In today’s hyper-connected world, data security breaches are a constantly looming threat for organizations, regardless of their size or industry.
According to an estimation by the International Data Corporation (IDC), a quarter of the global population will be affected by data breaches by the end of 2020.
Annually, we generate an estimated total of 16.3 zettabytes of data. Thus, highlighting the extent of information that is at risk due to data breaches. By the end of 2025, that number is expected to increase ten-fold.
After Effects of Data Breach
- Financial Loss – Depending on the nature of the breach, a number of financial problems can arise. Studies reveal 29% of businesses that face a data breach go on to lose revenue. According to the Cost of Data Breach Study, the average cost associated with a data breach in the US is $7.91 million.
- Operational Hindrances – Depending upon the severity of the breach, it can severely hamper your business operations. It can potentially take years to recover and, in some cases, it can dissolve the business. Almost 60% of small-and-medium-sized businesses close down within six months of a cyber-attack.
- Legal Ramifications – Data breaches involving the personal information of organizations or individuals often tend to result in class-action lawsuit filings. This can bog down your business for a long period of time and severely affect your reputation.
Preventive Measures to Tackle Data Breaches
- Integrate strong data loss prevention technology.
- Conduct regular assessments of your vulnerabilities.
- Encrypt your data and information.
- Implement cyber literacy training in your organization.
Want to learn more? Check out this infographic by Cypress Data Defense.
Author Bio – Aaron Cure
Aaron Cure is the Principal Security Consultant at Cypress Data Defense and an instructor and contributing author for the Dev544 Secure Coding in .NET course.
After 10 years in the U.S. Army, I decided to switch my focus to developing security tools and performing secure code reviews, penetration testing, static source code analysis, and security research.