Research from IBM suggests that the number of “mega breaches” has nearly doubledover the past five years.It also shows that the full cost of a breach could be as high as £267 million and this can only go up with the new fines as part of GDPR.
Jake Moore, ESET Security Specialist, comments on the true cost of a “mega breach” and how important it is to protect your organisation from cyber-crime.
“It is not surprising that this report reveals the financial cost has nearly doubled in the last five years and protecting businesses has never been so important.
“As with many things in life, prevention is always a better option than taking a risk and dealing with the consequences: let’s not forget it’s a case of when, not if, an attack happens.
“It is easy to assume that you will not experience a cyber-attack if you have not been hit before, but you are always at risk of being a target regardless of the type or size of the organisation you work in.
“It’s important to consider the loss of trust from your customers should you ever get hacked as this is where the biggest financial impact can lie as a hidden cost.
“Personal information such as phone numbers, addresses and credit card details can be stolen in seconds but take years to rebuild customer confidence.
“As good as artificial intelligence is, there is only so far we can rely on machines to protect us and we need to realise the vast amount of factors needed to try and combat the war on cyber-crime.”
Has GDPR and the rising cost of data breaches made your organisation review their security practices? Let us know on Twitter @ESETUK.