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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.
Recent security research has revealed that financial data breach uncertainties remain a concern, with worrying figures in 2017 over breaches and protection.
It’s thought that as many as 70% of financial organisations may have suffered a data breach, with many simply unable to confirm for definite whether they have or haven’t, and whether the breach was related to an unauthorised third-party access event.
The growth of open banking is said to be a huge factor as financial organisations no longer have a closed door on their systems and servers with customers being able to access and manage their finances online.
Are we seeing an increase in GDPR data breach instances since the new rules came into force in May 2018, or is it just a case of more reporting?
According to recent research, reports of GDPR data breach incidents more than doubled between May, which saw the new rules come into force on 25th, and June 2018 the following month. Does this mean that incidents massively spiked and increased during that short period of time, or are organisations so in fear of the new rules that they’re reporting every little breach that may be happening?
The results are what we expected.
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