The Privacy Clearinghouse’s Chronology of Data Breaches enlisted that there are 3,671 cases of data breaches that are reported since 2005. These 3,671 cases of data breach have affected more than 650 million of records. These cases include:
- A theft of credit card, bank accounts and other information by a worker, the theft solely affected 8.5 million records.
- A laptop that contained information like social security number, date of birth, and other confidential about former employees of the company got stolen.
Today, the majority of the companies like to keep personal information of the clients as well as the employees. The recent studies of The Institute of Ponemon shows, misplacing of or theft of laptop, USB flash drive, use of malware software and any other kind of data breach results in a loss of $5.5 million on an average. The direct or indirect cost on a data breach may cost up to $194. The cost also includes a blow company’s goodwill, dent to brand and internal investigation. Loss of goodwill is might be the biggest injury to the company.
To protect a company’s reputation, hold cost and try to stay within the law. The main causes of data breach are; lack of experience, lack of data privacy and careless attitude regarding portable drives and other things. A data breach due to the loss or theft of laptops, USB thumb drive, memory card or any other portable data storing drive can cost $23 per record loss. If a company use software that can lock folders, be quite handy to protect data from breaches. A company can designate particular jobs to a particular person, such as: keeping eye on data safety. Business and client records are the major assets of a company. Rival companies can spend hundreds of dollars to exploit the business plan of the competitor. Data security should be one of the top most priorities of the organization.
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