As experts warned, there has been a significant rise in data breaches over the last year as cyber criminals have taken full advantage of the Covid-19 crisis. But the number of incidents isn’t the only thing to rise; the cost implication of a data breach has also increased.
The rise in cost of a data breach.
The 2020 edition of the yearly ‘Cost of a Data Breach’ report has been released by IBM with some shocking figures.
With the majority of people working from home for most of the year, the cost of data breaches increased by £104,000. That’s a significant amount of money in a year that has been so tough for so many businesses.
The overall cost of data breaches in the UK has been reported at £3.9 million. However, with large businesses and corporations included in this statistic, this figure is a little inflated.
To put it in perspective for your business; the IBM report states the average cost per record compromised in a data breach would be £115. Depending on the number of records and type of data your business holds, this can give you a good idea of what the financial impact would be on your business.
How has home working affected the cost of a data breach?
As predicted by experts, with staff working off premises, it becomes increasingly difficult to spot when something goes wrong.
IBM reported the average time taken to identify a data breach is 280 days. But a data breach identified and contained within 200 days would cost around £770,000 less – time really is money.
On top of this of course is the downtime in productivity. The disruption of employees not being able to access the files or documents they need while a data breach is being investigated paired with not being in the office, is more likely to force them to stop working altogether.
But it’s not just time that costs. With ongoing issues, regulatory penalties, loss of customers and reputational damage, it’s estimated that 39% of the cost of a data breach comes at least a year after the event.
Reducing the cost of a data breach.
Artificial Intelligence – using AI and automated tools to detect suspicious behaviour could help businesses cope better with a data breaches and save as much as £2.68 million.
An effective IT Plan – robust IT Plans and Response Strategies can save millions in data breach costs.
Managed Service Providers – working with an MSP can relieve the pressure of getting it right and give you the peace of mind that your cyber security is being monitored and managed in the background. Not to mention it will cost you a fraction of the £1.5 million a data breach could cost your business.
Adequate Firewalls – primitive firewalls offer little protection for remote workers. However, UTM or NExtGEN firewalls offer secure encrypted tunnels that scan incoming and outgoing traffic. No firewalls are created equally.
Data Access – restricting access on a who-needs-what basis can limit damage, should a breach occur.
2FA – Multiple forms of authentication can give your business an extra layer of protection.
Proactive IT Provider – Your IT provider should be pointing out your weak spots where security can be improved.
More Than IT Support – We’re Your IT Department
At Jupiter IT, we have a proactive approach to cyber security and monitoring your systems on a day-to-day basis. We include regular cyber security audits as standard with all our contracts and our audits are based on the 5 key controls of the Government-back Cyber Essentials initiative.
At Jupiter IT, we are proud to have achieved the Cyber Essential Plus Certification and as experts in this standard, can help you become certified too. Drop us a line to find out more – we’re waiting to share our expertise with you.