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Kaspersky warns that enterprises lose £1.2M a year through third party weakness

KASPERSKY, THE RUSSIAN software firm that the USA would rather you did not trust, has warned that third party providers and their services are a huge risk to large enterprises and could cost them as much as £1.2M every year.

Kaspersky did not say that this was the only problem that companies face, and warns that stupid things that staffers do are also an issue. It added that as soon as one company aligns itself with another any problems that either has are shared.

“While cybersecurity incidents involving third parties prove to be harmful to businesses of all sizes, their financial impact on a company has the potential to result in twice as much damage,” said Alessio Aceti, head of enterprise business division at Kaspersky Lab.

“This is because of a wider global challenge – with threats moving fast, but businesses and legislation changing slowly. When regulations like GDPR become enforceable and catch up with businesses before they manage to update their policies, the fines for non-compliance will further add to the bill”.

Fines are one thing, Kaspersky also warned that the costs of breaches are rising. It said that the money being spent on cybersecurity is increasing and that companies should consider their own efforts and those of their partners.

“Raising IT security budgets is only part of the solution, as the most staggering losses stem from the incidents involving third parties and their cyber-failures,” added the firm.

“SMBs had to pay up to £106K ($140K) for incidents affecting infrastructure hosted by a third party, while enterprises lost nearly two million dollars (£1.5M) as a result of breaches affecting suppliers that they share data with.”

The firm also warned that firms can lose around £95k a year through targeted attacks and about the same through data leakage in general.

Kaspersky has enough problems of its own to worry about. So down on its business is the US that the ceo at the firm has offered to hand over all of its source code to the government and talk in from of Congress should that be necessary.  µ

Source : Inquirer

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Founder and Editor-in-Chief of 'Professional Hackers India'. Technology Evangelist, Security Analyst, Cyber Security Expert, PHP Developer and Part time hacker.

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