No business wants to be the target of a data breach. However, reports of such incidents appear so frequently in the news nowadays that some organizations – especially those who have never dealt with a security breach – may become complacent. “It only happens to the other guys. It’ll never happen to me.”
If only they would be so lucky. Because it’s not a matter of if a breach happens – it’s a matter of when.
According to the BBB, businesses lose $50 million collectively each year as a direct result of a data breach within their systems. The effects are far-reaching and can prove detrimental to organizations of any type or size. Unfortunately, many businesses struggle to apply effective policies that would prepare them for the financial, legal, and regulatory risks that come both before and after a security breach.
In simplest terms, data breaches are very costly to the business world. Costs are incurred while notifying customers of the infringement as well as investigating the incident. The unlucky ones encounter fines and lawsuits, and then damage control is needed to restore the organization’s reputation, lost customers, and drops in share value.
Despite all these risks, too many companies choose not to take action to prevent a data breach or prepare for one. By simply having privacy and security policies in place and developing an incident management plan, they could greatly reduce the damage should something happen. Introducing encryption technology on all electronic devices is another effective way to curtail it, and it doesn’t cost much or require much time to install.
At the very basic level, proper training for employees is key. If they know how to prepare for a security breach and how to respond in the aftermath, the damages can be minimized. Please contact us at Interactive Services for more information on organization data breaches and how to train your employees to be ready.