Data Breaches: The Not-So-Hidden Cost of Doing Business
This article breaks down the numbers and key findings from IBM's annual Cost of a Data Breach Report, and provides our recommended takeaways to help you start thinking ahead – because in cybersecurity, as George Washington (and later Bill Belichick) have articulated: the best offense is a good defense.
October 21, 2024 at 01:57 PM
7 minute read
In this era of big data, smart devices, and constant connectivity, the clock's already ticking on your next data breach – it's just a matter of time. For companies of all sizes and across every industry, the stakes have never been higher. A data breach can leave a trail of financial, legal, operational, and reputational damage that feels like trying to outrun a speeding freight train – spoiler alert: it's not going to end well. Many studies, including IBM's annual Cost of a Data Breach Report, make one thing clear: cyber incidents are becoming more frequent, costlier, and more difficult to manage.
So why should you care? Well, beyond the hefty price tag (which has gone up 10 percent this year alone), it's the hidden costs like customer loss, reputational impact, operational downtime, and post-breach headaches that can sting the most. And for businesses handling sensitive customer data, there's no "get out of jail free" card. But don't lose sleep – we've got your back.
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