Data breach is not only one of the most common security failures for organizations, it’s also one of the most expensive. Despite awareness and increased efforts, the number and cost of data breaches continue to increase ever year.
A few scary truths
There’s no slowdown
A recent global study done by IBM on the economic impact of IT risks reveals a few scary truths about data breach:
- We’ve experienced a 12% year to year increase in security events
- When breached, 19% of organizations lost revenue
- 29% of breached organizations reported brand damage and loss of reputation
You need a plan
Another scary statistic, 43% of companies experience some sort of data breach in the past year, and 27% had no data breach response plan. The companies that do have plans aren’t reviewing or updating them on a regular basis.
Retail is a top target
This won’t surprise you if you listen to the news, but retail is a top target for hackers, representing almost 22% of all breaches. Some of the largest data breaches for the year include Home Depot, Ebay and Target.
This affects everyone
Data breaches affect more than just companies; they affect everyone. Forty-seven percent of American adults have been affected by a data breach in the last year. The United States makes it to the top of the list for data breach victims.
What is your organization doing to protect data and customers or clients? It’s time for a plan.