The first chapter of Boyle and Panko’s book provides a thought-provoking analysis of the prevalent threat environment My take home on this is on data breaches and the cost. This chapter addresses the alarming issue of data breaches, where unauthorized individuals gain access to secured data. In 2018 alone, 5 billion records were infiltrated, a staggering figure considering the limited internet access globally. Data breaches not only violate privacy but also impose substantial financial burdens on organizations. Accenture’s 2019 Cost of Cybercrime report illustrates this, referencing the average cost of a data breach in the U.S. as $13 million, with projected global costs reaching $5.2 trillion from 2019 to 2023. These estimates encompass both direct and indirect costs, including legal fees, notification processes, damage control, and reputation management. The Ponemon Institute conveys the realistic risk of data breaches, placing the probabilities over a 24-month period at 28%, emphasizing the need for organizations to be adequately prepared for such events.
The first chapter of Boyle and Panko’s book provides a thought-provoking analysis of the prevalent threat environment My take home on this is on data breaches and the cost. This chapter addresses the alarming issue of data breaches, where unauthorized individuals gain access to secured data. In 2018 alone, 5 billion records were infiltrated, a staggering figure considering the limited internet access globally. Data breaches not only violate privacy but also impose substantial financial burdens on organizations. Accenture’s 2019 Cost of Cybercrime report illustrates this, referencing the average cost of a data breach in the U.S. as $13 million, with projected global costs reaching $5.2 trillion from 2019 to 2023. These estimates encompass both direct and indirect costs, including legal fees, notification processes, damage control, and reputation management. The Ponemon Institute conveys the realistic risk of data breaches, placing the probabilities over a 24-month period at 28%, emphasizing the need for organizations to be adequately prepared for such events.