Incidents of third-party cybersecurity failure are costing businesses heavily, with losses of up to $1.5m, according to a study by Kaspersky Lab and B2B International. The study's findings indicate that companies need to invest more in their own security, as well as in examining the security strengths of their business partners. In an interview with ZDNet, Dr David Kennedy, senior vice president at Kaspersky, said that while there is no single cause for these incidents, they can be traced back to several factors.
Incidents of third-party cybersecurity failure are costing businesses heavily, with losses of up to $1.5m, according to a study by Kaspersky Lab and B2B International. The study's findings indicate that companies need to invest more in their own security, as well as in examining the security strengths of their business partners. However, the study also shows that businesses around the world are slowly coming around to cybersecurity as a strategic investment, with the share of IT budgets being spent on security growing, reaching almost a quarter (23%) in large corporations.