When it comes to the safety of corporate information, nothing strikes fear into the hearts of business owners like the phrase “data breach”. Defined as any incident during which sensitive or confidential information is potentially stolen or used by an unauthorized party, data breaches have become an increasing threat for companies large and small. Internal errors, malicious attackers, and system glitches are impacting the safety of critical data, including personal health information, identification information, trade secrets, and even intellectual property.
According to USA Today, a Ponemon Institute study on data breach preparedness found a whopping 43% of companies experienced a data breach in 2014 – 10% more than the year before. On average, a data breach costs an organization $5.4 million, at an average of $188 per stolen record.
Protecting business critical documents has never been more important for organizations looking to proactively prevent costly data breaches. By implementing a secured electronic document management system, you can begin to secure your business information with data encryption, password protected files, detailed audit trails, and so much more. With the threat of data breaches on the rise, it is critical that you understand the real threat of a data breach, and how to prevent them from occurring. In order to help you prepare, here are some alarming data breach statistics to help familiarize you with the current threat.
Data Breach Statistics
- According to Javelin Strategy and Research and CSID:
- Average data breach costs $5.4 million per incident
- Average data breach costs $188 per record
- The US ranks 2nd for the greatest number of exposed or compromised records at 28,765
- On average, a malicious data breach takes 80 days to detect and over 123 days to resolve
Healthcare Industry Data Breach:
- 1.84 million people were affected by medical identity theft in 2012
- Victims incurred a cumulative $12 billion out-of-pocket costs caused by medical identity theft
- Cost of a Healthcare record is $233 per lost record
Education Industry Data Breach:
- 50% of colleges and universities allow for the unprotected transmission of sensitive information
- 25% of these institutions advised applicants to send personal information – including W2 forms via unencrypted emails.
As you can see from the statistics above, a data breach can prove to be a costly and detrimental experience for companies regardless of size or industry. Want to start safeguarding your files? Contact us today and learn more about our secure document management solutions.