83% of organisations have suffered more than one data breach*
The cost of a single data breach is reported to be $5.57M*.
What happens when you suffer a data breach? The financial and reputational impacts of a data breach are significant and extend far beyond the fines associated with their rectification. Organisations should be aware of the four factors that have an influence on the total cost of a data breach:
1. Business Continuity
How do you continue with running the business, delivering to
customers, when your data has been compromised?
2. Reputational Damage
The effects of a data breach on an organisation’s reputation
can be irreparable. Customers may decide to take their business elsewhere,
putting the organisation’s future at risk.
3. Cost of Repairing the Breach
The internal processes involved in repairing the damage and
ensuring systems are back to normal can be costly. The longer this takes, the
harder it is to repair the damage and get back to normal levels of operations.
4. Increasing Levels of Fines
As data regulations become more stringent, the level of fines imposed in the event of a data breach are becoming higher and higher.
The best way to safeguard against cyber-attacks and data breaches is to utilise a comprehensive credential and identity management system, such as Intercede's MyID®. MyID provides organisations with a way to manage digital identities throughout their full lifecycle, from issuance to revocation.
MyID will help you to easily and quickly manage your digital identities, throughout the full lifecycle from issuance to revocation.
For more details about the total cost of ownership when considering digital identities and a credential management solution, please read our article on why you should factor the total cost of ownership when selecting a credential management solution.
*IBM Security - Cost of a Data Breach Report 2022
Trusted by Governments and Large Enterprises Worldwide
Where protecting systems and information really matters, you will find MyID. Whether its citizen data, aerospace and defence systems, high-value financial transactions, intellectual property or air traffic control, we are proud that many leading organisations around the world choose MyID to protect themselves against data breach and ensure business continuity.