Data security is more important than ever.
Our world is continuing to evolve digitally. As a result, an increasing number of enterprises will have their data stolen or compromised by cyber criminals.
The Cost Of A Data Breach
Ponemon Institute’s recent global study estimated the average cost of a data breach. This cost was USD $3.86 million, or USD $148 per record. In addition, the study also put the “likelihood of a recurring material breach over the next two years” at 27.9 percent.*
Australian legislation requires reporting of serious data breaches. The Office of the Australian Information Commissioner (OAIC) administers the Notifiable Data Breaches (NDB) scheme, by enterprises with a turnover of more than $3 million. Under the scheme, enterprises regulated by the Privacy Act 1988 (Cth), must inform the OAIC and affected individuals of any serious breach. Failure to report a serious data breach can result in penalties of up to $1.8 million.
The Federal Government is drafting legislation to bolster the Privacy Act 1988 (Cth), it’s clear that enterprises need to take data security even more seriously. Any enterprise concerned about risk management needs to ask itself several questions:
- When was the last time we assessed our IT security?
- What are our current levels of IT security like?
- Do we have a data breach response plan in place?
- Have our IT systems been compromised in the past?
- What can we do to prevent or minimise a data breach in the future?
The answers uncovered during this process may be surprising and alarming to many organisations.
What should you do next?
In summary, it’s never too late to protect the enterprise from a potential data breach.
- Network security
- Application security
- Database security
- Information security (InfoSec)
- Operational security (OPSEC)
- Disaster Recovery (DR) & Business Continuity Planning (BCP)
* 2018 Cost of a Data Breach Study: Global Overview (research conducted independently by Ponemon Institute LLC and sponsored by IBM Security)