Data leaks.
"The average cost of a data breach reached an all-time high in 2023 of USD 4.45 million. This represents a 2.3% increase from the 2022 cost of USD 4.35 million. Taking a long-term view, the average cost has increased 15.3% from USD 3.86 million in the 2020 report."Cost of a Data Breach Report 2023, page 5, IBM.
"In 2022, it took organizations 207 days to identify a breach. In 2023, it took only 204 days."Cost of a Data Breach Report 2023, page 14, IBM.
"The majority (57%) of respondents indicated that data breaches led to an increase in the pricing of their business offerings, passing on costs to consumers. This finding is similar to our 2022 report, where 60% of respondents said they increased prices."Cost of a Data Breach Report 2023, page 17, IBM.
"Of all record types, customer and employee personal identifiable information (PII) was the costliest to have compromised. In 2023, customer PII such as names and Social Security numbers cost organizations USD 183 per record, with employee PII close behind at USD 181 per record. The least expensive record type to have compromised is anonymized customer data, which cost organizations USD 138 per record in 2023."Cost of a Data Breach Report 2023, page 18, IBM.
"40% of breaches were identified by a benign third party or outsider, whereas 33% of breaches were identified by internal teams and tools. Over one-quarter or 27% of breaches were disclosed by the attacker as part of a ransomware attack."Cost of a Data Breach Report 2023, page 23, IBM.
Can your organisation afford to wait 200 days for some beneficent outsider, or a ransomer, to inform you that you've had a data leak?
The money you're spending on IT Security staff to detect and remediate these problems is not preventing the problems. You have the option of preventing the problem. It's up to you to make that choice, on behalf of all the innocent people whose personal information you hold.
The solution.
The solution is simple: encrypt the personal information of your clients. That way, even if you have a data leak, it is extremely unlikely that any any nefarious actors out there, hackers and such, will be able to decrypt and make use of that information.
How can you encrypt it? That's where Technoforge comes in. Get in touch and see if our services are right for you.