While teams have fun dreaming up their next serving of digital delight, some avoid looking into the eyes of the less sexy subject of data privacy and cybersecurity, leaving their organisations and customers dangerously exposed.
Read Richard Lee’s article in which he explains that the worst nightmare every CEO and their Board face today is not an unchecked competitive threat or insufficient market capitalisation, but that of the Data Breach.
2015 Cost of Data Breach Study
Some of the highlights of the 23-page 2015 Cost of Data Breach Study from IBM and Ponemon include:
- The cost of data breach sets new record high
- Companies that had data breaches involving less than 10,000 records had an average cost of data breach of $4.7 million
- The average total cost of a data breach grew by 11% and the average per capita cost rose by 8%
- Data breaches cost companies an average of $217 per compromised record
- The number of breached records per incident this year ranged from 5,655 to 96,550 records
The Definitive Security Guide Guide for Directors and Officers
In the 369-page “Navigating the Digital Age: The Definitive Cybersecurity Guide for Directors and Officers” published October 2015, New York Stock Exchange President Tom Farley included these salient words in his introduction:
[well]No issue today has created more concern within corporate C-suites and boardrooms than cybersecurity risk. With the ability to shatter a company’s reputation with their customers and draw criticism from shareholders, lawsuits from affected parties, and attention from the media, the threat of cyber risk is ubiquitous and insidious. No company, region, or industry is immune.[/well]
2015 Data Breach Report
Verizon’s 70-page 2015 Data Breach Investigation Report quantifies the impact of a data breach and helps organisations prepare to conduct individualised self-assessments of risk, to make realistic decisions on how to avoid cyber threats.
Data Breaches and Hacks Visualised
Take a look at David McCandless’s visualisation of the world’s biggest data breaches and hacks which provides the header image of this post.