Friday, June 21, 2024

How Much a Data Breach Could Cost for Enterprises and what are the Risks Involved

In the modern digital world data is a crucial component of an organization, data leaks pose a serious threat to company reputation, loss of critical information and temporary loss of ability to trade.

There is a drastic increase in the number of attacks and 2017 is the year for some worst data breaches, many of the 2017 data breach due to security misconfiguration, insecure data storage and overall inadequate solutions to protect data.

According to Breach Level Index (BLI), the average total loss of data records through the year 2017 is 5,076,479 and the global data breach cost is $3.62 million according to ponemon case study.

The data leaks classified as intentional leaks and accidental leaks. Intentional data leaks caused by Hackers and malicious insiders, whereas accidental leaks happen due to misconfigurations, lack of encryption or sharing information accidentally.

In the past, leading enterprises like Target, Sony, and Yahoo became the victim of data breach. In the year 2013, Target admitted that 40 million cards were likely skimmed in security breaches. In the year 2014, half a billion accounts were compromised at Yahoo.

Also Read Advantages of Bug Bounty Program Over Traditional Penetration Testing

2017 is a year for the data breach, some top giants like Equifax, Deloitte, Uber, Forever 21 suffered from data breaches.

Identity Theft Resource Center (ITRC) has been identifying data breaches based on industry sectors, around 45.2 percent was the health sector according to 2016 report.

data leaks

Also, ITRC tracking categories of data breach incidents based on hacking, skimming, phishing, Employee error, Insider attack.

data leaks

Web Applications Security becomes essential as more and more data gets stored in web applications and web application penetration service provides only a limited talent pool which they are heavily dependent upon.

It is important to have a Bug Bounty program as it employs crowdsource security researchers will diverse skill set covering a wide of vulnerability scenarios and advanced threats.

Safehats a bug bounty platform that Connects security conscious Enterprises, Financial Institutions and Governments with the whitehat hacker to have their products check against serious of vulnerabilities.

To avoid data breaches security testing through multiple attack vectors, such email, web browsing, lateral movement, social engineering, data exfiltration, WAF and more.

It is a genuine fact that the marketers and salespeople of your company must be using email tracking solutions to improve sales and get better engagement. Right? But, cybercriminals target the date and time when emails are opened, when they are forwarded, and much more.

The Insiders attack can directly cause the public and customers to lose the interest in business, lose the confidence in technology.These kinds of threats can happen knowingly or unknowingly, intentionally or unintentionally, but the result of this attack is catastrophic.


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Guru baran
Guru baran
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

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