It has been reported that cybercrime will go onto cost organisations $24.7, YOY increase of more than $2 every minute, a RiskIQ report reveals. It will also have a per-minute global cost of $11.4 million by 2021, a 100% increase over 2015. The report covers the top threats facing today’s organizations, which are proliferating at a clip of 375 per minute, and reflects the current surge in attacks leveraging the COVID-19 pandemic. The report covers the top threats facing today’s organizations, which are proliferating at a clip of 375 per minute, and reflects the current surge in attacks leveraging the COVID-19 pandemic.
The costs of a data breach, as indicated by the RiskIQ report, are mind-boggling when you think of the aggregate effect on economies overall and how those costs ultimately can trickle down to all organizations. When an attacker successfully targets an organization, the costs can have a serious negative effect on the business’s bottom line.
Yet another often-overlooked cost is what these successful attacks can do to any organization’s brand reputation and the customer loyalty it has invested so much into building. Customers and business partners place faith in an organization by sharing vital and sensitive data—if the business does not do everything it can to guard and protect that data, the contract of trust is breached, too. This has a decidedly sweeping and negative effect that can be quantified, too, in customers or partners who abandon the company. And that means lost business and income.
The best way to avoid all these costs is to make sure that all sensitive data is protected, not just the environment and perimeter around that data. A data-centric approach such as tokenization, which replaces sensitive data with meaningless tokens and thus cannot be compromised, is the best place to start when seriously investigating how to avoid all these detrimental effects.