A study by the Ponemon Institute found that organizations that conduct regular cyber vulnerability assessments are 45% less likely to experience a data breach than those that do not.
It is difficult to say definitively how much risk a mid-size company can reduce by conducting a cyber vulnerability assessment. The amount of risk reduction will vary depending on a company's size and complexity, the scope of the assessment, and the effectiveness of the mitigation measures that are implemented.
However, a study by the Ponemon Institute found that organizations that conduct regular cyber vulnerability assessments are 45% less likely to experience a data breach than those that do not. The study also found that organizations that implement the top five security recommendations from the assessment are 70% less likely to experience a data breach.
Some of the key benefits of conducting a cyber vulnerability assessment include:
Identifying and prioritizing security risks
Mitigating risks through the implementation of appropriate controls
Improving overall cybersecurity posture
Reducing the likelihood and impact of a data breach
If you are the owner or manager of a mid-size company, I would strongly recommend conducting a cyber vulnerability assessment on a regular basis. It is an essential step in protecting your organization from cyber attacks. This is why Integrated Cyber leads with Vulnerability Management services. This is the quickest way to 'plug the holes' in a company systems to 'slow down' the cyber risk a company's team is battling every day.
Cybersecurity breaches are on the rise, and they're having a major impact on businesses and individuals alike.
In 2021, there were over 6.2 billion records exposed in data breaches, according to the Identity Theft Resource Center. This is a significant increase from 2020, when there were 4.1 billion records exposed.
The impact of a data breach can be devastating. Businesses can lose customers, suffer financial losses, and have their reputations damaged. Individuals can have their personal information stolen, which can lead to identity theft, fraud, and other financial losses.
Here are 10 examples of cyber breaches that had a major impact:
Marriott International: In 2018, Marriott International was hacked, exposing the personal information of over 339 million guests.
Equifax: In 2017, Equifax was hacked, exposing the personal information of over 147 million people.
Target: In 2013, Target was hacked, exposing the personal information of over 40 million customers.
Yahoo: In 2013 and 2014, Yahoo was hacked, exposing the personal information of over 3 billion users.
Heartland Payment Systems: In 2009, Heartland Payment Systems was hacked, exposing the credit card information of over 130 million customers.
Sony Pictures Entertainment: In 2014, Sony Pictures Entertainment was hacked, exposing the personal information of over 50,000 employees and confidential company information.
Bangladesh Bank: In 2016, the Bangladesh Bank was hacked, resulting in the theft of over $81 million.
WannaCry ransomware attack: In 2017, the WannaCry ransomware attack infected over 230,000 computers in 150 countries.
SolarWinds hack: In 2020, the SolarWinds hack compromised the networks of over 18,000 organizations, including the US Department of State and the Department of Homeland Security.
Besides calling Integrated Cyber, here are some additional resources that you may find helpful:
NIST Cybersecurity Framework: https://www.nist.gov/cyberframework
CISA Risk and Vulnerability Assessments: https://www.cisa.gov/resources-tools/resources/risk-and-vulnerability-assessments
Ponemon Institute Study on the Cost of Data Breaches: https://securityintelligence.com/series/2022-cost-of-a-data-breach-report/