IBM Systems Magazine, Power Systems - November 2015 - (Page 27)

TECH SHOWCASE The Rising Cost of Security Breaches New Ponemon study should encourage you to be proactive By Margarette Burnette f your company faced a cyber attack this year, it could cost $3.8 million. That's according to a new study from the Ponemon Institute, a cybersecurity company based in Traverse City, Michigan. The recently released "Cost of Data Breach Study: Global Analysis," sponsored by IBM, found that cyber attacks are also increasing in frequency. "The bad guys are very sophisticated, and when they detect a vulnerability, they'll take advantage of it," says Larry Ponemon, chairman and founder of the Ponemon Institute. "If you don't have the right structure in place from a security perspective, you could be dealing with a big problem." The Ponemon Institute examined the records of more I than 350 organizations worldwide that experienced data breaches- meaning sensitive, protected or confidential data was lost or stolen and put at risk. The study includes research from more than 1,500 interviews with IT, compliance and information security professionals in 11 countries. Cost figures were determined using field-based research methods and activitybased costing, which added direct and indirect costs related to the violations, Ponemon says. $ Cost of dealing with breaches has increased 23% in 2 years The High Cost of Cyber Attacks According to the study, the cost of dealing with breaches has increased 23 percent in just two years. The most expensive breaches occurred in the United States, with an average of $217 per compromised record. Germany was second most expensive at $211 per record. The direct numbers include the expense of hiring forensic experts to determine what happened in the breach and how much data was compromised, Ponemon says. But indirect costs can also affect a company, such as the expense of creating response teams of employees who may have to spend their workdays and weekends dealing with the breach. Additionally, a meltdown of trust between companies and their customers causes opportunity losses. Companies in more regulated industries tend to experience NOVEMBER 2015 // 27

Table of Contents for the Digital Edition of IBM Systems Magazine, Power Systems - November 2015

Table of Contents
Editor's Desk: No waiting
IBM Perspective: Changing the digital world
Partner PoV: Legacy RPG apps don't age well. It's time to modernize
Trends: Two Lab Services offerings benefit clients installing POWER8 servers
Case Study: Cutting Through The Fog: Sunstate Equipment Company increases operational visibility by modernizing a core application
Cover Story: Wait Less, Gain More: Transform to a digital business with new Linux systems
Feature: Innovation At The Speed of Business: Enhanced PurePower puts clients ahead of the pack
Tech Showcase: New Ponemon data breach study should encourage you to be proactive
IT Today: IBM helps clients make better decisions based on actual IT costs
Solutions: SQL/Pro 5.0; iSecurity User Provisioning; SourceMeter; iEventMonitor; SEQUEL 11
Snapshot: Terry Harmer
Reference Point - Global Events, Education, Resources for Power Systems
2016 Power Systems Solution Edition Product Index

IBM Systems Magazine, Power Systems - November 2015