What is data breach? 5 facts you need to know about data breach

Introduction

As per Wikipedia, the term data breach refers to compromise of security involving unauthorized access to sensitive and confidential user information.

KPMG Survey - A triple threat across the Americas

A recent survey by KPMG confirms the threat of fraud, cyber -attacks and compliance. 600+ senior leadership from seven industries across Latin and North America participated in the survey.

9 in 10 respondents say that remote working has reduced their ability to monitor behavior, thereby increasing the risks of external/internal fraud. 31% respondents also confirmed fraud perpetrated by an insider in the past year.

Respondents also agreed that compliance has now become a reputational issue for enterprises. On an average, it takes about a month to fully contain a cyber-attack. there is a potentially fatal lack of urgency for most companies across the globe. not enough companies have championed fraud controls, compliance, and cybersecurity. it is also agreed that fraud, non-compliance, and cyber breaches cost dearly to the organization.

5 Facts About Data Breaches

1. A company takes almost six months to identify a data breach in the organization.
2. Average total cost of a data breach is USD 4.35 million.
3. Approximately 68 documents get compromised every second.
4. In 2021, 98 percent of PoS data breaches in the hospitality industry were financial in nature.
5. In 2022, top companies such as Uber, Samsung, Facebook, Toyota, Verizon, etc . have fallen a prey to data breaches.

Data breaches have increased over the recent years and affected enterprises of all sizes. The resultant damage of these data breaches costs several millions of dollars. For instance, T-mobile data breach cost $350 million. Hence, organizations should focus more on securing their networks; staff should have strong passwords and employees must be trained to identify the red flags.