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In today’s cybersecurity landscape, businesses are increasingly becoming victims of data breaches. Worldwide spending on cybersecurity is estimated to reach a whopping $133.7 billion by 2022 and it’s not a surprise that businesses are more focused on building a better security culture.
Data breaches don’t just expose sensitive information, the attackers can burrow into the entire organization’s network or hack into their database and perform malicious activities.
A data breach could lead to a loss of data including sensitive information such as financial records, credit card info, personal details, or confidential data like contracts and agreements between vendors and companies. That data, if compromised, could cause havoc for the victim organization.
In fact, in the first half of 2019, a data breach exposed about 4.1 billion records which caused long-term damaging effects for the victim organizations.
When a data breach occurs, it costs the organization more than just money - it can cause severe damage to your organization’s reputation leading to a decline in your brand reputation, value, and relationships with your customers.
With cybercriminals using more sophisticated methods to attack enterprises and leveraging the latest technologies such as automation and artificial intelligence, data protection has become more challenging.
It is imperative for businesses to understand the consequences of a data breach and how it could impact their entire organization. It will help them take the necessary steps to mitigate their potential vulnerabilities and risks that could otherwise put their company and its customers at risk of a data breach.
We have compiled a list of the most severe long-term effects of a data breach.
Hopefully, this will help you get a better idea of how potentially severe a data breach could be for your company as well as show you the need for cybersecurity.
Image source: CypressDataDefense
Previously published at https://www.cypressdatadefense.com/blog/business-data-breach/