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Data Breach

Data Breach occurs when unauthorized individuals gain access to sensitive information, such as personal data (Social Security numbers, credit card details) or corporate data (customer records, employee data, intellectual property). The impact of a data breach can range from lost customer trust, to reputational damage and financial loss.

Data breaches can occur in a wide variety of industries and are often costly. Depending on the size of your business and the nature of your data, a breach can take months or even years to be discovered.

The cost of a data breach can vary significantly, but the average cost is $3.9 million according to a Ponemon Institute study. That includes the costs of notification, detection, and response, along with any damages to your brand or revenue.

How Data Breach Happens

According to Verizon’s 2020 DBIR report, the most common type of data breach is the result of human error. This could be as simple as an employee deleting information or creating an error that allows cyber criminals to get into your system.

While these incidents are unavoidable, they should be addressed promptly and with a focus on the affected users. Notifying your customers of a breach immediately can improve their trust in your brand, which could help you win more sales.