Attempting to justify security expenditures is sometimes an easy internal proposition and can sometimes be a massive challenge as many organizations don’t truly understand the far-ranging impact of a single breach. Justifying return on investments, especially for application risk assessments, starts with an understanding of the domino effect a single breach can have across actual lost data, potential ransomware payments and even public brand confidence and/or stock value.
Application Risk Assessments Protect Brand Confidence
The most valuable asset of any organization is the trust customers put into their brand. So, it stands to reason that any impact to that brand reputation will erode customer confidence. Unfortunately, it seems as if every time you look at the news some well-known name brand discloses that a data breach has occurred. You can also imagine that for every public brand disclosing this information, there are numerous smaller brands that aren’t getting this level of negative publicity but are also experiencing the same breaches. According to a blog titled “No Place To Hide – The Effect of a Data Breach on Brand Value”:
“Studies have shown and common sense supports that a data breach can cause substantial damage to brand value due to harm to the goodwill in a brand and loss of consumer trust. Thus, data breaches are not just a data privacy concern; rather, it is a concern of all stakeholders and especially those that protect the goodwill of brands.
Data breaches impact global brand owners as well as mid and small size organizations. They draw media attention which results in unwanted public exposure especially in cases where customer personal data is disclosed. Additionally, data breaches can diminish the value of a company, impact stock performance, and can directly result in a lower purchase price for an acquisition.”
While damage to brand confidence is one of the biggest risks you may have to contend with, there are numerous hard costs that also can be predicted.
Application Risk Assessments Save Real Budget
While many think that cyber criminals only target large companies with huge potential returns, the reality is that this problem is systemic to both large and small organizations. According to the 2020 Verizon Data Breach Investigations Report:
- Small organizations (less than 1,000 employees): 407 incidents, 221 with confirmed data disclosures which came from these threat actors: external (74%), internal (26%), partner (1%) multiple (1%)
- Large Organizations (more than 1,000 employees): 8,666 incidents, 576 with confirmed data disclosure which came from these threat actors: external (79%), internal (21%), partner (1%) multiple (1%)
The report also highlights the following statistics:
- 3,590 breaches reported
- 70% of breaches were caused by outsiders
- 86% of breaches were financially motivated
- 43% of breaches were attacks on web applications, more than double the result from last year
- 27% of malware incidents can be attributed to ransomware
And the actual impact is staggering according to IBM and the Ponemon Institute's annual "Cost of a Data Breach" report:
- Average cost of data breach globally is $3.86M
- The most expensive country is the US at $8.6M per breach
- Healthcare is the most expensive industry at $7.13M
- It took 280 days on average to detect and contain a breach
Cyber Security Risk Management Made Easy
Application risk assessments are easier than you may think and just start by identifying risks in software for web, client, and server applications by modeling systems like an attacker would and pinpointing areas of weakness that can be exploited. You will need to provide secure code reviews and web application penetration testing to identify security bugs and flaws while helping development teams rapidly remediate any discovered issues so finding the right partner with proven success will mean the difference between success and failure.
nVisium empowers organizations to eliminate application and cloud security vulnerabilities before cyber threats exploit them with proven in-depth security assessments, remediation and training programs. Our experienced team of security-savvy developers and engineers guide organizations to build best practices with high ROI into their engineering and secure development lifecycles across applications, operating systems, networks, mobile, cloud and IoT through services, software solutions and R&D unique to business operations and compliance initiatives. Additionally, nVisium provides a fully managed platform for tracking and measuring performance as well as instructor-led and online training.
nVisium empowers organizations to eliminate application and cloud security vulnerabilities before cyber threats exploit them with proven in-depth security assessments, remediation and training programs. Call us when you are ready for cyber security risk assessment to test the vulnerability of your applications, Internet of Things (IoT), networks, mobile and cloud or better yet, schedule a consultation today or download our new eBook titled “Demystifying DevSecOps” to get started yourself.