Data breaches carry a host of hidden costs. Whether you run a small business or are the head of a national corporation, data compromise and loss can have an enormous financial impact. Are you doing everything necessary to protect private information?
The Price of Identity Data Theft
As of 2015, every record lost or stolen during a data breach cost companies $145 to $154. This adds up quickly if hundreds or thousands of records are compromised. Expenses include:
- Digital forensics investigation to identify the source
- Paying fines to local or national agencies
- Fixing or replacing compromised equipment
- Public relations “damage control” to preserve brand image
A forensic audit alone can cost anywhere from $8,000 to $20,000 depending on how many credit card transactions your business runs per year.
In addition to internal costs and the expenses associated with remediating a breach, your company is likely to be subject to a number of government fees or fines. Regulatory groups often audit companies after breaches occur. If your security measures don’t stand up to scrutiny, you may wind up shelling out millions of dollars as a consequence of your failure to protect information.
Data compromise makes your company more of a risk to your cyber insurance provider, so a breach could mean higher premiums. Both insurance companies and the government have the authority to demand improvements in security, and businesses often have to provide additional services for customers, such as credit card monitoring, if personal information was involved in the incident.
How to Minimize Your Company’s Risk
You can significantly reduce the risk of data breaches with comprehensive monitoring software. Employee Monitoring is one such cloud-based application with tools for:
- Monitoring insider threats
- Preventing phishing attacks
- Tracking application use
- Monitoring unauthorized changes in access privileges
- Providing real-time alerts about potentially suspicious activity
- Maintaining security compliance
By combining employee monitoring with a detailed tracking system, Employee Monitoring provides timely information regarding potential threats from internal and external sources. Tracking online activities and application use gives you a clear trail to follow so that it’s easier and less costly to pinpoint the source of a breach should an audit be necessary.
Staying in compliance and being diligent with monitoring mitigates the potential costs of a data breach for your company. Work with your employees to increase awareness of threats, minimize risks, and create a solid plan to protect sensitive information from becoming compromised.