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6 Shocking Truths About the Real Costs of Data Breaches

By Lightwell | Wed, Jan 09, 2019

After its massive data breach, Equifax estimated that its related costs would total $439 million by the end of 2018—but the real costs could be upwards of $600 million after dealing with government investigations and civil lawsuits. While this could be the most expensive data breach in history, the sheer volume of records drove up the costs exponentially.

Data breaches are costlier than most people think—and the cost keeps on growing. The 2018 study Ponemon Institute Cost of a Data Breach Study found that the average cost of a data breach is $3.86 million, an increase of 6.4% over 2017.  According to the overall findings from the study, data breaches continue to be costlier and result in more records being stolen year after year.  And no matter the size of a company, records are at risk.

Data breaches are the most expensive in the US and Canada, averaging $233 and $202 per capita, respectively, according to the Ponemon Institute. While cost fluctuates across industries and countries, the number clearly shows a dire truth: data breaches cut significantly into a company’s profits, often deeply.

But the real cost of data breaches goes much deeper than just the data lost; factors at play include missed opportunities, lost customers, and costs associated with remediating the data breach. In addition, certain factors like third-party involvement can increase the cost of data breaches. Let’s explore some of the additional costs.

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Overcoming 5 of Today's Top File Transfer Challenges with MFT

By Lori Angalich | Mon, Jul 16, 2018

File transfers between an organization, its business partners, and customers can be fraught with challenges.

Today, organizations must support ever-increasing file sizes, types, volumes, and user numbers under severe budget constraints. Also, they must address extensive security requirements and compliance challenges, meet strict SLAs, and support the rapidly-changing needs of the business.

In the past, these challenges may have been viewed as technical problems, approached with an assortment of technologies and file transfer methods—including “free” technology such as FTP.  However, to keep pace with the evolving needs of the business, protect a wide variety of data, and mitigate risk inside and outside the enterprise, organizations have realized the need for enterprise-class managed file transfer solutions

In this post, I’ll explore these common challenges and the vital role these solutions play in overcoming them.

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Managed file transfer for HIPAA compliance: MFT succeeds where FTP fails

By Lightwell | Wed, Jul 27, 2016

In the healthcare industry, electronic health record systems have become a staple. Now more than ever, companies are looking to comply with the Administrative Simplification section of the Health Insurance Portability and Accountability Act, which calls for the use of an electronic system for records instead of an outdated manual one.

However, with more organizations adopting EHR systems, the time has come for them to also upgrade their file transfer solution. Although file transfer protocols may have served this purpose in the past, managed file transfer systems are now necessary to fully ensure that sensitive patient data remains confidential.

Rise of EHR

According to Modern Healthcare, 80 percent of all office-based physicians had some sort of electronic system in place for the management of health records in 2013. Research shows that the adoption of such solutions has increased over the past few years, jumping by nearly 10 percent between 2012 and 2013 alone.

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Want to enter the future of information management? Leverage managed file transfer.

By Lightwell | Wed, Oct 08, 2014

Managed file transfer solutions aren't simply an addition to a more data-focused enterprise. Rather, they're the foundation of an information management strategy that is much more comprehensive, protected and easy to administrate. And that's no small thing in this day and age. With more and more files of different types that must be exchanged between businesses and the threat landscape growing ominously ever larger, a company that doesn't hone in on the best information management tools is putting itself at a disadvantage. One that avails itself of a solution like managed file transfer, on the other hand, is taking a bold step forward into the data-centric future.

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IBM managed file transfer solutions: A guide to help you choose

By Lightwell | Wed, Jul 16, 2014

Managed file transfer solutions are critical for any business concerned about the integrity of information flowing through corporate networks. The realities of today's advanced threat landscape mean that generic tools or piecemeal approaches are simply insufficient to effectively stave off security compromises and eliminate information leaks. A recent report by Risk Based Security found that more than 176 million data records were compromised worldwide in the first quarter of 2014 alone, with hacking, fraud and human error just some of the root causes allowing data to fall into predators' hands. Overall, 85.5 percent of incidents involved some outsider activity, while insiders contributed to 59.4 percent of all records exposed. Businesses and supply chains are being threatened from both sides of the network.

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Managing global challenges to data integrity with secure file transfer

By Lightwell | Mon, Apr 21, 2014

Globalization creates a slew of problems for data protection and management. Supply chains with far-flung stakeholders have increasingly massive, complex networks and storage systems. Complicating data transmission and storage efforts are a variety of internal and external threats. Recent high-profile data breaches at Target, Neiman Marcus and several prominent universities underscore the difficulties involved with data management on a large scale.

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Managed file transfer needed to stop ongoing FTP problems

By Lightwell | Thu, Mar 06, 2014

Recent compromised file transfer protocol servers at The New York Times and other organizations illustrate the ongoing nightmare of using suboptimal network security. Although managed file transfer has long proven its superiority over FTP document sharing, many organizations continue to allow their data integrity to hinge on a legacy model. As cyberthreats become more sophisticated, organizations have to become more proactive. There's simply too much at stake otherwise.

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Companies can find B2B integration edge in consolidation

By Lori Angalich | Mon, May 21, 2012

According to a recent report by software firm SEEBURGER, companies can save money by combining and modernizing the technological processes behind the supply chain. Supply chain management has become a global concern, with companies spreading their operations around the world in search of the most reliable trading partners and lowest costs. This means that businesses need strong B2B integration solutions to ensure the process runs smoothly.

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Amazon cloud boasts helpful business applications

By Lori Angalich | Thu, Apr 26, 2012

When they needed business software systems, companies used to engage in costly and time consuming installation and upgrade procedures. Everything from antivirus software to data transfer systems were delivered physically and on traditional financial models.

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Secure file transfer eliminates risks associated with FTP

By Lori Angalich | Thu, Apr 26, 2012

According to a recent Dark Reading report, file transfer protocol (FTP) is still one of the preferred methods for businesses to trade information. The technology is admittedly easy to use and very familiar to companies, but it was developed in times when security threats were less sophisticated. In the modern, cloud-enabled marketplace, FTP programs present a major risk to companies. The secure option is the adoption of new secure file transfer systems in place of risky legacy technology.

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