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The most recent Ponemon Institute report on data breaches states that the likelihood of a business being affected by small breaches (under 100 records) is far more likely than the occurrence of a large issue – or one involving over 100,000 records.
Ponemon surveyed 314 businesses across countries such as the US and the UK, with each one having suffered a data breach encompassing anywhere from 2,415 to just over 100,000 records.
According to the study, a record is considered compromised when it identifies the person whose details have been stolen or lost.
The report revealed that the largest decreases in data breach costs come when strong security postures are present.
Other determining factors include business continuity management and incident response planning, both of which play a part in decreasing a data breach cost per capita.
Increasing risk factors include rapid notifications, lost and stolen devices, and consultant engagement.
The report further revealed that there has been an increase in the average cost of a data breach.
When evaluated alongside last year’s analysis, the average breach cost has seen a 15 per cent increase, now standing at around £2.1m.
Company bosses have a responsibility to protect the records of their clients, and any breaches will reflect badly on the business involved. They can interact in a risk and network forum to stay abreast of the latest threats to businesses or ramp up their IT security recruitment. Either way, greater in-house knowledge and talent will help to prevent such breaches from occurring in the future.
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