Data breaches can have far-reaching consequences for businesses
and individuals alike. Take a closer look at the astonishing numbers
below to understand the true impact of data breaches.
1. Soaring Costs:
• The average cost of a data breach in 2023 is estimated to be £3.15 million. (IBM Security)
• It takes an average of 287 days to identify and contain a data breach. (IBM Security)
2. Financial Consequences:
• Businesses can lose up to 7.5% of their market value following a data breach (£750,000 for every £10 million). (Comparitech)
• Fines for non-compliance with data protection regulations can be as high as £20 million. (GDPR.eu)
3. Stolen Records:
• In 2023, data breaches exposed 37 billion records worldwide. (£29.6 billion records) (Risk Based Security)
• The number of records exposed in data breaches has increased by 100% in the last two years. (£18.8 billion records in 2021) (Risk Based Security)
4. Reputation Damage:
• 70% of consumers say they would stop doing business with a company after a data breach. (Security Intelligence)
• Rebuilding trust after a breach can take years. (CSO Online)
5. Industries Affected:
• Healthcare is the most targeted industry, accounting for 35% of data breaches. (HIPAA Journal)
• Financial services and retail are also prime targets. (Varonis)
6. Insider Threats:
• 34% of data breaches are caused by insider threats. (Verizon)
• Employee negligence and malicious intent contribute to breaches. (IBM Security)
7. Phishing Attacks:
• Phishing remains a top threat, with a 44% increase in phishing attacks in 2023. (APWG)
• Social engineering attacks are on the rise. (Proofpoint)
8. Importance of Prevention:
• Investing in cybersecurity can reduce the cost of a data breach by £980,000. (IBM Security)
• Regular security training and proactive measures are essential. (CSO Online)
9. Legal Consequences:
• GDPR violations can result in fines of up to 4% of a company’s annual global turnover (£4 million for every £100 million). (GDPR.eu)
• Compliance with data protection laws is crucial. (ICO)
10. Protecting Your Data:
• Prioritise cybersecurity measures to safeguard your business and customer data.
• Partner with experts like Reflective IT to fortify your defences and stay ahead of threats.
Don’t become another statistic. Act now to secure your data and protect your business.
