Security Lessons Learned from 2014: The Year of the Mega Breaches

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Increased Spending

While attitudes changed, the real question was whether or not that concern would lead to greater resources dedicated to combating the impact of breaches. Of the 735 respondents, 61 percent indicated that the Target incident was the impetus for an increase in IT security budget, with an average increase of 34 percent.

A major lesson businesses continue to emphasize that they learned this past year is that any organization, regardless of size, is vulnerable to a data breach. Starting with the infamous Target breach in late 2013, which compromised millions of consumers, continuing to the Sony attack that saw personal information exposed, and now the massive breach at Anthem, well-known entities have endured financial and reputational damage due to breaches.

In a Ponemon Institute study, commissioned by sensitive-data-management-solution provider Identity Finder, called "2014: Year of the Mega Breaches;" 735 IT and IT security practitioners were polled to gauge how their organizations reacted — both attitudinally and through IT security investments — to the Target breach in 2014. The study also explored details about breaches that some respondents' businesses had experienced.

According to the study, organizations are more aware of data breaches, but many continue to invest in solutions that have failed to keep cyber criminals out — for example, JP Morgan Chase spent $250 million on security prior to its breach last year — and those organizations are failing to invest in areas that could empower them to shrink the amount of data that cyber criminals can steal in the first place. In this slideshow, Todd Feinman, CEO, Identity Finder, highlights findings from this study.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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