The Cost of a Data Breach
With October being Cybersecurity Awareness Month, it is important to know how much a data breach can cost your organization if you do not have the proper safeguards in place.
Data and cyber breaches are happening more and more often throughout the world. If your business hasn’t sustained a breach, your organization is either highly prepared, extraordinarily fortunate, or you have sustained a breach and are unaware.
With a data breach, not only can your, and your customer’s, data be leaked to the public, but the financial losses can be incredibly damaging to any size organization. Did you know that the global average cost of a data breach is $3.86 million? According to the IBM 2020 Cost of a Data Breach Report, the United States average data breach cost jumps up to $8.64 million with an average time of 237 days to identify and contain the breach.
The IBM 2020 Cost of a Data Breach Report can be accessed here. You can further break down the breach data by industry and use IBM’s data breach calculator to see what types of costs your organization may incur if struck with a data breach.
Most organizations are still relying on defenses that are insufficient and out of date. No system will be 100% secure, but most breaches are preventable. GlobalSecurityIQ is a full service cybersecurity consultancy that is committed to providing your organization with comprehensive solutions that leverage cybersecurity best practices, risk assessment strategies, vulnerability scanning, penetration testing, corporate education, and employee training to help mitigate cyber threats.