Did you know many businesses are subjected to new cyber threats on a regular basis? Worse, these threats are continually evolving.
According to IBM, the global average cost of data breach in 2022 was $4.35 million. That’s an increase of about 12 percent since 2020.
And it’s not just big businesses that are taking the huge blows. Around 60 percent of small businesses sink into bankruptcy within six months after a data breach.
What’s the cyberattackers’ favourite target? The highly sensitive healthcare data. And that’s just the tip of the iceberg.
Highly regulated industries like law and finance also suffer reputational damage due to data breach.
How Do Data Breaches Happen?
Can you believe there are about 4,800 websites that are compromised every month with a formjacking code?
This illegal activity involves loading malicious code onto websites for the purpose of stealing credit card information and other bank account details.
And did you know it only takes 10 stolen credit cards per hacked website to yield around $2 million per month to the criminals?
In the case of British Airways, there were around 380,000 stolen credit cards. The malefactors netted around $17 million from that attack.
While financial gain is the most common reason behind data breaches, obtaining a strategic advantage is a close second.
What Makes Data Breach Costly?
The initial steps of tackling a data breach usually involve investigation and reporting, which generally involves a substantial amount.
Upon suspicion or confirmation of a data breach, the targeted entity must quickly determine which information or system was compromised.
This is crucial for complying with regulations concerning data breach notification. Accordingly, the targeted entity must inform their customers about the data breach within a given period.
Non-observance of the regulations may result in fines, penalties, or even prosecution; thus, increasing the cost of the data breach.
In addition, there is also the cost of remediation. Once the targeted entity determines the perpetrators of the attack, the focus shifts to recovering or restoring their systems.
This can be costly because there is the likelihood of permanently losing critical data or valuable intellectual property.
In addition to the foregoing quantifiable losses, data breach can lead to reputational damage, damaged employee morale, and loss of productivity.
This Is Where ISO 27001 Security Management Comes In
Any business can be a target for cyber attacks.
Protect your business data and reputation by complying with the ISO 27001 Security Management Standard.
It sets out the yardstick relating to cyber security of information assets and systems.
This security management standard also provides a comprehensive set of controls at keeping data secure from fraud, theft, abuse, or misuse.
Here Are 3 Benefits from Getting ISO 27001 Certification
At the heart of ISO 27001 is the systematic approach of protecting your information assets, addressing security threats, and effective risk management.
Protection from Security Threats
ISO 27001 provides the framework for protection from cyber criminals attempting to break into your system. In the same way, it prevents data breaches committed by internal agents due to abuse, misuse, or negligence.
Avoidance from Regulatory Fines, Penalties, or Prosecution
Non-compliance with data breach notification regulations can lead to costly penalties.
ISO 27001 provides the guidelines to help maintain compliance of these regulations and avoid fines and penalties.
Protection from Reputational Damage
Compliance with ISO 27001 paints a good picture. It means you are taking information security very seriously, which the stakeholders will take as a good sign.
Good relations with existing business partners and clients mean more business.
Are You Data Breach-Ready?
It’s not a matter of likelihood; whether a data breach will happen. Rather, it’s a matter of when it will happen.
The question is: are you ready?
Get started with your ISO 27001 certification today. Contact ProfitMaster today and save yourself from the costly and damaging consequences of a data breach in your company.