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How Much Would You Pay to Avoid Data Breach Shame?

by Mar 30, 2017Newsletter

Most US firms would pay to avoid data breach shame going public

Two-thirds admit they would cough up almost $125,000 rather than admit a successful cyberattack has taken place.

According to the company, board members are now facing increasing pressure to make sure corporate networks are as safe from cyberattacks and the possibility of data breaches as possible — and IT-related jobs are transforming as a result.

However, budgets are not adequate for the task. Only two-third of those surveyed said cybersecurity investment levels were enough.

In total, 48 percent of the firms surveyed have increased cloud security spending in the past year, surpassing that now spent on physical security.

This increase makes sense as so many corporate services and systems are now hosted through cloud technologies rather than in-house servers, but according to respondents, security budgets will need to increase by an average of 34 percent in order to keep future corporate networks safe.