The costly effect of a data breach damage to your business

In a previous article, we learned about data breaches and what we can do as individuals and corporate organizations to minimize the possibility of their occurrence, if not to prevent them from happening, altogether. With this article, we will go a step further and discuss the effect a data breach damage can have on your business.

Many companies are falling victim to malicious hackers and insiders with ill intent, and the information in this series of write-ups on cybersecurity is intended to be eye-opening — if not educative.

Let us dive straight in.

Also Read: Preventing Data Breaches in Your Organization

The lasting effects of a data breach damage

Unlike most damages to technology that can be fixed with repairs or by simply replacing the damaged gadget or component, a data breach damage can have a lasting effect on your reputation as well as your finances — if not more.

Individuals, for example, have to deal with the threat of identity theft. When a data leak reveals your social security numbers, banking information, and such information gets into the hands of a malicious hacker, they can use your personal details to commit all types of fraud in your name.

Identity theft is difficult to fight back against as it involves a lot of legal issues for the victim.

Business organizations such as Yahoo, for example, have are still dealing with the effects of a data breach damage years after the actual breach occurred. Till this day, people associate the company with the incident — instead of Yahoo’s business operations. Data breaches, essentially, have a devastating effect on an organization’s reputation as well as its financial bottom line.

Compromised data belonging to government organizations more often means exposing highly confidential information to foreign parties. Data breaches in government organizations is a major threat to governments as that means exposing sensitive information including strategic national infrastructure details, military operations, and political dealings.

Prevent data breach damage

The best thing to do is to protect yourself from becoming a victim in the first place. While it is true that no security measure you put in place can be perfect, you can put in effective measures that will serve your needs as an individual as well as a business owner or executive. One of such is to partner with an organization with state-of-the-art modern security systems that offer round-the-clock protection.

As listed in the image above, MTN Business Solutions offers various forms of security-related services for corporate organizations. With their resources at your organization’s service, you can be assured that you’re getting much for your investment.

In conclusion…

Data breach damage can be minimized by preventing the breach from even occurring in the first place. Comprehensive data security for corporate organizations can cost much if it’s a small-to-medium sized company. However, that does not mean such businesses cannot be protected. That’s why you may want to consider outsourcing to a competent third-party service provider.

 

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