Kiteworks unveils tool to assess & prioritise data breaches

Kiteworks has introduced its Risk Exposure Index, a tool aimed at evaluating and prioritising data breaches based on severity and potential impact.

Kiteworks, a provider focused on data privacy and compliance, has launched the Risk Exposure Index to assess data breaches with a multi-faceted approach. This includes not only the number of records exposed but also factors like data type, exposure extent, regulatory penalties, and long-term brand impact. The company also released the "Top 11 Data Breaches in 1H 2024 Report," which applies this index to major incidents in the cybersecurity realm.

A companion tool, the Risk Exposure Calculator, is now available for organisations to input their own data and calculate their risk exposure score. It aims to help businesses understand their cybersecurity risks and offers the ability to generate custom reports based on multiple parameters such as industry and region.

Chief Strategy and Marketing Officer at Kiteworks, Tim Freestone, commented on the importance of their new tool: "In today's complex cybersecurity landscape, organisations need a more sophisticated approach to assessing and prioritizing data breach risks. Our Risk Exposure Index offers a standardised framework for quantifying and comparing the risks associated with different data breaches, enabling organisations to allocate resources more effectively and enhance their overall security posture."

The report derived from the Risk Exposure Index's application outlines several significant findings. For instance, the healthcare sector remains a frequent target, with Change Healthcare's breach scoring 9.46 out of 10 on the Risk Exposure Scale. The persistence of ransomware as a threat is noted, as evidenced by breaches affecting both Change Healthcare and Synnovis. The report stresses the importance of exposed data sensitivity in assessing risk and highlights vulnerabilities in third-party and supply chain operations, illustrated by incidents involving AT&T and Ticketmaster.

The diversity of cyber threats, from ransomware to accidental data disclosures, prompts a call for a comprehensive security strategy. This approach should tackle a wide spectrum of vulnerabilities according to Kiteworks.

Patrick Spencer, VP of Corporate Marketing and Research at Kiteworks, elaborated on the broader implications of data breaches: "Our analysis reveals that the impact of a data breach extends far beyond immediate financial losses. The Risk Exposure Index takes into account factors such as regulatory compliance, data sensitivity, and potential for long-term reputational damage, providing a more holistic view of the true cost of a breach."

The Risk Exposure Calculator, sharing its algorithm with the Index, evaluates several aspects including record numbers, financial impacts, and ransomware involvement to assess breach severity.

Kiteworks aims to encourage a proactive stance in cybersecurity by helping organisations identify potential weaknesses early. Their report concludes with several recommendations for improving cybersecurity measures. These include implementing robust security mechanisms for sensitive content, using advanced encryption for all states of data, adopting next-generation Digital Rights Management strategies, improving third-party risk management, and emphasizing data sensitivity and compliance regulations.

Patrick Spencer further reinforced the necessity for vigilance: "As cyber threats continue to evolve in complexity and scope, it's crucial for organisations to remain vigilant and proactive in their cybersecurity efforts. By leveraging tools like our Risk Exposure Index and Calculator, organisations can better protect themselves against future breaches and minimize potential impacts."