When I was writing the tip of the iceberg post I was excited from the thought that the overall damage of the data loss problem is much higher then reported. According to the Wall Street Journal, The Federal Trade Commission estimates nearly $50 billion is lost annually as a result of identity theft and credit-card fraud, with part of it absorbed by banks. In other words, not only the numbers are probably much higher than reported and therefor estimated by the FDC, it also seems like the bigger data loss events are a direct result of one of the following causes:
- An application and / or database hack.
- Some sort of a separation of duties violation .
- All of the above.
SecureSphere covers all those use cases. In other words, the portion of the problem that can be addressed by SecureSphere is very big. Huge.
The theory that was based on an instinct, is now supported by Net Security report: 89% of security incidents went unreported in 2007.
I am trying to compare the magnitude of the problem to the recent sub prime financial crisis in order to some comparable ROI models: The sub prime crisis is estimated at $1 trillion (I just refuse to accept PIMCO's $5 trillion estimation, see references below), an unavoidable number. At the same time, the data loss real size is about $500 billion that could have been prevented...
Somehow, I can't see how the overall cost of loss is even close to this number....
References:
Size of the sub prime financial crisis
BTW, around 91.7% of the iceberg lies below the surface of water (check the calculation here or try at home). Surprisingly enough the numbers provided by Net Security match this number. Iceberg indeed....
I am trying to compare the magnitude of the problem to the recent sub prime financial crisis in order to some comparable ROI models: The sub prime crisis is estimated at $1 trillion (I just refuse to accept PIMCO's $5 trillion estimation, see references below), an unavoidable number. At the same time, the data loss real size is about $500 billion that could have been prevented...
Somehow, I can't see how the overall cost of loss is even close to this number....
References:
Size of the sub prime financial crisis
BTW, around 91.7% of the iceberg lies below the surface of water (check the calculation here or try at home). Surprisingly enough the numbers provided by Net Security match this number. Iceberg indeed....
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