As global internet access and usage continues to incline, the fear of falling victim to cybercrime is reflected by worldwide budget increases in 2019. For many businesses, this means allocating a higher budget to increase precautionary measures. Recent research released by the International Data Corporation (IDC) shows global spend on cybersecurity is expected to exceed $100 Billion by 2020, a 38% increase from their 2016 projections. On average, businesses that suffer from cyber attacks report losses of over $500,000. With fear being the primary cause of action, increases in spend are evident across many industries. From financial institutions to social networking sites like Facebook, who recently announced that sensitive profile information was stolen from over 30 million users. Like Facebook, who is now looking to acquire a cybersecurity company, many industry leaders are looking to increase their protection from the rise in cybercrime.
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Budgeting for Cybersecurity in 2019
A recent study from Juniper Research reports that losses from online payment fraud will reach up to $48 billion by 2023, heavily affecting financial institutions and e-Commerce. The impact of fraud and data breach can be extremely impactful to reputation, and cause for unfavorable legal action. Allocating a budget to protect digital assets and network security can be determined with four easy steps by using the Gordon-Loeb Model:
Determine the value of digital assets (company information, website, and resources).
Estimate the probability of each digital asset being breached, and determine which assets are more at-risk than others with a vulnerability score.
Prioritize assets by calculating potential loss (Value of Asset x Probability of Breach).
Identify which assets are the most valuable and budget accordingly.
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