The list of corporations that have fallen victim to cyber-attacks continues to grow. The magnitude of the crimes committed continues to escalate as well. A research report from
Ponemon Institute and IBM
indicates that the average total cost of a data breach in 2019 is $3.92 million and the cost per record lost is $150.00
I know what you’re probably thinking. “The only organizations getting breached are worth billions of dollars and have just as many records. It would never cost my business that much—plus, we’d never be targeted by a hacker anyway.”
Unfortunately, according to the Ponemon study, you are more likely to experience a data breach of at least 10,000 records (27.9%) than you are to catch the flu (5-20 %, according to WebMD).
Sophisticated hacking techniques aren’t the only method to qualify as a true “data breach.” Any event where personal or confidential information is lost or stolen can fit the definition. This includes human error, which is not limited to the mistreatment of electronic data. If paper files are stolen that contain sensitive information, that also constitutes a data breach.
There’s really no way around it. If you’re in business, you’re exposed to data. If you’re exposed to data, you’re at risk for it to be stolen or lost. In order to properly protect your business, the cost of that risk needs to be addressed. To do that, here are some questions to ask yourself.
How many records were exposed?
Obviously, this all depends on the size of your business and the type of breach that occurs, but it will be the primary driver of the costs.
Let’s say the average jeweler gets...
