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How much does a data breach cost?

Data breaches are not a new phenomenon; they’ve been around for a long time. That being said, they’re certainly on the rise at the moment, and the costs for companies dealing with the fallout of a data breach continue to grow.

Technology and the use of the internet has vastly grown in recent times, yet companies continually lack decent security while making more and more use of digital technology. It’s a backwards concept when you think about it. You’d want to install a quality house alarm if you started collecting rare and expensive memorabilia, as an example.

So, how much does a data breach cost?
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56% of healthcare organisations plan on investing in data breach protection

A new survey reveals that many healthcare providers plan to invest in data breach protection. A recent study named IT Risks in Healthcare Infographics 2017 gathered information based on feedback provided by IT specialists working in healthcare organisations worldwide.

Off the back of breaches that have plagued the healthcare industry for years, many organisations may now be finally planning to invest more in data protection and cybersecurity.

It’s about time…
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Boomerang Video Ltd fined £60,000 by the ICO for compromising user data over a cyberattack

Boomerang Video Ltd owns and controls an online website where customers can rent or buy video games through their payment web application. Users log in and have a choice of video games for various consoles that are physically sent to them and then returned to their warehouse after the customer has finished playing the game.

The online platform requires certain information for a customer to sign up to their services, including a username, password and bank details to pay the monthly subscription fee.

Unfortunately, their app was targeted in a cyberattack and was successfully hacked in December of 2014.
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PwC research shows that data breaches in 2016 doubled from previous year

Companies and organisations have a responsibility to keep data safe and secure in accordance with the Data Protection Act (DPA). Should they fail to do so, the U.K.’s privacy watchdog, the Information Commissioner’s Office (ICO), can impose penalties accordingly.

Breaches are growing. We cover this concept a lot, because there appears to be no stopping the growth of leaks, hacks, and breaches. New research has shown data breaches have doubled on the previous year. It just seems to be getting worse and worse…
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Indian telecom operator warns businesses of the “real threat” of data breaches.

New Delhi based telecom operator Bharti Airtel has spoken out about the “real threat” data breaches cause to businesses and organisations.

The company say it prides itself in taking cyber security and customer privacy “very seriously”, India’s economic times reports. Airtel’s comments were prompted by a recent data breach that reportedly exposed an internet and telecom provider’s customer database, which may have been accessed by an unauthorised third party who uploaded the stolen information on an independent website called Magicapk.

This is relevant for us to keep an eye on here in the U.K. Data breaches abroad can affect us here too, and we know a lot of organisations outsource to countries like India. These worries should be at the forefront of all our minds.
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U.S. Congress struggle to come to a consensus on data breach reporting

They may not be the only ones given data breaches are increasing over here in the U.K. too; so will we follow suit?

There is no doubt that cyber-security is one of the top concerns for the developed world. In an age where almost everything is digitalised and connected to the internet, cybercriminals have the power to bankrupt a multi-billion dollar business enterprise, collapse global organisations and even cause untold chaos to governments.

Legislative governments across the world are having to vote in new laws and regulations to defend against cybercrime. Now, the U.S. Congress are coming up with all sorts of ideas on how best to combat cybercrime, including the best procedures for reporting data breaches.
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Is “military-grade” cyber-security required to combat data breaches?

Data breaches are at an ‘all-time high’. In this modern world where most things are done electronically and are connected to the internet, without sufficient cyber-security, our data is exposed to cybercriminals who can steal our money, spread our personal information around, and wreak havoc with our identities.

Whilst many encourage development of new applications and innovative software to help us share information at a click of a button, and pay our bills with a swipe of a finger, cyber-security is falling behind.

With the growing trend of breaches, what can we do to fully protect ourselves? Do we all need “military-grade” protection like our armed forced and government intelligence agencies do?
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Google employees fall victim to data breach

A number of employees at Google have been warned that some of their personal information may have been compromised because of a third party data breach.

Sabre Hospitality Solutions is a platform allowing users to plan trips and book hotels through their site. Sabre developed the SynXis Central Reservation System to allow guests, hotels and travel agencies from all over the world to book travel and accommodation through the unified service.

Google uses Calson Wagonlit Travel as the middle-man to arrange work-related trips for its employees. Unfortunately, Sabre’s database was hacked, meaning personal information belonging to Google’s recently travelled employees may have been compromised.
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Data breaches are costly: not just financially but they impact seriously on consumer confidence

Data breaches have become the talk of the town in the privacy world for decades. The apparent lax attitude of some companies and organisations appears to have resulted in data breach costs soaring.

The 2016 Cost of Data Breach Study, undertaken by Ponemon and IBM, found that the average total cost of a data breach increased from £2.37 million in 2014 to £2.53 million in 2015.

And we can only see it growing and growing…
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Gloucester City Council fined £100,000 for “allowing” Heartbleed cyber-attack

Gloucester City Council have let down employees after cyber-attackers accessed their personal details. The Information Commissioner’s Office (ICO) has imposed a monetary penalty of £100,000 for their reportedly lax attitude.

On 7^th April 2014, there was the vulnerability known as ‘Heartbleed’ which gathered huge media attention. The vulnerability was quickly addressed as the affected software (‘OpenSSL’) was released which fixed the vulnerability. Unfortunately, the vulnerability was overlooked as Gloucester City Council was in the process of outsourcing its IT services to a third party company on 1^st May 2014.
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