The facts you need to know about data breaches
It seems that a day does not go by without news of a data breach. However, despite this, a lot of business owners are oblivious of the severity of the situation. As it has not happened to them, or anyone they know, they deem it as something that only impacts the big companies of the world. But that certainly is not the case. Thus, in this post, we are going to present you with the harsh reality about data breaches. Read on to discover the facts you really need to know.
- Information security breaches have increased by almost 100 per cent – According to a report from the Department for Business Innovation and Skills and PWC, when contrasted with 2013, the number of data breaches increased by almost 100 per cent in 2014.
- Number of records stolen up by 78 per cent – In 2014, it was reported that more than 1,500 breaches occurred, from which one billion records were compromised (Gemalto’s Breach Level Index). This represents a 78 per cent increase when contrasted with the year before.
- Malware infections and malicious viruses cause 7 in 10 attacks – 73 per cent of businesses have reported a breach occurring as the result of malicious viruses and malware infections.
- 90 per cent of large organisations experienced a breach in 2014 – This presents an 81 per cent increase from 2013.
- 74 per cent of small businesses experienced a breach in 2014 – This represents a 60 per cent increase from 2013.
- The majority of breaches could have been prevented – Unfortunately, a lot of the breaches that have occurred over the years could have been prevented. In some instances, human error is the cause, whereas in a lot of other cases it is simply a case that the company has not invested in the necessary security measures. In our last blog post, we explained how the Home Depot breach could have been avoided with our RetailCompli solution. However, instead, the data of 56 million cardholders was compromised.
- 44 per cent of businesses increased information security over the past year – If you do not follow this trend, you are only going to get left behind.
- Notifying victims also costs money– There are many more costs associated with a data breach than you would imagine, and notifying victims is one of these. On average, after a breach, an organisation spends approximately £371,200 when it comes to ensuring that their victims have been notified correctly as well as ensuring regulatory requirements are met and data contact bases are created.
- Malicious outsiders are behind most of the attacks – According to Gemalto’s Breach Level Index, the majority of data breaches occur because of a malicious outsider – 55 per cent. They also revealed that malicious insiders caused 15 per cent while 25 per cent were due to accidental loss.
- The cost of a data breach is astronomical – According to the 2015 Information Security Breaches Survey conducted by PWC, the cost of a data breach to a small business is £75,000 to £311,000 on average. The cost of a data breach to a large organisation is £1.46 million to £3.14 million on average.