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Water Under the Breach: The Sunk Costs of Cyber Security
The billions of dollars invested in cyber security controls worldwide represent only a fraction of the more than three trillion dollars cyber security breaches cost organizations annually, based on statistics from Cybersecurity Ventures. Throwing more money at the problem only raises the specter of sunk costs.(1)
Treat Cybersecurity as a Strategic Investment, Not a Sunk Cost
Conversely, if cybersecurity leaders are not part of the executive team, the organization won’t have the knowledge and commitment to treat cybersecurity as a strategic investment. It is a vicious cycle that is well past its expired use date. If your organization is still treating cybersecurity as a sunk cost, it is time to change your attitude.(2)
Cost of Cyber Attacks vs. Cost of Cyber Security in 2021
Jul 7, 2021Mid-size businesses: Between $500,000 and $2 million spent on cybersecurity per year. Small businesses: $500,000 or less spent on cybersecurity per year. Although these numbers are far from small, we have already seen that cyber attacks tend to be much more expensive.(3)
The True Cost of Cybersecurity Incidents: The Problem
Jun 25, 2021Cybersecurity incidents are expensive. According to IBM and the Ponemon Institute’s 2020 “Cost of a Data Breach” report, it was determined that the average total cost of cybersecurity breaches in the United States of America, between August 2019 and April 2020, was $8,640,000. Cyber incidents are no longer a far-fetched concept within the …(4)
Breaking Down the Cost of Cybersecurity – Huntress
Aug 5, 2021It’s more of a guarantee. It’s estimated that by 2025, cybercrime will cost the world an unbelievable $10.5 trillion annually. Should this prediction come true, cybercrime will have secured its spot as the third-largest economy in the world after the United States and China. The risk of a cyberattack mimics the risk of a natural disaster.(5)
2021 Cybersecurity Budgets: Breakdown, Spending Trends Explained – AT&T
A recent study by Deloitte and the Financial Services Information Sharing and Analysis Center found that financial services on average spend 10% of their IT budgets on cybersecurity. That’s approximately 0.2% to 0.9% of company revenue or $1,300 to $3,000 spent per full time employee.(6)
How Much Does Cyber Security Cost? Common Cyber Security Expenses & Fees
Expected cost for a vulnerability assessment: $1,500 – $6,000 for a network with 1-3 servers and $5,000 – $10,000 for a network with 5-8 servers. As cyber threats continue to evolve, there’s a lot of value in periodic vulnerability assessments.(7)
Cost of Cyber Attacks vs. Cost of Cybersecurity in 2021 – Blogs
Nov 27, 2021The costs of cyber attacks vs the costs of cybersecurity has been debated for years, however it is now clear which one is the clear winner. According to IBM and the Ponemon Institute’s 2020 ” Cost of a Data Breach ” report, it was determined that the average total cost of cybersecurity breaches in the US, between August 2019 and April …(8)
How Much Does Cybersecurity Cost?
Jul 5, 2021Final Thoughts. Cybersecurity services can cost a business $1,300 to $3,000 per full-time employee. You can dedicate up to 10% of your IT budget for cybersecurity or up to 0.9% of your company revenues. Work with a reliable cybersecurity company to get the most out of your investment and optimum protection. Share this.(9)
How much should you spend on cybersecurity? (Budget, costs)
A firewall is a security device that acts as protection between your internal network and outside traffic in today’s world. Anti-virus software: … The average cost of a cyber attack in 2021: According to an IBM Report, 2021 had the highest average cyber attack cost in 17 years. Data breach costs rose from $3.86 million to $4.24 million.(10)
PDF The Cost of Cybersecurity for IT Systems – dhs.gov
Contractor Cyber Support and Cyber/Security Training are cost drivers (red font) • Highest Avg % of Total Investment Cost • But they represent only 7% of all cyber activities • Only drivers when they occur Cyber Activity Number of Activities by Category % by Category (309 Activities) Avg % Total Program Cost Manage Cyber Program 69 22% 2.19%(11)
How Much Does a Cyber Security Breach Cost an Institution? | SQN …
By identifying the cyber security breach within 200 days, you can save an average of $1.2 million. Using an artificial intelligence platform for data security also helps to reduce the total cost. Cybersecurity Spending. To reduce the risk of facing a cybersecurity attack and mitigate the effects of breach, you need to be proactive about …(12)
5 Costs of Cybersecurity Breaches and How They Impact Your Business
Jun 14, 20225 Costs of Cybersecurity Breaches. 1. Ransomware Costs. Ransomware attacks lock a business’s data and files and then demand a ransom to provide access to them. The average cost of a ransomware demand is $116K. Even if you can cover the costs of this cybersecurity breach, there are no guarantees you’ll recover your files even if you pay the …(13)
Perimeter Security Investment and the Sunk Cost Fallacy
A lesson that events and the news cycle have communicated loudly to organizations in the last decade is that cyber threats evolve and that legacy security technologies and protections, while necessary, are not sufficient to stop new attacks and sophisticated actors. … One explanation is a glitch in human reasoning known as the “sunk cost …(14)
The Sunk Cost Fallacy – The Decision Lab
In economic terms, sunk costs are costs that have already been incurred and cannot be recovered. 1 In the previous example, the $50 spent on concert tickets would not be recovered whether or not you attended the concert. It therefore should not be a factor in our current decision-making, because it is irrational to use irrecoverable costs as a rationale for making a present decision.(15)
Cost Structure for Cyber Security Incidents – LinkedIn
Excellent prior studies on this topic [1][2] have proposed cost structures for cyber security incidents. … Sunk Cost. At the left side is the “Sunk Cost“. The economics terminology is borrowed …(16)
Cost of Cyber Security Vs. Cost of Cyber Security Breaches | NIC
Ponemon Institute lists the average cost of a data breach in the U.S. at $7.91 million, and the average cost of deploying ” [cyber] security automation” at $2.88 million. These are median numbers, not be taken as your company’s projection for data breach recovery, nor the cost of cyber security you would pay to avoid a data breach.(17)
Debunking three sunk cost fallacies in selecting enterprise software
Aug 27, 2020Myth #1: We can’t change our system because we’ve invested so much into it. The flawed logic in this statement is at the heart of the sunk cost fallacy. Investopedia defines a sunk cost as “money already spent that you can’t recover.”. By equating money that was previously invested in a current system with the upside of a potential …(18)
What Is the Sunk Cost Fallacy & How to Avoid It – Insider
Feb 4, 2022The sunk cost fallacy is a cognitive bias where you’re likely to spend more on a decision now or in the future, based on how much you’ve spent in the past. Because you’ve already committed to the …(19)
7 overlooked cybersecurity costs that could bust your budget
Oct 5, 2020Here’s are seven key cybersecurity budget items that planners often overlook or fail to realistically address. 1. Staff acquisition and retention.(20)
Excerpt Links
(1). Water Under the Breach: The Sunk Costs of Cyber Security
(2). Treat Cybersecurity as a Strategic Investment, Not a Sunk Cost
(3). Cost of Cyber Attacks vs. Cost of Cyber Security in 2021
(4). The True Cost of Cybersecurity Incidents: The Problem
(5). Breaking Down the Cost of Cybersecurity – Huntress
(6). 2021 Cybersecurity Budgets: Breakdown, Spending Trends Explained – AT&T
(7). How Much Does Cyber Security Cost? Common Cyber Security Expenses & Fees
(8). Cost of Cyber Attacks vs. Cost of Cybersecurity in 2021 – Blogs
(9). How Much Does Cybersecurity Cost?
(10). How much should you spend on cybersecurity? (Budget, costs)
(11). PDF The Cost of Cybersecurity for IT Systems – dhs.gov
(12). How Much Does a Cyber Security Breach Cost an Institution? | SQN …
(13). 5 Costs of Cybersecurity Breaches and How They Impact Your Business
(14). Perimeter Security Investment and the Sunk Cost Fallacy
(15). The Sunk Cost Fallacy – The Decision Lab
(16). Cost Structure for Cyber Security Incidents – LinkedIn
(17). Cost of Cyber Security Vs. Cost of Cyber Security Breaches | NIC
(18). Debunking three sunk cost fallacies in selecting enterprise software
(19). What Is the Sunk Cost Fallacy & How to Avoid It – Insider
(20). 7 overlooked cybersecurity costs that could bust your budget
