Physical, Computer and Network Security News

Bitglass shows that companies don’t learn from huge data breach mistakes

Investigation by Bitglass, the Next-Gen CASB company, into huge data breaches in the past three years suggests that organisations have not been learning from their peers’ mistakes.

Findings showed that each breach cost affected companies an average of $US347 million ($A496 million) and affected 257 individuals. 

The Bitglass report, Kings of the Monster Breaches, researched the three largest data breaches of publicly traded companies from each of the past three years in order to uncover cyber security trends and demonstrate the extensive damage that can be done by improper security.

Among the incidents detailed in the report are the Marriott breach of 2018, the Equifax breach of 2017 and the Yahoo! breach of 2016.

Kings of the Monster Breaches explores the causes, repercussions and company responses for each of these preeminent breaches.

Additionally, it recaps three of the most significant cyber security incidents that affected government agencies and private companies over the last three years.

The report’s findings highlight the similarities between leading breaches and suggest that organisations have not been learning from the mistakes of their peers. 

Key findings:

  • The mean number of individuals directly affected by each breach was 257 million.
  • To date, these breaches have cost their companies an average of $347 million in legal fees, penalties, remediation costs and other expenses.
  • The average post-breach market cap decrease was $742 million (this excludes the outlier Facebook breach which lost $43 billion in market cap).
  • Publicly traded companies suffering worst data breaches averaged a 7.5 percent decrease in stock price.
  • It took an average of 46 days for the companies’ stock prices to return to their pre-breach levels – Equifax’s stock price still has yet to recover.

"The largest breaches over the past three years have caused massive and irreparable damage to large enterprises and their stakeholders around the globe," said Rich Campagna, Chief Marketing Officer of Bitglass.

"This should serve as a stark warning to organisations everywhere. If massive companies with seemingly endless resources are falling victim to external attacks, then companies of all sizes must remain vigilant in their cyber security efforts. It is only by taking a proactive approach to security that breaches can be prevented and data can truly be kept safe.”

To learn about the biggest data breaches of the past three years as well as their devastating repercussions, download the full report here:  

pages.bitglass.com/CD-FY19Q2-Kings…-Breaches_LP.html

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