While organizations across the world have begun to appreciate the criticality of data security, the cost and sophistication of data breaches have increased simultaneously, posing a serious threat to governments and businesses alike. The situation becomes even more dire if companies lack the required security talent to deal with such cyber menaces.

Is There a Solution?

Managed security services can assist you in tackling these challenges better than your competition.

• Managed security services will protect your critical information from unauthorized access and provide you with experts to deal with data theft.
• The service will reduce cost and make technology simple.
• It will assist in around-the-clock data monitoring and manage regulatory compliance for requirements such as PCI, SOX and HIPAA, among others.

Before we get into any further details, it is important to understand the threat landscape and why it is vital to have a system in place to handle data theft. The two primary questions are: Who are the targets and what are the trends?

The annual “IBM 2015 Cyber Security Intelligence Index” offered a bird’s-eye view of major threats in the security landscape. The latest report is based on a sample size of 1,000 clients in more than 133 monitored countries. It answered three key questions: What’s happening across the threat landscape? What kinds of attacks are being launched? How many of those attacks result in incidents requiring investigation?

Watch the webinar: Is Your Security Staff Addressing the Top 3 Data Protection Challenges?

Data Theft Can Be Costly

Last year, IBM sponsored the annual “2015 Cost of Data Breach Study,” which is considered a benchmark in the field of security. For the purpose of this study, the Ponemon institute conducted 1,500 interviews over a period of 10 months. The interviewees were mostly compliance and information security practitioners representing 350 organizations from 11 countries across the world.

The study found a 23 percent increase in the cost of a data breach since 2013. It also revealed that the cost per data record lost has increased from $145 to $154.

There were around 395 reported data breaches in 2014 in the U.S. Large organizations dealing with retail, pharma, finance, legal and government data are the most likely targets in such scenarios; however, it is a misconception to consider yourself safe if you own a small business.

If the statistical figures aren’t enough to establish the gravity of the situation, here are three other important reasons to make security your priority: Your reputation is at stake, rebounding can be costly and the threats are only increasing.