We live in a world where the question is no longer whether your company will experience a data breach, but when. Hardly a day goes by that you don’t hear about a major data breach or a new cyberattack that is making headlines — and the costs associated with these security events continue to mount.
As IBM points out in its benchmark report, 2020 Cost of Data Breach Report, the potential costs of a data breach can be significant:1
- Average cost per stolen record: $150
- Average cost of lost business: $1.52 million
- Average cost per data breach: $3.86 million (may be significantly higher depending on industry)
The study also points out that the leading cause of these costly and potentially damaging events is malicious or criminal activity. Many enterprises are spending billions of dollars every year on network and endpoint security defenses — often to no avail, as data breaches persist and accelerate. The most common and effective way for cybercriminals to target data of interest is to compromise vulnerable endpoints and use them as launchpads for advanced threat campaigns. According to a recent Ponemon Institute survey, 68% of respondents say the frequency of attacks against endpoints is increasing and detection is difficult.2 Old-school detection and blocking defenses have proven to be ineffective at defeating these targeted attacks.