You dont need to be a big company to have sensitive data, every company is at risk, and reputational damage can be more painful than the fine that follows
When it comes to the number of data breaches and how much they cost, the trend is only going one way in 2015: and that’s up.
We can be pretty certain that 2014 was a record year for high-profile breaches and that 2015 will beat it, especially with the EU General Data Regulation on the horizon as businesses welcome in the New Year.
Moreover, recent research suggests every single breach costs a company 3.5m USD on average; and only recently the Information Commissioner’s Office (ICO) reported there had been a ten-fold increase of breaches in the UK during the last five years.
In the past it is clear there weren’t a lot of breaches reported, not least because people weren’t required to. They didn’t understand what a data breach was. But now, especially since the ICO brought in fines of up to £500,000, it has all changed.
To read the full article, click here