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The Cost of a Data Breach By @IanKhanLive | @CloudExpo [#Cloud]

A peek into the true costs of a security breach

One of my recent conversations with a Cloud security expert at a conference opened up doors to some new information for me personally. Our conversation was around the current status of the Cloud Industry, the security challenges and how we can make the Cloud more secure and so on. Did you know that security breaches have huge financial implications, for example, an average:

  • 29% of organizations suffer reputation and brand damage
  • 21% of organizations face lost productivity
  • 19% organizations have lost revenue

Moreover in 2013 alone, over 1.5 million monitored cyber attacks took place only in the United States (Source IBM)

In a report published by Ponemon in 2014, the three takeaways after surveying over 600 US-based IT security practitioners were:

  • Many of those surveyed don't believe their companies are properly vetting cloud services for security.
  • Certain activities, such as a rapid expansion of operations, can boost the price tag for a data loss breach.
  • The costliest data breaches for high-value intellectual property occur when a company tries to bring its own cloud.

Furthermore, the implications of security breaches overall have a huge financial implication that takes away from hard earned revenues and profits.
According to Ponemon, "a breach involving 100,000 or more records of stolen personal data could increase from an average of $2.4 million to anywhere between $4 million and $7.3 million. For a theft of high-value IP or confidential data, the costs were estimated to balloon from around $3 million to $5.4 million."

The cost of a data breach is growing every day. The solution is not only to enable higher efficient firewalls, servers and methods, but also look at overall organizational challenges that are holding you back from employing these critical pieces of technology. Sometimes it can be the smallest piece of software or lack of policies that can open the doors to a prying hacker. To know more about enabling a secure document management or ECM solution, check out Solgenia's Enterprise Content Management offering. Send us a shout if you need more info !

More Stories By Ian Khan

CNN Futurist, Forbes Contributor, Author, 3 Time TEDx Speaker and Technology Futurist, over the last 20 years Ian Khan has had the privilege to serve the needs of over 5000 organizations by fueling their growth through technology solutions. He has helped a diverse set of businesses ranging from Technology Companies, Oil Companies, Power Generation & Renewables Operators, Microsoft Ecosystem Partners, SAP Customers and Partners, Healthcare Providers, Manufacturers, Facility Operators, Startups, Educational Institutions, Nonprofits & associations and more. Ian’s experiences with these organizations led him to a unique position of being able to identify the common challenges of growth for all these organizations. The bottom line as he found out, is that we all are hungry for success and want to grow and make a difference. Where we fall short is by failing to understand our environment and taking the right action within that environment. After 20 years serving the needs of the industry Ian’s natural pivot was to answer his calling and help organizations at a broader level understand what tomorrow brings. His work and study of all these organizations brought forward very unique perspectives that he now share through his work. Today, hands down, we live in the great time for humanity. Technology is a great thing, but it also has its victims. Many organizations of tomorrow will fail under the pressure of a fast changing world, much of which is fueled and driven by technology. Ian’s mission is to help organizations avoid that pitfall, and propel themselves into success in today’s era and go from digital disruption to digital transformation in the fastest and most sustainable way. This is the only way, according to him, we can together create limitless value, create solutions that are faced by us locally as well as by others around the globe, and make the world a happier place. Today Ian’s work spans working with people by delivering keynotes, consulting and by promoting his 7 –Axioms methodology through his book and workshops. He is also working on an ambitious project of releasing a documentary in spring of 2018 called Industry 4.0. Industry 4.0 will capture the thoughts and insights of some of the world’s leading thinkers and help us understand the 4th Industrial Revolution, Its Impact, and how we can all be have an opportunity to be part of the emerging future and make the right choices. For more information please visit www.iankhan.com