According to the 2022 IBM Cost of a Data Breach Report, the global average cost of a data breach is $4.35 million. Data breaches in the US are even more costly, averaging over $9 million. However, it isn’t just the big players caught in the line of fire. IBM’s report also found that 83% of companies will experience a data breach soon, meaning financial institutions of all sizes — from local credit unions to Fortune 500s — are at risk.
While ransomware attacks get the most time in the financial headlines, most breaches aren’t caused by external factors or threat actors. The majority of system availability problems actually occur due to a lack of staff knowledge and protective protocols, software issues and limited security visibility across the institution. However, “more visibility” is not synonymous with “seeing more alerts.” In fact, the opposite is true. Keep reading to see how Devo SOAR helped a leading US bank streamline its SOC.
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