Today’s business world revolves around business data, and it has grown to become the most potent tool in industries across the globe. Data has become such an essential tool that over 40% of brands around the world are planning to enhance their data-driven marketing strategy, according to this study.
According to the National Cyber Security Alliance, 60% of SMEs & SMBs that are hacked go out of business within 6 months. Running a business is a risky proposition. Developing and maintaining a successful business in the technology driven age can be quite difficult. When it comes to security, a data breach can quickly escalate into a devastating event that has the ability to completely ruin a brand.
IBM reported that the average total cost of a breach ranges from $2.2 million to $6.9 million, depending on the number of compromised records. The average loss rises to $6.9 million when the number of compromised records are 50,000. It is $2.2 million for less than 10,000 records.
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