Data is an invaluable asset for businesses.It allows them to drive business success and evolve in an ever-changing corporate landscape. However, many organizations lack adequate protection and prevention strategies that preclude data breaches and data loss, which serves as a recipe for business failure. In the Dell EMC Global Data Protection Index – Global Results 2016 Report, it was reported that organizations that have experienced data loss in the prior twelve months incurred an average estimated cost of $914,000 in damages. A total of 29% of the 2200, respondents from the 18 businesses surveyed suffered data loss during that twelve-month period. The causes of such loss not only included cyber-intrusions, but also data corruption, hardware failures, power losses, and software errors, among many others.
Data loss is any process or event that results in data being corrupted, deleted, and/or made unreadable by a user and/or software application.Data loss is applicable to data both at rest (in storage) and when in motion (transmitted over a network). Data loss and data breaches are sometimes confused and sometimes used interchangeably. However, a data breach is an incident in which sensitive, protected, or confidential data has potentially been viewed, stolen, or used by an individual unauthorized to do so.
Protecting data and preventing data loss can be a challenging and costly task,as malware (malicious software) continues to grow in numbers and sophistication. The “WannaCry” ransomwarethat stole headlines in May of 2017, is believed to have infected at least 100,000 organizations across 150 countries to date. The calculated global costs, using the average downtime each organization faced and the cost per hour has reached a total of $3.3 billion. This figure includes costs associated with lost data, lost sales, lost productivity, remediation efforts, and bad publicity.
In Cisco’s 2016 Midyear Cybersecurity Report, researchers reported a belief that the next generation of ransomware will have organizations payinga “king’s ransom” to attackers who have encrypted their critical data. These ransomware programs will allow attackers to customize instructions, ransom amounts, and deadlines according to the target. They will also be able to switch tactics, as necessary, and mark which systems and files have already been encrypted along with other sophisticated new functions.
Cybersecurity experts already believe preventing data loss is a burdensome task. According to Cisco’s 2017 Annual Cybersecurity Report, one in six of the 2900,Chief Security Officers (CSOs) and security operation managers across 13 countries believe that data loss prevention as a security technology is time consuming and difficult to manage. Data loss prevention is the second highest security technology issue listed alongside distributed denial of service (DDoS) defense.
Wilson Consulting Group(WCG) has the knowledge, expertise and capacity to assist your organization in preventing data loss.
Our Data Loss Prevention (DLP) service:
Please contact us here for more information on how to reduce the risk of data loss.
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