Companies can reduce their Cyber Attack loss by up to $1.4 Million per attack if in case they have effective mitigation measures in place. This was revealed in a study conducted by Ponemon Institute in association with Deep Instinct.
The report titled “The Economic Value of Prevention in Cybersecurity Lifecycle” also reveals that more than 24% of organizations are focusing more on mitigating the cyber risks as it helps strengthen the security posture.
Compiling the data from over 600 IT and IT Security practitioners, the Ponemon Institute survey has concluded that most of the companies are focusing on cyber-attack detection and containment rather than prevention methods.
If firms start acting on prevention measures, then the cost of spending on security departments will see a downward graph as it would result in cut down in overall investment.
“Prevention of cyberattacks is always perceived as a cost imperative solution. But when compared to the losses suffered from cyber breaches, it is better if companies CIOs and CTOs allocate increased resources on preventive solutions as it helps in cutting down attack loss to $1.4 Million per attack”, Guy Caspi, CEO, and Co-Founder of Deep Instinct.
Note- According to a report compiled by Accenture in collaboration with the World Economic Forum, around $5.2 trillion value of products & services will be at risk from cyber-attacks, creating a big challenge to public and private entities across the globe as the economic growth will be extremely hindered by such challenges.