Even as combating cybercrime climbs the business agenda, firms in financial services and retail are still taking months at a time to detect data breaches that could compromise their records.
This is according to new research from the Ponemon Institute, sponsored by Arbor Networks and published on May 19th, which found that the average cyber attack in retail takes 98 days to detect.
In financial services, the figure is even higher, at 197 days.
Moreover, 44 per cent of retailers experience more than 50 cyber attacks per month, while 83 per cent of financial services firms suffer a similar fate.
“The time to detect an advanced threat is far too long,” commented Larry Ponemon, chairman and founder of the organisation.
“Attackers are getting in and staying long enough that the damage caused is often irreparable.”
This damage might include service disruption, fines and reputational harm following the compromise of customer records, and data loss.
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