2013 Data Breaches Cost Companies $143,000,000,000

Everyone talks about how awful data breaches can be for a company, but, besides sensitive information, what is the price of a breach on your security? Here are some numbers that really explain the cost of inefficient security.

Let’s first put some things into perspective.  According to CNBC, 47 percent of respondents are operating under the assumption they’ve been compromised; with another 5 percent saying they operate under the assumption that if they have not already been compromised, they eventually will be.  The fact that one out of two companies is simply assuming that their security have been breached is a scary thought.

But how much does a breach cost your company? Well, According to a study conducted by the Ponemon Institute, a cyber attack can range from a low of 37,000 to 2 million.  The average cost of a data breach per compromised record is 94, and, with over 740 million records exposed last year, that’s 43,560,000,000 spent on data breaches in 2013 alone!  Think about all of the different ways that this money could have been spent.

The worst part of all of this is that according to the 2014 Data Breach Guide, 89 percent of the breaches could have been prevented, and a Ponemon Institute survey says that 81 percent of IT departments believe that if the right investments in people, process and technologies were in place, their organizations would be better able to mitigate all future security breaches.  Companies are simply not putting enough emphasis on security, which will hurt them in the long run.  SmartFile Enterprise solution can help you save money because SmartFile prides itself on being a team of secure storage experts.  With features that will only help your company, you can feel more comfortable sharing files.  If you’re interested in learning more, contact our sales team at 877-336-3453.

Do you have anything to add to this? Let us know about your experiences at your company and how you currently prevent breaches.  Save your company money by keeping it safe from security breaches.

SmartFile is a business file mangement platform that gives you more control, compliance and security.