The likelihood of a data breach for an organization last year was 44%.
That coupled with an average cost of $3.86 million globally, leads to some very scary numbers. These numbers are likely outdated as they tend to rise every year. The incentives to breach companies are growing at a rate faster than we can keep up with. Even if you aren’t breached this year, what happens next year? There are a limitless number of threats in today’s business environment that are actively trying to gain access to your data. Some do it for financial reasons, some do it for pride, but no matter the reason, your data is definitely at risk to some degree. In order to mitigate that risk, your company probably has some security measures in place. Chances are, your company is probably safe. There are thousands of other companies out there that can be attacked, and it most likely won’t be you. Even if you do get attacked, your security software is still there to do its job. However with new threats continually evolving, are you sure that your security solution is enough to protect your data? Is that a risk you’re willing to take? We’ve actually figured it out for you. Let’s do some math.
If you’re familiar with finding expected values, you can skip this paragraph. One method for decision making is finding the expected value of each potential outcome and picking the best path. The best way to explain expected value is with an easy example. Say you are betting that if you flip a coin, it will land on heads. If it does indeed land on heads, you win $8. But, if it lands on tails then you win nothing. The way to find the expected value of this bet is to multiply the probability of heads with the dollar amount tied to it, then adding the probability of tails multiplied by the dollar amount tied to that. The math comes out as follows: ($8 * .5)+ ($0 * .5)= $4. Therefore the expected value of this bet would be $4. This is a very useful decision making strategy that can be applied to any number of scenarios, including cybersecurity.
For our scenario, let’s make a few assumptions. There are two security solutions in the market. One works 90% of the time (there is a 10% chance that if you’re breached it won’t do its job), and one works 100% of the time. Both cost the same amount of $500,000 per year. And finally, in the given year you are either breached or not breached.
Here are the possible outcomes for your business this year:
You have to get a solution that actually protects your company’s data. Numbers don’t lie. Often times the best solutions are not the most established within the industry and therefore aren’t able to accomplish their goal of protecting company’s data. The status quo is leading companies to leave their data at risk of attack every day. Make the switch now and save your business money and a headache.
SecureCircle protects your data regardless of location including on-premise file servers, edge devices like phones and laptops, as well as public and private cloud storage. Over the past year, we’ve heard overwhelmingly positive feedback from compliance officers and auditors because as a byproduct of data protection that works everywhere, SecureCircle is also able to track files at all times. Protection and visibility for your company’s sensitive data. Visit our website to learn more about what we do.