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How Much Data Breach Can Cost To Enterprises ?

12 July, 2019

According to Kaspersky lab report on IT security risks, 90% of global businesses have admitted a security incident. Additionally, 46% of business lost their sensitive data due to an internal or external security threat.

In the past, leading enterprises like Target, Sony, and Yahoo became victim of data breach. In the year 2013, Target admitted that 40 million cards were likely skimmed in security breaches. In year 2014, half a billion accounts were compromised at Yahoo.

According to 2016 Ponemon study, the average cost of data breach involving less than 10,000 records is $5 million, while breach of more than 50,000 records have an average cost of $13 million. On average enterprises pay $500K to recover from security breach whereas SMBs spend around $38K. This is the direct spend required to recover from an attach. In addition to that indirect costs for enterprise is $69K and $8K for SMBs.

Identity Theft Resource Center (ITRC) has been identifying data breaches in five industry sectors (Refer Figure 1 below). In 2016, the business sector again topped the list in the number of data breach incidents, with 494 reported, representing 45.2 percent of the overall number of breaches. This was followed by the healthcare/medical industry (377 incidents), representing 34.5 percent of the overall total. The education sector (98) followed at 9.0 percent, the government/military (72) at 6.6 percent and the banking/credit /financial sector (52) at 4.8 percent.

ITRC also has been tracking categories of data breach incidents by the “type of occurrence” (see Fig. 2 below).In the Year 2016, hacking/skimming/phishing attacks were the leading cause of data breach incidents, accounting for 55.5 percent of the overall number of breaches, which is an increase of 17.7 percent over 2015 figures.

The top major consequences of a breach leads to loss of access to business critical information, damage to company reputation, and temporarily loss of ability to trade. With ever increasing in the number of cyber attacks, enterprises are prone to risks. Enterprises should proactively invest in making their application secure, collaborate with security partners, and bring security consciousness among the organization.

Read our blog on “What is a Bug Bounty program and why every organization need one ?”

Identity Theft Resource Center (ITRC) has been identifying data breaches in five industry sectors (Refer Figure 1 below). In 2016, the business sector again topped the list in the number of data breach incidents, with 494 reported, representing 45.2 percent of the overall number of breaches. This was followed by the healthcare/medical industry (377 incidents), representing 34.5 percent of the overall total. The education sector (98) followed at 9.0 percent, the government/military (72) at 6.6 percent and the banking/credit /financial sector (52) at 4.8 percent.

ITRC also has been tracking categories of data breach incidents by the “type of occurrence” (see Fig. 2 below).In the Year 2016, hacking/skimming/phishing attacks were the leading cause of data breach incidents, accounting for 55.5 percent of the overall number of breaches, which is an increase of 17.7 percent over 2015 figures.

The top major consequences of a breach leads to loss of access to business critical information, damage to company reputation, and temporarily loss of ability to trade. With ever increasing in the number of cyber attacks, enterprises are prone to risks. Enterprises should proactively invest in making their application secure, collaborate with security partners, and bring security consciousness among the organization.

Visit https://safehats.com for more information.

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