of security breach, read this Hikvision blog, “Security Magazine on Creating a Comprehensive Security Strategy to Reduce Concerns, Risk of Breach.”