Security executives know cyber attacks can happen anywhere and at any time, threatening their companies’ data and putting customer and corporate information at risk for exposure. With the high risk of data breaches, security heads should know where their greatest vulnerabilities lie — whether through outside hackers or malicious insiders — and protect their data accordingly.
Here are five data breach statistics that might scare security heads into action:
Stat No. One: 91% of Businesses Are at Risk for Data Threats
Security professionals may be concerned about the results of a recent study. According to the 2016 Data Threat Report conducted by Vormetric that surveyed more than 1,100 global senior security executives, 91% of businesses are at risk for cyber-related threats. The report also revealed that 30% of companies are very or extremely vulnerable to data threats. A lack of preparedness combined with the growing number of cyber attacks can compound this problem.
Stat No. Two: 20 Million Records Exposed
One of the reasons a large portion of international businesses feel the pressure to improve their security is the rise of cyber attacks. In its latest study, the Identity Theft Resource Center recorded 584 breaches in which 20.5 million records were exposed. The majority of these records came from the healthcare field. The next most vulnerable category was the government/military sector, with 27.5% of records breached.
Stat No. Three: Majority of Companies Store Sensitive Data in the Cloud
With the increase in cyber attacks around the world, it is no wonder that confidential information is even more at risk for data breaches. The Vormetric report showed 85% of surveyed companies use sensitive data in cloud environments, with 53% also utilizing sensitive data in Software as a Service (SaaS) environments.
While investing in SaaS is a big part of many companies’ cost-saving strategies, storing valuable information in the cloud or on third-party servers could expose it to unknown cyber threats.
Stat No. Four: 93% of Data Breaches Only Take Minutes to Happen
The 2016 Data Breach Investigations Report by Verizon highlighted a major issue with data breaches: They can be quick yet devastating, especially if security professionals are unaware the attack happened. The Verizon report noted that while 93% of data breaches only took minutes to occur, four in five victims did not know their systems were compromised for weeks or even longer.
Stat. No. Five: The Average Cost of Data a Breach Is $4 Million
According to the IBM Security and Ponemon Institute 2016 Cost of Data Breach Study, the average cost of an incident rose 29% in three years. The total cost is now $4 million per breach with the average cost per record exposed reaching $158.
The concern surrounding cyber threats should motivate company leaders to invest in the tools and resources necessary to effectively protect their most sensitive data.