Digitization and growing use of technology has led to a massive spike in cybercrimes and cybersecurity threats. The digital world has witnessed a rise in information sensitive data breach through ill-legal cybercrimes like Phishing attacks.
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Data Breach is one of the worst nightmares that organizations are facing these days.
Breaches can be a very costly event, especially if the Data Breach incidents are of a larger scale, affecting millions of customers.
It said that on average breach can cost an organization $4 million, or approximately $200 per record breached especially when considering the lost business reputation, fines, and litigation costs, lost shareholder value, etc.With this, it is clear that breaches can affect an organization regardless of the size or perceived security measures established.
While businesses are taking all the necessary measures to prevent a security breach incident, it is now a known fact that even the most secure organization is not 100% immune to Data Breaches.
A business’s response to a data breach incident is crucial and makes all the difference.
Matter of fact, how organizations effectively detect, investigate and notify affected parties largely affect the quantum penalties and legal action.
