The promise of big data is compelling organizations to accumulate sensitive (customer) data at an unprecedented rate. In their quest to gain deeper insights, organizations are becoming increasingly vulnerable to data breaches. It is not surprising that The Identity Theft Resource Center recorded 30 percent more breaches in 2013 compared to 2012.
IBM and Ponemon Institute, recently released the 2014 Cost of Data Breach Study: Global Study report. The report reveals findings about the factors leading to data breaches, the cost of these data breaches and the impact they have on the organization. Here are a few highlights from the report that indicate the increase in the data breach costs:
- Average cost per stolen record containing sensitive and confidential information increased more than 9 percent from $136 in 2013 to $145
- Average total cost of a data breach increased 15 percent to $3.5 million compared to the previous year
- 42 percent of data breaches involved a malicious attack, 30 percent concerned a human error and 29 percent involved system/IT glitches
- Data breaches triggered by malicious attacks were the most costly
Organizations can respond to the pressing data security challenges by deploying a new tool to address each new risk but very soon they will end up having to manage a plethora of disintegrated solutions, exposing large security gaps. Instead, organizations can opt for a comprehensive solution that simplifies the security landscape, lowers the total cost of ownership and enhances IT productivity.
Forward-thinking organizations incorporate data security as a cornerstone for all their business initiatives. This approach positions these organizations to easily adapt to emerging security risks. An apt analogy is that of a human body and how it builds the immune system to fight off internal and external attacks on health. Rather than focusing on securing the perimeters, organizations should embed data governance and security practices into all their data-related processes.
According to the Ponemon Institute’s 2014 report, the probability of occurrence a data breach involving a minimum of 10,000 records is more than 22 percent. The report also says that having a strong security posture decreases the cost of data breach. This ought to be a clarion call for any organization owning/using sensitive customer data to buckle up and get started on a comprehensive data security and privacy program.
Explore the different data security and privacy dimensions with these eBooks and get going on a comprehensive strategy today:
- eBook: Top tips for securing big data environments
- eBook: Comprehensive data protection for physical, virtual and cloud infrastructures
- eBook: Top Three Myths about Big Data Security