Business data breaches get more expensive each year: The state of enterprise security
The average cost of a data breach per company has almost doubled in five years, from $6.46m in 2010 to $12.69m in 2014, according to a new infographic put together by SysCloud.
More than a quarter (26.1%) of these breaches are as a result of hacking incidents, while 11.7% are down to insider theft – such as employees selling their company passwords to the highest bidder, as Enterprise AppsTech reported yesterday – and only 9.3% are down to employee negligence, contrasting with previous research which states that employees are the biggest threat to corporate data.
The figures also show the majority of data breaches take place in the medical and healthcare sectors (43%), as opposed to general business (33%), government and military (12%), education (7.5%), and finance (5.6%).
2014 will go down as the year of the cyber attack, according to Good Technology CEO Christy Wyatt. With Mike Raggo, security evangelist at MobileIron, also noting mobile is “the perfect breeding ground” for attacks, then it’s evident companies need to redouble their efforts on security in the coming year.
So what can be done? SysCloud recommends five steps to prevent data breaches in the enterprise: enforcing stronger passwords and two factor authentication – although many would argue getting rid of passwords altogether would be a better long-term solution; enforce stronger policies to limit internal and external access to private data; archive inactive data securely in the cloud to minimise data leaks; securely backup data with trusted automation tools; and monitor your data with a security intelligence solution.
You can take a look at the full infographic below: