IT Managers Underestimate the Cost of Security Breaches
IT managers are misjudging the potential cost of security breaches to their companies, according to a new survey.
While past research concluded an IT security breach costs $214 per record, a recent survey conducted by Aveska found that 42 percent of IT executives thought a security breach would cost less than $200 per record, with many more believing it was less than $100.
"Many companies are underestimating the high costs of cleaning up user records following a security breach," said Vick Viren Vaishnavi, President and CEO of Aveksa, in a prepared release. "In order to mitigate the risk of IT security breaches, enterprises need to implement more preventative processes and stronger access controls to applications and data."
The survey also revealed that 49 percent of respondents, which included IT executives from large global companies across many vertical industries, believe unauthorized access is a major concern as more companies continue moving sensitive applications and data to external cloud-based providers.
In addition, nearly 100 percent of the surveyed IT executives believe stringent access control to a company's data center – which includes things such as operating systems, hypervisors, databases, middleware, web servers and systems management applications -- was either critically or very important.
"Whether it is moving applications and data to the cloud or gaining greater visibility and control over data center assets across distributed computing environments, the respondents in our survey clearly indicated that access governance is one of the major security concerns they are addressing," Vaishnavi said.