Unlock the Benefits Of Cyber Security KPIs for Your Business
By Tom Seest
At BestCybersecurityNews, we help young learners and seniors learn more about cybersecurity.
Cybersecurity KPIs enable security teams to assess their security controls over time. They may also offer insights into trends within and outside an organization’s control.
Identification of the appropriate cybersecurity KPIs is essential for monitoring and assessing the performance of your cybersecurity program. They also enable you to demonstrate the value of your investments in security to management and board members.
Table Of Contents
- How Many Security Incidents Could Your Business Face?
- How Quickly Can You Detect a Cyber Breach?
- How Can Mean Time to Identify a Breach Benefit Your Business?
- What Can Closing Breaches Do for Your Business?
- What is the Total Cost of a Cyber Security Breach to Your Business?
- Can Closing a High Percentage of Incidents Improve Your Business Security?
Cybersecurity incidents take the form of data breaches, leaks, and exposure. Each event exposes sensitive information, which could lead to identity theft, non-compliance with regulations, and damage to the company’s reputation.
These incidents are typically the result of malicious hackers and criminals seeking to steal or compromise valuable information, such as user login credentials, financial details, and healthcare records. These attacks can be devastating for businesses and incredibly costly for organizations to repair afterward.
The number of security incidents is rising due to an evolving threat landscape. Hackers and cybercriminals are employing new techniques to gain access to sensitive data.
This is especially pertinent as new technologies like the Internet of Things (IoT) emerge. The IoT introduces a host of new cybersecurity risks, making it more essential than ever for businesses to have adequate tools in place.
Additionally, the integration of cyber components into physical infrastructure and devices increases risks. That is why having a comprehensive cybersecurity strategy, including an effective incident response plan, is so important.
BakerHostetler recently published a report indicating that 56% of security incidents involve network intrusions and 20% involve phishing attempts. Furthermore, the data breach analysis firm discovered ransomware was involved in 37% of cases it analyzed – an increase of 10% over last year’s figure.
Timely detection of a breach is one of the most critical elements that can negatively impact a business. The longer an incident goes undetected, the greater chance there is that more sensitive information will be stolen.
Data breaches can have a major effect on business productivity and profitability. According to IBM’s study, organizations that remediated their data breaches within 30 days saved $1 million more than those that took longer.
Companies with a strong security culture are more likely to detect breaches quickly. This is because it encourages employees to report any unusual activities right away.
Finding a breach can be done through web server logs, attack notifications, and more. Unfortunately, this process may take some time as the attacker may already have begun harvesting the affected data.
Cybercriminals can access your data by breaking into your network with various methods, including weak credentials. With these credentials, they have access to email accounts, websites, bank accounts, and more – giving cybercriminals a vast arsenal of information.
Most breaches are caused by the theft of usernames and passwords. These simple yet effective tools allow criminals to break into your network and steal sensitive data.
In addition to strong authentication and encryption, it is essential to make sure all devices are adequately safeguarded. This includes Internet of Things (IoT) items like office assistants. Keeping these gadgets up-to-date and changing passwords regularly are two ways you can strengthen your cybersecurity measures.
When it comes to cyber security, the amount of time it takes to detect a breach is an essential metric. The longer an incident remains undetected, the higher its costs and the greater the chance for malicious hackers to exfiltrate data.
The time it takes to detect a breach can vary widely by industry. It could take up to 200 days, and detection can be particularly challenging due to hackers’ inherent stealthiness.
Thankfully, the average time to detect a cyber attack has been decreasing over the last several years. Unfortunately, there remains an incredibly large gap between what it takes to identify a breach and actually contain that attack.
In today’s cybercriminal landscape, it is essential that your security operations team can detect breaches quickly. This requires deploying appropriate detection technologies, creating an effective incident response plan, and training employees on how to appropriately respond when confronted by such threats.
Measuring the mean time to identify a cyber attack is an excellent way to increase your security operations team’s efficiency and effectiveness, but it can also serve as an insightful metric for senior management to monitor and challenge the blue team. However, as with all metrics, it’s essential that you use them appropriately so as not to drive undesirable behaviors.
The speed at which a breach is closed can often be indicative of how well your security team detects and mitigates cyber attacks. At the top of your cybersecurity stack, you likely already have an incident management system in place that includes a triage process and automated remediation tools to quickly get you back up and running with minimal downtime and headaches. Post-incident analysis should provide you with valuable metrics, such as which security incidents were costly and how long it took to resolve them, along with the tools used. Understanding this timeliness of dealing with a breach increases the likelihood that it will happen again and makes remedying such errors costlier.
Despite the growing threat of cyber attacks, many businesses still lack clarity regarding how much it costs to secure their data. This is because the total cost of a breach varies significantly based on the industry, size, and type of breach.
One of the primary effects of a breach is lost revenue. Estimates suggest that lost business accounts for 38% of all costs associated with such incidents.
Another factor contributing to the total cost of a breach is damage done to brand reputation. This can cause customer distrust and negatively affect sales results.
The duration of time it takes to identify and contain a breach can significantly impact its cost. This can be reduced using modern security solutions like encryption, analytics, and artificial intelligence.
These solutions can also reduce the cost of a breach. Companies that implemented a zero-trust strategy saw significantly lower costs than those that didn’t.
Organizations that established an incident response team and developed a plan for responding to breaches found savings in terms of breach costs – on average, a 58% reduction! Having these tools in place reduced these expenses significantly.
A cyber security KPI that tracks the percentage of incidents closed can be an invaluable metric for monitoring how well your program is doing. It gives you insight into how long it takes to resolve security issues, which is especially useful when trying to enhance efficiency and reduce incidents.
A cybersecurity KPI that measures the number of open security incidents is an invaluable metric for monitoring progress. It can help determine if your program is trending downward or upward, suggesting that you need to do more to enhance its resolving process.
Additionally, this KPI can be used to assess how successful your program is at mitigating data breach impacts. For instance, a cybersecurity KPI that tracks the number of incident response teams demonstrates how well-run your team is at mitigating financial costs associated with breaches.
Selecting the appropriate metrics to monitor for your cybersecurity program is critical in measuring success and responding more effectively to risks. Which metrics you select will depend on factors such as industry needs, business objectives, regulatory requirements, appetite for risk, and more. Ultimately, make sure these figures are easy to comprehend and share with non-technical colleagues.
Please share this post with your friends, family, or business associates who may encounter cybersecurity attacks.