Cybersecurity company McAfee has released its Grand Theft Data II – The Drivers and Shifting State of Data Breaches report, which revealed that despite improvements in combating cybercrime and threats, IT security professionals are still struggling to fully secure their organisation and protect against breaches with 61% claiming to have experienced a data breach at their current employer.
Adding to this challenge, data breaches are becoming more serious as cybercriminals continue to target intellectual property putting the reputation of the company brand at risk and increasing financial liability.
McAfee’s study demonstrates the need for a cybersecurity strategy that includes implementing integrated security solutions combined with employee training and an overall culture of security throughout the organisation to reduce future breaches.
“Threats have evolved and will continue to become even more sophisticated,” says McAfee vice president and chief technical strategist Candace Worley.
“Organisations need to augment security measures by implementing a culture of security and emphasising that all employees are part of an organisation’s security posture, not just the IT team.
“To stay ahead of threats, it is critical companies provide a holistic approach to improving security process by not only utilising an integrated security solution but also practicing good security hygiene.”
Key highlights from the report include the following:
The stakes are higher as multiple attack methods are now used in a breach as cybercriminals continue to target personal data and intellectual property.
Furthermore, IT security teams are increasingly concerned about external threat actors compromising their network, which has forced more organisations to publicly disclose when breaches occur.
The severity of publicly disclosing breaches results not only in financial repercussions but damage to brand and reputation as well.