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Data breach costs go way beyond the money an organisation needs to pay in fines and claims. Consumer trust and reputational damage can be just as costly.
With data breaches constantly in the news, we’ve never been more aware of the impact they have, with practically most people nowadays impacted by at least one breach out there. The numbers of victims in some of the big breaches have hit the millions, and when it comes to consumer confidence and the reputation of an organisation who suffers a breach, there are trends to be assessed.
Trust and reputational data breach costs can be the real killer in the long-term.
It’s understood that business data breach headlines are still being ignored by business leaders, despite the monumental costs and consequences they can have.
Although the research and studies bring about all sorts of facts and figures, another recent worrying one indicated that only around a third of businesses are properly investing in new software to protect themselves against the increasing risks of hacks and business data breaches.
With huge names suffering massive losses as a result of big breaches, this number really isn’t reflective of a proper desire to protect the data they hold.
Unless you’ve not been paying attention to recent news, there has been a huge Dixons Carphone data breach.
The data breach is thought to have affected almost six million people’s data: that’s the data for some 5.9 million payment (debit and credit) cards being exposed, as well as 1.2 million personal data records being exposed as well.
Of the millions of credit and debit card details exposed, more than 100,000 apparently did not have chip-and-pin protection, leaving them in a potentially more vulnerable position of fraud.
The study’s findings claim that millions of children are victims of identity fraud that can lead to families being millions of pounds out of pocket. The study also indicated that children can be far more likely to have their information compromised, and researchers saying that children are targeted more because they offer a “blank slate” when it comes to their identities and financial histories.
Data breaches are soaring, and only better cybersecurity and improved data protection training and protocols is going to stop the crisis worsening.
Almost every day we are seeing yet another breach somewhere around the world. With cyber-criminals getting smarter, and with many investing their ill-gotten gains back into their “business” to create more powerful tools, something needs to be done.
The new GDPR rules coming into force next month may be the catalyst needed for organisations to take cybersecurity more seriously.
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