Why FireEye and Symantec Stocks Could Keep Rising
Incident response plans in most organizations
The recent cyberattack at Equifax (EFX) has revealed a lack of proper security measures in the majority of organizations around the world.
According to the results of a survey done by IBM (IBM) and Ponemon Institute last fall (including 2,400 security and IT professionals), 75% of the respondents agreed that there was lack of a formal cybersecurity incident response plans across their organizations, and 66% of respondents weren’t confident in their organization’s ability to recover from such an attack.
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The recent surge in cyberattacks show that, while they spend billions of dollars on data-security systems and information security consultants, organizations can’t be sure that their networks are safe. Once companies have confidence, they can defend themselves against cyberattacks, but now they realize the importance of having a plan in place to detect problems, neutralize intruders, and protect their network.
Notably, every sector runs a risk of cyberattack. Yahoo’s ineptitude in protecting or even being aware of hackers forced it to reduce its sale price to Verizon Communications (VZ).
Financial impact of cyberattacks on the global economy
Citing a report by Hiscox released earlier this year, Fortune wrote that the global economy had to shell out more than $450 billion last year to fight and seek protection from cybercrime. The WannaCry ransomware, which affected computers in more than 150 countries in 2017 is expected to cost ~$4 billion, acccording to Fortune.
The joint research results also showed that the average total cost of a data breach in the US was $5.85 million in 2014 but is expected to surge to $7.35 million this year.