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Data Breach Incidents and Costs on the Rise

Security is now at the forefront of the minds of many businesses due to the endless reports of security breaches and sensitive data leaking into the wrong hands. Additionally, with the introduction of the GDPR, companies must get serious about their approach to changing their data security strategy.

Date: 30 May, 2018

Security is now at the forefront of the minds of many businesses due to the endless reports of security breaches and sensitive data leaking into the wrong hands. Additionally, with the introduction of the GDPR, companies must get serious about their approach to changing their data security strategy.

 

It probably comes as no surprise that human error and mistakes in infrastructure configuration has become much more common and it is a major cause of data breaches. Ignorant employees who breach data without their knowledge or by simply not being careful with confidential data are often responsible for a high percentage of data breaches and the dramatic rise in the costs as a result of the breach.

 

According to the Ponemon Institute (2017), the Cost of Data Breach Study, the top industries found to be actively targeted by cybercriminals are: healthcare, financial, services, education, life science, technology and companies operating in the retail sector.

Malicious or criminal attacks were found to be the greatest cause of data breaches (47%), 28% involved system glitches, followed by negligent employees (25%). The report found that the faster the data breach was identified and contained, the lower the overall costs incurred. The time it takes to contain a data breach significantly impacted the cost of the data breach.

Managing data breaches is an ongoing process and what works today may not work tomorrow.  Cyber-criminals are becoming more innovative day by day and this means that that every company needs to address the possibility of a cyber-attack by covering all potential breaches; including the simplest and the most complex of breaches.

It is essential therefore that your organisation invests in a data security that protects your sensitive data including personal information such as bank details, credit card numbers and health records. A good number of organisations have become paralysed after a data breach and the effects can last long after the breach has occurred.

IBM not only helps businesses protect their critical data and infrastructures but also the people who use them from treats and breaches. IBM Security Software addresses your concerns by offering a broad portfolio of security solutions and security options that suits the needs of your business. Read our latest whitepaper on how IBM can help deliver atop-notch customer experience: http://bit.ly/2uUr64c