-The average loss of large companies

Oct

8

2017

in electronic security incidents in the region exceeds half a million dollars

Kaspersky Lab announced the results of a study conducted in collaboration with B2B International.

The study, “IT Security: Cost Center or Investment Strategy?”, Revealed the five technical security incidents that caused the biggest financial losses in the companies targeted in the Middle East, South Africa and Turkey.

The report showed that large companies in these areas paid in 2017 amounts of $ 1.5 million due to security incidents resulted in an electronic leakage of data from their internal systems, and more than $ 1 million for incidents affecting suppliers with whom data share.

At the same time, small and medium-sized companies lost $ 141,000 when employees abused IT resources and $ 118,000 when an incident affected third-party infrastructure.

Although the cost of Internet security incidents is on the rise, the percentage of security allocations from IT budgets in the Middle East, Turkey and South Africa is declining. Only 62% of companies in these areas invest in Internet security, 3% from last year. The average security allocation in IT budgets of large companies has fallen from 23% of IT budgets to only 19% in 2017. This should be a concern for companies, especially as the cost of recovery from accidents and security breaches is increasing , In contrast to shrinking security budgets.

Large companies in the region this year incurred an average of $ 591,000 per security incident, while small and medium-sized companies cost $ 88,000 per online attack.

The high cost of Internet security incidents associated with third parties was another painful area revealed by the Kaspersky Lab study report. Once a company gives another company access to its data or infrastructure, weaknesses in one may affect both. The issue is becoming increasingly important as Governments rush to introduce new legislation requiring companies to provide information on how personal data is shared and protected.

“Going ahead with security strategies does not mean increasing Internet security spending,” said Maxim Frolov, Kaspersky Lab’s Middle East, Turkey and Africa chief executive. “Companies should choose the right security technology solutions that will meet their security needs in a sound way, Warned companies that threats in this part of the world “are moving quickly and are constantly increasing costs associated with security incidents.”

“It is imperative that companies invest in intelligence services to detect threats and combine them with the most appropriate security solutions that will greatly reduce the impact of potential attacks. We have been keen to show visitors at Gitex our next-generation security solutions , Which aims to help public sector institutions and private companies to meet and respond to advanced threats.

To help companies with IT security strategies, based on the industry threat landscape and specific recommendations, Kaspersky Lab has launched a sophisticated tool for calculating corporate spending on IT security. The Kaspersky Security Security Calculator serves as a guideline for determining the cost of technical security, based on average corporate budgets (by region, sector, company size), security measures, key carriers of threats and financial losses, and advices on how to avoid unfair settlements .

The Kaspersky Security Technology Calculator and the full report “IT Security: Cost Center or Investment Strategy?”, Both of which are on display at C1-1 in Hall 1 at GITEX 2017, can be found.

Kaspersky Lab offers solutions to meet the needs of large companies, organizations and small and medium enterprises for endpoint protection, protection from distributed denial of service attacks, cloud security, defense against advanced threats, and Internet security services. More information on the next generation product portfolio for large enterprises, small businesses and SME products is available on Kaspersky Lab’s GITEX Technology Week.

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