The cost of a data breach
Businesses are meant to satisfy a need or provide a service for their customers. In turn, their clients sometimes trust these organizations with lots of personal information like their Social Security number, birth date even bank account information. It is up to the chief information officer or department in charge of these accounts to install firewalls and encrypt the folders.
Yet no matter how sophisticated a business' disaster recovery planning is, these breaches continue to occur. It may appear that these failures are due to sophisticated hackers, but two-thirds of intrusions are caused by human or system error, according to a study from the Ponemon Institute and Symantec Corporation.
"While external attackers and their evolving methods pose a great threat to companies, the dangers associated with the insider threat can be equally destructive and insidious," Larry Ponemon, chairman of the Ponemon Institute, said in the press release. "Eight years of research on data breach costs has shown employee behavior to be one of the most pressing issues facing organizations today, up 22 percent since the first survey."
Data breaches can happen to any company, regardless of its staff's security programs. For example, earlier this year, the IRS mistakenly released 100,000 Social Security numbers, according to SC Magazine. Whenever customers hear their information may be exposed, they lose confidence in a company. During this time, businesses should do whatever it takes to instill faith in their clients.
Without customers, businesses will struggle. As e-commerce becomes a larger market, hackers are going to try to take advantage of the web traffic, according to Business 2 Community. During this time, industry competitors are not the priority, the clients are. Businesses must remember to keep customers in the loop, so they are aware that there will a larger security presence in the near future.
Businesses can guarantee faster recoveries should data breaches occur by partnering with business continuity consultants who specialize in disaster recovery.