The impact from a data breach on an enterprise can be a mixed bag. For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam.
Then, there are events like the Target breach, a security lapse rooted at one of the retailer’s suppliers, that resulted in millions of dollars in costs to the company.
But whether it’s $1,000 or $1 million stolen, corporations cannot afford to ignore the growing cyberthreat. It’s no surprise, then, that the cybersecurity market, already worth billions, is slated to hit a $170 billion market value by 2020, according to Forbes.
So far, enterprise security solutions focus on strengthening the detection and mitigation of potential breaches within a corporate IT system or involve businesses taking out insurance in the event of a data breach. Often, cybersecurity measures involve an intensive process by a third-party provider, which visits a company and scrutinizes the entity to assess its risk.
According to FICO Vice President of Cybersecurity Solutions Doug Clare, there should be a more efficient way to examine a business’ cybersecurity threat level. For the full article click here
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