Startup City Magazine

PwC Estimates a Loss of $2.7 Million Due to Global Cyber Security Incidents in 2014

Bangalore: Today, most of the organizations comprehends that cyber security has turned into a persistent as recurrence of cyber security threats continue to rise over year. According to PwC’s Global State of Information Security Survey 2015 (GSISS), numerous associations have not upgraded basic data security procedures, technologies and employee training needs on time.

As per the PwC’s report, the associated costs of managing and mitigating breaches are also increasing. Globally, the estimated reported average financial loss from cyber security incidents was $2.7 million, a 34 percent increase over 2013. Big losses have been more common this year as organizations reporting financial hits in excess of $20 million which is nearly doubled. On the other hand, PwC also predicts that India’s cyber security market size will bounce to $1 billion in 2015 as the country’s consulting, implementation, support and managed security services comprise 55 percent of the market.

As per the survey, effective security awareness is required in top-down commitment and communication as only 49 percent of respondents say their organization has a cross-organizational team that regularly convenes to discuss, coordinate and communicate information security issues. It also requires to center on rapid detection of security intrusions and to have an effective, timely response.

Concerning the cyber security, Floris Ampe, Leader, EMEIA region, PwC’s Cyber Security says, “Organizations must shift from security that focuses on prevention and controls, to a risk-based approach that prioritizes an organization’s most valuable assets and its most relevant threats. Investing in robust internal security awareness policies and processes will be critical to the ongoing success of any organization.”

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