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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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Are you worried about a consumer data breach?

By Mark Reinsager | Wed, Apr 20, 2016

If you type "data breach" into Google, you'll get thousands of results, including news stories about high-profile breaches at Target, Barnes and Noble, Home Depot, and Wendy’s. Data breaches are top of mind for consumers, but merchants are also concerned...with good reason. The 2014 JP Morgan Chase breach affected 76 million households and seven million businesses.

Consumers are worried.  

A recent Unisys study found 59% of consumers are afraid of having their credit card data stolen or abused.  While the EMV chip card technology has helped alleviate the risk of fraud with Card Present transactions in POS devices, the Card Not Present (CNP) fraud is skyrocketing. 

In Europe, the CNP fraud rate rose from 25% in pre-EMV 2004 to 64% in 2010, as reported by the European Central Bank.  This substantiates why 49% of consumers feel vulnerable to security risks when transacting online, as reported by Kaspersky Lab.

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Managed file transfer: Best practices to ensure security

By Lightwell | Thu, Dec 11, 2014

Employees partake in more file transfers than many of them may realize. Especially with the emergence of bring-your-own-devices practices, businesses could be exposing their sensitive data during these processes. In order to ensure security and prevent any unauthorized access to this sensitive content, enterprises must have a policy in place for managed file transfers that includes industry best practices.

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'Backoff' malware illustrates growing data security headaches in supply chains

By Lightwell | Mon, Oct 27, 2014

Cybersecurity continues to be a major issue all along the supply chain - and the reality is, the problems it can cause are only going to get murkier in terms of responsibility. As newer, more powerful strains of malware quickly worm through a point of access and hit components all along a network, it's difficult to determine where culpability lies. It's hard to figure out how to fix issues, and harder still to develop an end-to-end solution that reduces vulnerabilities and prevents problems. Of course, it's not helpful when companies point fingers. But as businesses grow more exasperated and the number of compromised enterprises - and customers - continues to mount, it's important to prioritize solutions.

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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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3 benefits of person-centric managed file transfer solutions

By Lightwell | Mon, Jun 30, 2014

Users are the foundation of every company and supply chain's networks. They're the people who create, share and contribute to critical documents and data, and the ones who set and follow - or eschew - corporate policies concerning access, communication and technology usage. People can also be a problem. Human error continues to be the leading source of data privacy issues, Dynamic Business reported. And as the consumerization of IT continues, it becomes more imperative to mitigate the potential threats to compliance and management that are posed by rogue application use and deviations from file transfer protocols. 

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Why managed file transfer is essential for compliance

By Lightwell | Mon, Jun 23, 2014

As supply chains grow and depend more on data for virtually every facet of operation, more information has to be transmitted within companies and out to business partners every day. With more data in transit, opportunities for lax security or mismanagement to leak, exploit or otherwise compromise information are on the rise. This is not only a security and productivity risk, but a major compliance issue - one that could have significant consequences for the bottom line.

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B2B integration: 4 pitfalls to avoid

By Lightwell | Wed, May 28, 2014

B2B integration can be a game-changing force for many companies, but that doesn't mean implementation will be painless. There are a variety of problems that can complicate the efficiency and effectiveness of a B2B integration initiative. If they are not adequately addressed in deployment plans, minor issues can morph into major roadblocks to a high ROI. They can complicate B2B efforts to the degree that an enterprise can be worse off than before it tried to implement B2B integration at all.

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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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