What is an Intrusion Detection System?
An intrusion Detection System (IDS) is a system that monitors networks for suspicious activity. An IDS can detect and report cyber threats in computer networks.
Intrusion Detection Systems are the digital watchtower for financial institutions.
The goal of an intrusion detection system is to identify, alert, and oftentimes neutralize threats before they can cause harm.
Key Features & Functions of IDS: from Essential to Cutting-Edge
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The Cost of not Having IDS: The Rising Cyber Threat - Ransomware & more
Direct Financial Losses: According to a study by IBM Security and Ponemon Institute, the average total cost of a data breach in 2020 was $3.86M.
Operational Disruption: The same study found that it took organizations an average of 280 days to identify and contain a breach.
Reputational Damage: In the 2020 Ponemon "Cost of a Data Breach" report , it was found that lost business costs averaged $1.52M, or 39% of the total cost of a data breach.
Increased Operational Costs: According to this same report, an average of $690,000 was spent on activities like help desk activities, inbound communications, special investigative activities, legal expenditures, & more. All in the aftermath of a breach.
Regulatory & Legal Implications: Banks can face hefty regulatory fines for failing to safeguard sensitive information, not to mention potential lawsuits from affected clients.
For instance, Equifax settled for over $575 million (with the potential to increase up to $700 million) related to its 2017 data breach