(NYSE: IBM) IBM Security released today the results of a global study on organizational readiness and followup when it comes under attacks and subsequent recovery from such a cyber attack.
Ponemon Institute conducted the study on behalf of IBM, and found that a vast majority of organizations surveyed are still unprepared to properly respond to cybersecurity incidents, with 77% of respondents indicating they do not have a cybersecurity incident response plan applied consistently across the enterprise.
Ponemon Institute conducted the study on behalf of IBM, and found that a vast majority of organizations surveyed are still unprepared to properly respond to cybersecurity incidents, with 77% of respondents indicating they do not have a cybersecurity incident response plan applied consistently across the enterprise.
Studies by IBM show that companies who can respond quickly and efficiently to contain a cyber attack within 30 days save over $1 million on the total cost of a data breach on average companies failed to invest in or implement proper cybersecurity incident response planning. This has remained consistent over the past four years of the study. The other pitfall is that even the organizations that do have a plan in place, more than half (54%) failed to test their plans regularly, which can leave them less prepared to effectively manage the complex processes and coordination that must take place in the wake of an attack.
The difficulty cybersecurity teams are facing in implementing a cyber security incident response plan has also impacted businesses' compliance with the General Data Protection Regulation (GDPR). Nearly half of respondents (46%) say their organization has yet to realize full compliance with GDPR, even as the one-year anniversary of the legislation quickly approaches.
"Failing to plan is a plan to fail when it comes to responding to a cybersecurity incident. These plans need to be stress tested regularly and need full support from the board to invest in the necessary people, processes and technologies to sustain such a program," said Ted Julian, Vice President of Product Management and Co-Founder, IBM Resilient. "When proper planning is paired with investments in automation, we see companies able to save millions of dollars during a breach."
To learn more about the full results of the study, download "The 2019 Study on the Cyber Resilient Organization."
Sign up for our upcoming webinar: "Leaders, Laggards: The latest findings from the Ponemon Institute's study on the Cyber Resilient Organization" which will be held April 30 from 12:00-1:00pm EST.
SOURCE IBM
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