Data security leaks come in all shapes and sizes. Many are malicious, whereas others are the result of human error. Regardless of the source or intent, data leaks can be tremendously detrimental to businesses. Consider these findings when assessing just how important data protection actually is:
- Malicious intent is on the rise. Previously, most data leaks resulted from human error or system glitches. According to Ponemon Institute’s 2015 “Cost of Data Breach Study”, 47% of data leaks are now criminal attacks, as opposed to 25 percent for human error, and 29% for system glitches.
- Criminal attacks cost more. If it wasn’t enough that malicious attacks are now more common than ever, they are also far more costly. A record lost on behalf of a criminal attack will cost, on average, $170; system glitches cost $142 per record and human error or negligence $134 per record.
- Business continuity can reduce the cost of a data breach. Having business continuity plan involved in the remediation of a breach can reduce the cost of a compromised record by $7.1.
- Executives are paying greater attention to the security practices of their organizations. 79% of C-level executives say executive level involvement is necessary to achieving an effective incident response to a data breach.
- Costs are increasing despite organizations’ efforts to adapt. The organizational cost of a data breach has increased since last year, from $3.52 million to $3.79 million, and the cost per record has increased from $145 to $154. The total cost of a data breach has increased 23 percent and will continue to grow.
Although data breaches have slightly declined, they should remain a growing concern for organizations. Be sure to have a plan in place should such an incident arise.