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The cost of data security breaches – how much could it cost your company?

Rebecca Moore 03 Jul 2017 0 Comments

 

 

Data security and Information Security breaches are rampant in today’s marketplace. These breaches can be incredibly costly for businesses, from the cost of recovering data to the cost of lost customers as a result.

According to the Ponemon 2017 report, one in four companies will experience a data breach. Even more alarming, the average consolidated cost of a data breach is $3.62 million globally. The highest per-record costs of these breaches are in healthcare, financial and services.

Cyber criminals are getting more sophisticated in their use of skills and tools to exploit weaknesses in systems. It has become clear it is integral to mitigate and eliminate your risks online where possible.

What does a breach in security look like?

According to the Ponemon 2015 report, 56% of breaches are from human error (30%) and computer glitches (26%). The remaining 44% are from cyber-criminal breaches. 

These cyber-criminal breaches can be broken down into three categories:

Denial of Service – attacks seek to make a computer or network unavailable.
Malware – refers to malicious software such as ransomware, Trojans and viruses.
Phishing – attacks lure you into giving them personal information that can then be sold.

Why do you need ISO/IEC 27001?

ISO 27001 demonstrates your organisations commitment to data security and ensuring your risks are mitigated online. It assists in identifying risks and protecting the data your stakeholders entrust to you, and provides you with international validation of your system to inspire customer confidence.

Interested in getting ISO 27001:2013 certification? Talk to us now on 1300 402 602 or check out our ISO 27001 pdf Gap Analysis Checklist here.

 

References:

https://www.ibm.com/security/infographics/data-breach/

https://www.ibm.com/security/data-breach/


 


 

 

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