Despite stringent new breach notification laws, the number of reported data breaches has sharply increased. According to the Open Security Foundation, the number of reported breaches shot up from 141 in 2005 to over 500 each year since 2006. These breaches not only result in a loss of customer trust, but also have a significant financial impact as well. The average cost per company record has increased by over 45% to $204 according to a 2009 Poneman Institute study. That could turn into a lot of money fast for a large breach.
Unfortunately, data breaches are not specific to just one type of company in a particular industry. Breaches occur in companies both large and small and in a myriad of industries. What can a business do to minimize the risks and damages of a data breach?
A recent article in the New Hampshire Business Review outlines a series of steps a company can follow to minimize the risks associated with a data breach. Featured measures include steps I’ve touched on in previous blog entries, including reviewing the data security practices for all third party vendors and ensuring wireless connections are secured. The more you know the facts, the better prepared your company will be.
Nevertheless, none of these precautionary measures can guarantee that a company will not experience a data breach. Cybercriminals are very adept at identifying and exploiting security gaps in company IT systems and data policies. Learn more about what your company can do to stay ahead of cyber-criminals and protect your customers. Your company policies are the first line of defense.