The Cost of a Data Breach


Interactive Digital Data Security SoftwareIf you’ve been following the news lately you’ve likely heard of data breaches affecting companies of all sizes. These breaches have cost companies billions of dollars and the frequency only seems to be going up. As a company of any size, it’s incredibly important to position yourself to be able to identify and thwart these types of attacks. In today’s fast paced economy it’s not about if your company is affected by a data breach, it’s more a matter of when. At TrustMAPP we offer an interactive software platform to help you automate the process of assessing security risk and responding accordingly.

Cost of Data Breaches

A recent study done by the Ponemon Institute found that the average cost of a data breach has risen to $6.75 million where the average compromised data record cost is around $200. These huge figures can be devastating to a company of any size and could spell utter disaster for a small company, which is why it’s important that companies take the necessary steps to protect themselves from these attacks.

Recent High Profile Companies with Data Breaches in the News:

Target

While this data breach occurred in 2013, it affected 40 million credit and debit card holders and included data from 70 million customers. Experts estimate it cost Target at least $1.5 billion to repair damage from this attack.

Neiman Marcus

In 2014, data from over 350,000 customers was obtained through malicious software being installed on a Neiman Marcus computer system that collected payments.

Michaels

Michaels, which is a large arts and craft chain experienced a data breach in 2014 as well. The company reported around 2.6 million cards that were used in stores could have been exposed.

Home Depot

This large home improvement store chain reported that 56 million credit and debit cards were likely compromised from a data breach. This data breach also resulted in millions of email addresses being compromised. Hackers were able to enter Home Depot’s network through a stolen vendor username and password, which they then used to install malicious software onto the company’s self-checkout machines.

Protect Your Company’s Data With TrustMAPP

The data breaches mentioned above are just a few of the many breaches that occur regularly across our country. Even if you’re a small company and think that your data is safe, you’re sadly mistaken. Some research suggests that up to 60% of companies will fall victim to a data breach in 2015. Are you ready?

Contact TrustMAPP today to learn more about how our proprietary software can help you to protect your company, your employees and most importantly your customers.