Imagine you’ve been working for hours, you’re sleep-deprived, and you need coffee to continue working. You go get a cup of coffee and come back. Oops! You just had a security data breach.
Yes, that’s how little time it takes for someone to breach your data. In fact, 93% of successful data breaches occur in less than one minute.
Moreover, 80% of businesses take weeks to even realize that a breach has occurred.
How does a Data Breach Impact Your Business?
A data breach can impact your business in a variety of ways, including:
#1. Revenue Loss
Loss of revenue is probably the most common and significant impact of a security breach. Studies have shown that 29% of businesses that face a breach go on to lose a major portion of their revenue for a long period of time.
#2. Cases of Vandalism
In a number of instances, hackers breach personal data or website information to make a few small, subtle changes to the content. These subtle changes may then be used to further compromise an organization.
#3. Loss of Intellectual Property
Targeting strategies, designs, and blueprints of a company is a common practice of hackers. Studies reveal the construction and manufacturing industries to be the most prone to such attacks. Interestingly, 60% of these hacks are seen primarily targeting small businesses.
#4. Damage to Brand Image
It takes years of a lot of effort and marketing strategies to build a brand, and only an instant to lose it all. A data breach holds the potential to damage the image and reputation of your business in a huge way. Customers value their privacy and a compromised state of your company would make them hesitant to trust your business.
What Are Some Ways You Can Help Protect Your Business from Data Breaches?
- Maintain strong passwords and use two-factor authentication.
- Maintain systems such as Intrusion Detection Systems and Intrusion Prevention Systems (IDS/IPS).
- Have a security expert assess your environment and systems.
- Backup and encrypt your files.
For more information, check out this infographic by Cypress Data Defense.