Insights Magazine Volume IX - Page 4

Cybersecurity Now is the Time to Review Your Cyberdefenses Anthony Munns, FBCS, CITP, CIRM, CISA The cybersecurity workforce is projected to be short 1.8 million employees in 2022, according to The shortage of cybersecurity experts coupled with the increasing frequency and severity of cyberattacks should prompt public and private sector organizations to evaluate the cyberdefense they have in their own arsenal. Every industry is vulnerable to a cyberattack, but certain industries face higher data breach costs. Heavily regulated industries, including health care, education and financial organizations, tend to incur a loss substantially higher than the average $158 per capita data breach cost. In health care instances, the cost is more than twice the average. Heavily Regulated Industries, Take Note Negligent Employees and Contractors Cause a Quarter of Data Breaches Each record containing sensitive and confidential information that is lost or stolen in a data breach costs an organization $158 on average, according to the Ponemon Institute’s 2016 Cost of Data Breach Study. For some businesses, a cyber breach can be insurmountable – nearly 60 percent of small companies go out of business following a hack, according to the House Committee on Small Business. 2 While most data breaches are caused by malicious or criminal attacks, 25 percent are caused by negligent employees or contractors, or “human error.” People are becoming an easier target for cybercriminals to exploit rather than defeating modern security software. Through tactics such as email phishing, attackers