In this day and age, a lot of the things we take for granted are going digital. Socializing, retail, and much more.
It’s not just the good things that are going through these changes. Most alarmingly, crime is getting a digital makeover. No one is safe – everyone from major corporations to private individuals can become a victim of cybercrime.
Here’s the thing:
One of the worst things that could happen to a company in the 21st century is a data breach. A data breach is a security incident that occurs when the assets or the information of a company are accessed without authorization. Like other cybercrimes, these are initiated by well-versed hackers. Data breaches can be very costly.
Data breaches hurt not only companies, but also their customers by putting all available data at risk.
Unfortunately, data breaches have become very common lately. It’s no longer surprising to see the term pop up in news reports every now and then. A data breach is a treasure trove for hackers, with the total cost of a successful attack to a company estimated to be a staggering $3.86 million. This means that hackers can expect a windfall, while companies will incur huge losses.
It gets worse:
Clients who got their data compromised lose more than just money. Not only are their assets put at stake, it’s their physical security that’s mostly in trouble. For example, Social Security numbers, passwords, and much more could be compromised. Cybercriminals could also find out where they live.
Aside from the assets that they’ll lose along the way, companies will also have to suffer from a tainted reputation. They will be subject to heavy criticism from all corners, and potential customers will most likely opt for the competition. As data breaches are an issue with some of the most harrowing consequences, companies should do their best to protect themselves and their customers.
To get a better idea of how bad data breaches can be, we’ll need to take a look at the relevant stats and figures for last year. Here are some of those big, scary numbers collected in this intriguing Hosting Tribunal’s infographic!