|By Ian Khan||
|April 5, 2015 04:00 PM EDT||
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 !
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