Modern-day companies revolve around their data. But with that data comes responsibility. Your company likely archives large amounts of information: data about customers, bank accounts, intellectual property, and more. When this information is stolen by an outside intruder, it’s known as a data breach.
Data can be exposed in several ways. It can be uploaded to other servers and systems, shared on the dark web, or used for identity theft.
Today, there are entire companies dedicated to hacking into organisations and breaching their data. They reside in other countries and are generally untouchable; they can continually attempt to crack into businesses because there are no repercussions for them.
This has led to some highly publicised data breach events. In May 2019, Canva reported a security event, which impacted an incredible 139 million users.
This morning we’ve been alerted to a security incident that enabled access to a number of usernames and email addresses. As soon as this happened, we remedied the issue and alerted the authorities. To be overly cautious, we’d recommend changing your password.
— Canva (@canva) May 25, 2019
https://twitter.com/canva/status/1132086889408749573
Usernames and email addresses were breached. The Australian consumer-facing digital design store subsequently urged it’s clients to change their passwords to protect themselves.
And it’s not just businesses that are at risk. In December of 2018, a Victorian government employee directory was reportedly accessed, revealing the information of 30,000 employees. This data breach leaked emails, job titles, and work phone numbers — all information that could be used for phishing attempts and social engineering.
But what do these types of data breach mean for a business?
Data from 2019 Cost of a Data Breach Report by IBM Security and Ponemon Institute.
Many businesses aren’t concerned about data breaches until they happen. It’s something that they might think about occasionally, but not something that they feel they need to protect against.
A major data breach can happen overnight, leaving a company struggling to recover. What happens then?
A lot of expenses. Here are just some of the expenses that are usually attached to a data breach attack:
The cost of a data breach is significant, but you can protect your business through proactive security management.
By regularly auditing your security solutions and upgrading to newer solutions, you can grow your business securely and avoid the worst scenarios surrounding data breach attacks. Even if a data breach does occur, having better technology and business processes will help to reduce the costs.
Not only do you need thorough cybersecurity training for your employees and your IT personnel, but you also need next-generation cybersecurity solutions. Modern cybersecurity solutions can leverage artificial intelligence and machine learning to identify potential data breach attacks.
Cyber-attackers are now using highly sophisticated solutions which are being constantly refined. All businesses need to be able to turn their technology against them.
When you have your data stolen, there’s nothing you can do to “get it back.” While you may still have data on your side, the data is already out. It can be replicated thousands of times and spread far and wide. Your customers, employees, vendors and key stakeholders may have their data exposed and have no control over their personal damage.
To avoid the situation entirely, businesses need to have cybersecurity procedures and processes in place. Discover how Lanrex can help you grow your business securely.