Security News > 2020 > April > Cybersecurity prevention can save your company $682K
According to the study, The Economic Value of Prevention in the Cybersecurity Lifecycle, which was sponsored by Deep Instinct, a company that uses neural networks to prevent cyber attacks, the economic value of preventing a cyberattack ranges from $396,000 to $1.37 million, depending on the type of attack.
This may be because 80% respondents said that prevention is difficult to achieve because of three factors: it takes too long to identify threats before they become attacks; existing technology is not up to the task; and they lack the in-house expertise they need to prevent attacks.
Half of respondents said their organizations are not making the correct investments to protect themselves from a cyber attack, and only 40% said they have enough budget to achieve a strong cybersecurity posture.
Preventing these types of attacks could save an average of $1.4 million per attack.
"This explains why cybersecurity budgets focus on containing attacks rather than preventing them, as well as the increased rate of breaches despite investments in cybersecurity solutions."