What is a Data Breach?
A Data Breach is the unauthorised disclosure of private or confidential information by an organisation. It can occur due to cyberattacks, human error, or software vulnerabilities. This type of cyberattack can expose customers’ personal details, intellectual property, or financial data to criminals and can have significant consequences for businesses.
If your personal information is stolen during a breach, you may need to contact your bank or credit card provider to close or replace your account or card. Other issues can include identity theft, when criminals use your information to impersonate you in scam messages or calls. Some breaches may also result in your data being sold on the dark web.
As the number of data breaches continues to rise, organisations need to understand the far-reaching impact that it can have on their business. This includes a loss of customer trust and brand reputation damage, which can have a negative effect on the business’s stock price.
A large percentage of customers in sectors such as retail, finance and healthcare will stop doing business with an organisation that has suffered a breach. This is partly due to the negative press and the fact that 85% of customers will tell their friends or family about their experience.