During recent years we have seen a range of companies that have suffered from massive data breaches - and unfortunately it seems like cyber attacks will become even more common in the future. These attacks often lead to stolen personal records and financial information, and within a few days this valuable data can be sold on the black market. The graph below gives you an overview of how data breaches can financially impact your business.
As you can see from the graph, the biggest cost category is Reputation and brand damage. This is because a lot of today's businesses depend on technology - without functioning IT-systems they can't deliver great brand experiences. Another big cost category is the loss of productivity that comes with a cyber attack.
So what can businesses do to protect themselves from data breaches? First they have to prioritize strong IT security and aknowledge that this is a board-level concern. Secondly they should integrate their IT security initatives across multiple parts of the organisation and create an understanding of internal and external vulnerabilities.
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