When sensitive enterprise information or files containing personal details of data like email addresses, full names or financial account numbers are compromised, the result is a data breach. Additionally, if information is deleted, altered or stolen, this can also constitute such an event. Breaches can be caused by a malicious attack, by negligence on the part of personnel or simply through an accident or natural disaster.
However, when they occur, data breaches always have potentially serious consequences. The extent of the effects of a breach are determined by many factors, chief among them being whether the company acting as the data handler was remiss in their duties to protect the information exposed. The impact of a breach can be divided into two main categories, short and long-term consequences and, in this blog, we’ll detail what can come to pass.
Data breaches are disruptive leading to loss of productivity. Events must be examined, and a report issued to the Information Commissioner’s Office (ICO). They will want to know the extent of the breach, how it occurred and what data was exposed, among many other details. If they discover that a firm has been negligent, they can issue massive fines which can add up to millions of pounds. Data subjects must also be informed and may seek out financial compensation.
A forensic investigation into the cause of the breach must be undertaken and remediation measures adopted. A technical solution may need to be purchased and deployed to prevent a breach occurring in the future. Both investigations and remediation can be expensive for enterprises, and combined with fines and pay-out to subjects, can be financially crippling.
In the long-term, companies can face public embarrassment and a damaged reputation. This can lead to customers taking their business elsewhere and a loss of trade. A breach can also result in a lack of confidence in a company and see its stock value plummet. In some instances, a data breach can close a company entirely.
Avoid a data breach at your company today.
With such dire consequences on the horizon, taking steps to mitigate the chance of a data breach makes good sense. At Galaxkey, we have designed our secure system with the challenges faced by Chief Information Officer’s (CIOs) in mind. No back doors are present in our system for a malicious actor to gain a foothold, and passwords are never stored where they can be harvested by hackers.
We offer a cutting-edge encryption solution that wraps all your data and communications in three layers of dedicated protection. Easy to use, our system is suited to even the least tech-savvy members of your team, ensuring it is used efficiently. Approved by the NCSC, it can help you prove that you have taken adequate measures to safeguard the data in your care and avoid a breach.
To access a free trial of our system by contacting us today and stamp out the chance of a breach at your business.