System intrusions dwarf ransomware as the leading cause behind 55% of cybersecurity incidents in the nonprofit industry and 66% of total financial losses over the last decade.
LEESBURG, Va., April 1, 2022 /PRNewswire-PRWeb/ –Cyentia Institute, a research and data science firm working to advance cybersecurity knowledge and practice, released new research detailing cyber risk quantification focusing on the nonprofit industry. “A Baseline Analysis of Cyber Risk Factors in the Nonprofit Industry”, is Cyentia’s newly launched Information Risk Insights Study (IRIS) Risk Retina report and it examines security incidents experienced by nonprofit organizations over a 10 year period from January 2012 through December 2021. Since most cyber risk frameworks revolve around the frequency and financial impact of security incidents, Cyentia partnered with Advisen to leverage their Cyber Loss Data containing ~100,000 historical events collected from publicly verifiable sources.
The research illustrates not only the financial implications of cybersecurity incidents in the nonprofit industry, but also looks at which types of incidents can be the most costly. Over the 10 year period, Cyentia finds that system intrusions are the most common and costly security incident for the nonprofit sector – accounting for 55% of all incidents and two thirds of total losses. According to the report, the annual probability of a nonprofit organization experiencing one or more publicly known security incidents is 12.5%.
“Managing cybersecurity for any organization is hard, but it can be particularly hard for nonprofits because they don’t have large IT budgets to absorb poor decisions about managing risk,” said Wade Baker, Co-Founder of Cyentia and author of the report. “We hope insights from this report detailing the costs and most common causes of cybersecurity incidents will give them the edge they need.”
The scale and magnitude of cyber risk in this world is a complex issue for many companies to address. In a time where nonprofits’, and all other industries, technological footprint continues to grow, and with it, their risk surface, it’s important to understand what the impact of a security incident can be.
This is the first report of the Risk Retina series, and is available for free. It will join the IRIS research product line up at Cyentia. IRIS is a research series that is dedicated to clearing away the fog of FUD that has swirled around cyber risk quantification for far too long. Each report leverages real-world data and rigorous analysis focused on key aspects and challenges that each industry faces while managing cyber risk.
“When it comes to questions about risk, there is no substitute for data,” said John Sturgis, data scientist at Cyentia. “Retina delivers that along with the necessary context and expertise to help decision makers manage potential cyber losses”.
To read the full “IRIS Risk Retina Nonprofit: A Baseline Analysis of Cyber Risk Factors” in the Nonprofit Industry for free, please visit Cyentia’s research library.
For additional information that industry leaders, business decision makers, and curious researchers can access, engage with, and learn from, visit Cyentia’s IRIS Series library. Existing or prospective Cyentia customers who are interested in learning more about how to leverage and create their own Risk Retina report, can visit our I RIS Risk Retina product page to learn more and schedule a time to chat.
About Cyentia Institute
The Cyentia Institute is a research and data science firm working to advance cybersecurity knowledge and practice.We analyze cybersecurity data, find incredible insights, produce engaging content, and create data-driven services. And we do it all with passion, proficiency, perspective…and well-placed puns. Whether you’re a vendor looking to build brand visibility or an organization seeking to manage risk, we deliver the value of cutting-edge research to you.
Learn more about Cyentia Institute at http://www.cyentia.com, or follow Cyentia Institute on Twitter and LinkedIn.
Wade Baker, Cyentia Institute, 1 5712058239, [email protected]
SOURCE Cyentia Institute