With some of the biggest companies in the world being hit by data breaches in the last few years, it’s hard for their loyal clientele to feel safe from cyber-attacks. Every business type from major banks to video game servers and healthcare providers has been hacked in recent months. And every time someone hears of a new data breach, it’s hard not to feel uneasy at the thought that you could be next. Most have heard stories of someone they know becoming a victim of cyber-attacks but what does a data breach end up costing the businesses involved?
What Does a Data Breach Cost in 2019?
According to recent reports, data breaches cost businesses an average of $150 per record accessed. While that may not seem like a large sum for smaller businesses, when you think of companies that trade on a global scale with millions of customers—the final costs can be huge. The overall cost for a data breach in 2019 also depends on the country and industry in question as well. But on average, reports indicated that big data breaches cost companies anywhere from $1.25 million to $8.19 million. These numbers are up 1.5 percent from 2018 and a staggering 12 percent from 2014.
But which industry was the biggest target of cyber-attacks in 2019? New information indicates that healthcare was the industry that experienced the most expensive data breaches, with the average total cost of a healthcare data breach costing $6.45 million. The leading cause of data breach issues in 2019 was related to malicious and criminal attacks, followed by system glitches and neglect or human error.
Which Companies Are Most Vulnerable to Cyber Threats?
Researchers believe that the online gaming industry and cryptocurrency companies may be the next big target for cybercriminals and malware operators. For those with a business that deals with online gaming or cryptocurrency, user credit card data is the most vulnerable to hackers. And researchers warn that once this information has been obtained, it may be easier for hackers to gain access to additional personal and financial information.
How Can You Protect Your Company?
The cybersecurity landscape is ever-changing, making it extremely difficult for business owners to keep up. It’s common to find that once you’ve successfully blocked one cyber threat, another is lurking just around the corner. These continuously evolving threats make it necessary for companies to invest in comprehensive cyber liability insurance to protect their customers and their bottom line. Additionally, ongoing training and plenty of preparation for security engineers are key to avoiding falling victim to a data breach.
About Axis Insurance
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.