Many organizations in various industries across the globe have invested in open-source solutions to reduce costs. These solutions are also attractive to commercial vendors since the use of open-source components reduces development costs and improve the time to market. These situations have resulted in approximately 3 in 4 organizations adopting open-source solutions.

The end-users have been shown to be a significant source of vulnerabilities.All types and levels of users (the top-level executives, business partners and any person with access credentials to an organization’s network) are susceptible to costly errors that may result in data breach or financial crimes.Furthermore, these errors cause significant and persistent risks to the privacy and security of both the individual and the enterprise.

The threat landscape has seen the rise of hacktivism and the quest for greater profits from crime. This has given rise to advanced persistent threats (APTs), one of the most covert targeted attacks employed by cybercriminals.

In recent years, the world has become even more data-driven. We have seen the explosive demand for data which ushered in the creation of unprecedented volume, velocity and variety. This shift has also resulted in additional risks, with wider impact and costlier consequences

The global financial services industry continues to come under siege by increasingly sophisticated cyber-attacks.Nearly 50 percent of global financial companies have suffered a breach as reported by the 2017 Thales Data Threat Report[1]. The impact is costly since on average financial companies globally will likely incur over $6 million for a single data breach.

Protecting your small or medium sized business from cyber threats is no simple task. This is because cybersecurity is a process, not a result. An effective cybersecurity strategy involves many moving parts and a multitude of factors both internal and external to the organization. The need for a cybersecurity strategy is urgent as new scams and hacks are being developed daily. Many firms hit with cyber-attacks are oblivious to the danger. According to a new Nationwide Insurance survey, nearly half of companies that were impacted by a cyber-attack did not know that one had even occurred1. This highlights a major concern for business. Cyber threats are some of the biggest threats facing modern businesses today.

When data breaches, data loss, and other cybersecurity concerns are the topic of discussion, outside threats tend to dominate. However, insider threats have recently come to the forefront as the greatest risk to businesses today. In a recent Veriato Insider Threat Spotlight Report, it was discovered that 62% of over 260,000 security professionals have seen an increase in insider threats in the last 12 months while 12% are unsure.

Data is an invaluable asset for businesses.It allows them to drive business success and evolve in an ever-changing corporate landscape. However, many organizations lack adequate protection and prevention strategies that preclude data breaches and data loss, which serves as a recipe for business failure. In the Dell EMC Global Data Protection Index – Global Results 2016 Report, it was reported that organizations that have experienced data loss in the prior twelve months incurred an average estimated cost of $914,000 in damages. A total of 29% of the 2200, respondents from the 18 businesses surveyed suffered data loss during that twelve-month period. The causes of such loss not only included cyber-intrusions, but also data corruption, hardware failures, power losses, and software errors, among many others.

In 2016, it was discovered that mobile device breaches cost enterprises millions of dollars.Lookout, a global leader in mobile security, and Ponemon Institute conducted a study on the economic risk of mobile data breaches, as well as potential maximum losses. They found during their research that losses could be as high as $26.4 million. There were 588 IT and security leaders from the Forbes Global 2000 companies who participated in this study. Researchers examined the risks introduced by employee access to increasing amounts of corporate data via their mobile devices and then assigned a cost to any mobile-based breach.