Why Does it Take so Long to Respond to Cybersecurity Threats?

January 4, 2018, Written By Bill Hardekopf
Why Does it Take so Long to Respond to Cybersecurity Threats?

Forever 21 announced late last week that a breach of their stores’ point-of-sale (POS) systems was worse than previously reported. The POS systems were accessed as early as April 3, 2017, but no one noticed the problem until mid-October.

In the time it typically takes a company to notice the issue and report it to customers, criminals could use the stolen information or sell it on the Dark Web for others to use. Why does it take companies so long to detect and respond to these cybersecurity threats?

Research from LogRhythm offers an explanation: inefficient systems are in place. The study surveyed IT professionals in the United States, United Kingdom and the Asia/Pacific region and found IT decision makers say their teams waste at least three hours a day on tasks that could be handled by software. The majority of those surveyed also believe cybersecurity professionals waste around 10 hours a week due to inadequate software.

Fortunately, most IT professionals think AI technologies will streamline these time-consuming processes, which will make it easier to detect and solve cybersecurity issues. Currently, fewer than half of the organizations studied by LogRhythm used AI technologies, but 90% of those using this cybersecurity software have seen a marked improvement in their response time.

Last month, Democratic lawmakers proposed legislation that would require companies to notify consumers within 30 days of discovering a data breach. But if it is taking a month to detect a problem, this still leaves Americans in danger of falling victim to credit card fraud or identity theft. Thus, companies must get better at monitoring security problems.

The information contained within this article was accurate as of January 4, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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