PwC: 117,339 cybersecurity incidents per day in 2014

As security incidents become more frequent, the associated costs of managing and mitigating breaches are also increasing. Globally, the estimated reported average financial loss from cybersecurity incidents was $2.7 million – a 34 percent increase over 2013. Big losses have been more common this year as organizations reporting financial hits in excess of $20 million nearly doubled.

According to the findings, effective security awareness requires top-down commitment and communication, a tactic that the survey finds is often lacking across organizations. Indicatively, only 49 percent of respondents say their organization has a cross-organizational team that regularly convenes to discuss, coordinate, and communicate information security issues.

Drawing from the survey’s conclusions, PwC notes that it is critical for companies to focus on rapid detection of security intrusions and to have an effective, timely response. Given today’s interconnected business ecosystem, it is just as important to establish policies and processes regarding third parties that interact with the business.