Data breach incidents can be costly. In addition to hefty fines, the financial implications of failing to protect sensitive data from unauthorised access can be longer-term; reputational damage, business disruption, customer and staff churn.
Despite the penalties associated with a data breach, they continue to be a daily occurrence for businesses globally. According to the Breach Level Index (BLI), approximately five breaches occurred every day in the first half of this year, with a staggering 4.55 billion records compromised between January and June 2018.
The latest BLI report reveals that although the number of incidents fell year on year by almost 19%, the number of records breached rose by 133%, with 291 records compromised every second.
Eliminate costly mistakes
Human errors and poor security practices continue to be a major source of data breaches, with the BLI advising that organisations need to bolster internal security through staff training and security measures such as encryption and access management.
The importance and value of encryption are highlighted in the 2018 Cost of a Data Breach Study. The report states that extensive use of encryption can reduce the cost per breached record by £10.
Headline stats from the study underline the financial implications of data breach incidents:
- The average total cost of a breach = £3.24 million (7% up on 2017)
- Average cost per breached record = £120
Protect sensitive data on the move with SafeToGo® Solo
With more businesses permitting employees the freedom and flexibility of remote working, the risk of data breaches linked to human error are greater than ever. Arming staff with tools designed to prevent unauthorised access to valuable information is an important step in the fight against data theft.
Hardware encrypted USB flash drives like SafeToGo® Solo offer a simple, cost-effective solution to keeping sensitive data secure on the move.
Boasting robust, automatic AES 256-bit XTS encryption hardware encryption, SafeToGo® Solo features include mandatory password protection, timer lockdown and plug and play simplicity.
Find out more about SafeToGo® Solo here.
Source: Breach Level Index 2018 FIRST HALF REVIEW. 2018 Cost of a Data Breach Study, Ponemon Institute. Values converted from US$ to GBP based on exchange rates as at October 2018.