A Statistical Look into the Impact of Data Breaches on Businesses

Effects-a-Data-Breach-Can-Have-on-Your-Business-in-the-Long-Term-InfographicBy definition, a data breach is anything that leads to the exposure of protected and confidential information without permission.

In recent years, data security has become one of the biggest concerns for businesses and organizations around the globe.

The growing sophistication of cybercrimes along with a lack of awareness of best security practices has led to the emergence of numerous data breaches on a globular scale.

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The Impact of Data Breaches on Business: Statistics

Since 2013, the total data records that were lost or stolen was calculated to be 9,727,967,988.

Among these, almost 64% of the stolen data records were in the US. The country stands out as the biggest hotspot for data breaches due to its expanding population, technological adoption rate, and concentration of some of the biggest companies therein.

In the US, the average total cost calculated for data breaches stood at $8.19 million in 2019. While the global average was revealed to be $3.9 million.

According to Varonis, 7 million data records are compromised on an average every single day. While 56 records are compromised every second. Businesses faced a loss of over $2 trillion in cybercrime costs in 2019. The confirmed number of data breach case counts in 2019 was revealed to be 2,013.

The situation is slated to only become worse with Herjavec Group estimating that by 2021, businesses will fall victim to a ransomware attack every 11 seconds.

Regardless of the organization size or industry, it is imperative for us to realize that data security is very important and valuable for businesses, especially in this digital economy that we are living in.

Thus, it is important for you to assess your cybersecurity risks and make company-wide changes that help improve the overall security behavior of your business.

Need more information? Check out this infographic by Cypress Data Defense.

Let me introduce myself. I am Aaron Cure, Principal Security Consultant at Cypress Data Defense, and an instructor and contributing author for the Dev544 Secure Coding in .NET course. After 10 years in the U.S. Army, I decided to switch my focus to developing security tools and performing secure code reviews, penetration testing, static source code analysis, and security research.

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