While many companies understand the types of cyber security threats facing their vital IT networks, some do not have a realistic grasp on the consequences that could ensue if a security breach were to occur.
According to a new report from Aveksa, a data management solutions provider, data protection is a major issue for many companies. In a survey of enterprise IT executives, nearly half said unauthorized access to corporate information was among their chief concerns. Furthermore, nearly all – 98 percent – of respondents said strict data access was either very or critically important.
However, despite this firm understanding of the need for cyber security, many companies underestimate the potential damage poised by a data breach. According to the study, 42 percent of respondents said they thought a data breach would cost less than $200 per compromised record, while others said it would cost less than $100.
Citing figures from a Ponemon Institute study, however, Aveksa stated that the average cost of a data breach is $214 per affect record. If one or two records are breached, this can be made up by working through a couple of lunch breaks. But, as is often the case, if thousands of records are breached, a company could be looking at some serious damage to its bottom line.
"The survey also demonstrates that many companies are underestimating the high costs of cleaning up user records following a security breach," said Aveska president and CEO Vick Viren Vaishnavi. "In order to mitigate the risk of IT security breaches, enterprises need to implement more preventative processes and stronger access controls to applications and data."
Aveska figures may be particularly pressing given the likelihood of a security breach impacting companies. As a separate Ponemon Institute study found, 90 percent of surveyed companies polled indicated they had experienced a data security incident in the last 12 months. As it seems that nearly all companies suffer a data breach at one time or another, it is important business adhere to strict security policies and implement effective tools to mitigate the effects of these incidents.