06 Sep

5 Reasons to Prepare Yourself for a Data Breach

If you haven’t been living under a rock, you’re probably all too familiar with the term “data breach.” They seem to be happening everyday, but many people are probably still wondering what exactly is involved when a data breach occurs.

Just one data breach can cost a company millions of dollars, and targeting individuals risk losing even more.

A data breach can lead to information loss, identity theft, and even complete infiltration of infected servers and online storage accounts. 

If you want to learn more about whether or not your private data is at risk, keep reading to find out.

data breach cost

1. Data Breaches are Expensive

Legal action is just one example of something you can expect to follow a data breach. One of the most substantial losses a company can experience is usually monetary.

Recent high profile data breaches have cost companies upwards of millions of dollars. As of 2019, data breaches cause businesses to lose an average of $3.92 million.

There are many reasons why a data breach would cost a company money. But, the most common factor is loss of business.

In most cases, targeted corporations face fines, revenue loss, and expensive lawsuits. Many companies have access to sensitive information such as personal data, payment information, and contact details.

Your enterprise mobility solution is the gateway to your company’s information. Prioritizing data integrity and information security can safeguard your company from the consequences of a major data breach.

2. Information Security is Paramount

Regardless of your company’s industry or sphere, you probably manage some sort of sensitive data.

Identity theft and corporate infiltration are just a few of the lucrative industries that are supported by cyber crime.

Malware, spyware, and viruses are everywhere. Just inserting the wrong USB drive, charging cable or connecting to the wrong wireless network is enough to let intruders in.

Even health and biometric information could potentially be compromised by a data breach. Everything from a person’s blood type to their height and weight can be determined by online records.

Understanding what is at stake and how others might plan to benefit from cyber attacks can help to prepare you for an impending breach.

data breach cost

3. It Can Happen to Anyone

In the news, we typically hear about large-scale data breaches involving huge, global corporations.

In many cases, the affected companies are widely used brands that are connected to millions of consumers. It’s becoming more and more difficult to avoid the risk of having your sensitive information captured in a data breach.

If you aren’t a member of a big-box bank or shopping platform, you should still remain cautious. This is especially important when it comes to how your private data is shared and stored.

Stories involving more people tend to be more newsworthy. But, even smaller data breaches can cause lasting damage.

An online attacker only needs is a few pieces of key information to start the identity theft process. Then, someone could use the data to open credit or make legal actions in your name.

If your details are compromised from multiple angles, such as through different data breaches, it can be almost impossible to reconcile your identity and information.

Use your enterprise mobility system as a first defense to proactively keep your content safe.

Monitoring your lines of credit and financial accounts closely can help you quickly extinguish an online security attack.

4. Cyber Crime is a Growing Threat

Unfortunately, cyber crime is a lucrative illicit industry. Private information can be purchased from the dark web in large batches and willing buyers.

The demand for stolen digital information is high, and the talent is improving. Hackers are out-performing new technology.

To keep up with the increasing number of digital attackers that are popping up all over the internet, keep your devices protected.

To start, ensure that all devices are covered with the strongest anti-virus software on the market. Using other features like two-factor authentication or biometric scanning can increase your level of protection.

Additionally, don’t skip any software updates. Keeping your programs and systems up to date will help your devices run smoothly and efficiently

Having a secure enterprise mobility system can keep attackers at bay, while safeguarding your data in the background.

Using the best, most recently updated security software is your best first defense against online threats.

5. Prevent Long-Lasting Consequences

If your data is compromised in a breach, you could be dealing with the aftermath for an extended period of time. 

Sensitive information is connected to almost everything you do online. 

From shopping to bill pay, your logins alone could help an attacker gain access to your financial or private information. 

If you’ve used the same emails or passwords for multiple websites and programs, the damage could multiply. It is strongly recommended that your company uses an enterprise password vault. For companies, the brand’s reputation and integrity is also on the line. 

Being associated with a data breach could cost your operation thousands to millions of dollars in lost consumer revenue alone. 

Rebuilding a brand’s image and trustworthiness after a data breach is often a time-consuming and arduous process. Catching online security risks as early as possible can help you to mitigate this risk.

Data breaches are devastating for targeted companies and their customers.

Not only can they access private information, but they can also expose valuable trade secrets and confidential information

Your company’s image and stability depends on the loyalty and opinions of your clients or customers. Safeguard your organization’s integrity and prevent unauthorized users from accessing company data by using a secure suite of company devices.