Data Breaches Expected to Cost Businesses $5 Trillion by 2024
By now, every business should be aware of the costs associated with a data breach. Unfortunately, such damages are not being contained. Instead, they are rising steadily, culminating in a $5 trillion price tag by 2024, according to the latest report from Juniper Research.
Consumers continually demonstrate a disdain for platforms that can’t protect their data, making opportunity cost one of the most arduous, often immeasurable consequences of a data breach.
At the same time, a recent report notes that cybercrimes are likely to accelerate as hackers deploy increasingly sophisticated technology, like AI, to perpetuate even more disruptive cybercrimes.
However, Juniper Research found that cybersecurity-related expenditures are only expected to increase by 8% over the next four years, meaning that enterprises are turning to other methodologies to protect their data. Most prominently, the report concluded, employee awareness training is seen as the most efficient and cost-effective way to protect a company’s data.
Regardless of the technique, one truth is certain. The cybersecurity landscape will not look the same in four years, and every business needs to be prepared to adapt and meet the shifting challenges of its time.
Australia – TGI Fridays – Restaurant chain operating as a unit of the Sentinel Capital Partners and TriArtisan
Exploit: Exposed database
Risk to Small Business: Severe: A database for TGI Fridays’ Australia customer loyalty program was left exposed to the internet, revealing sensitive customer data. The database included back-up files that contained personally identifiable information but did not include payment elements. The company is encouraging users to change their passwords, and they are partnering with cybersecurity experts to prevent similar problems in the future. However, those efforts won’t be able to reclaim customer data, and the company will face an uphill battle to restore customer confidence.
Risk to Exploited Individuals: Medium: TGI Fridays has not disclosed the specific information exposed in the breach, but users should assume that some degree of personally identifiable information was exposed to the internet. Previous breaches of similar programs saw usernames and passwords compromised, and that information was used to facilitate credential stuffing attacks. Therefore, those impacted by this event should be especially careful to monitor their personal accounts for suspicious activity.
Customers Impacted: Unknown
United Kingdom – Teletext Holidays – Travel company offering short- and long-term beach vacation planning services
Exploit: Exposed database
Risk to Small Business: Severe: In a data breach that is relatively unprecedented in today’s digital environment, Teletext Holidays exposed their customers’ personal information collected from recorded call center interactions. The calls, which took place on April 10, 2016, were exposed on an unsecured database, and they include information from customers speaking with service representatives with recorded dialogue while customers were on hold. The breach will likely spark customer backlash, and Teletext Holidays must work to improve its cybersecurity stance even as they navigate the negative customer dynamics that will almost certainly accompany the breach.
Risk to Exploited Individuals: Medium: The recordings revealed customer data including names, dates of birth, partial payment information, and other sensitive details. In addition, recordings that were made of customers on hold contain personal conversations that constitute a serious breach of privacy for Teletext Holidays’ customers. This data can be used to compile more comprehensive profiles that can proliferate even more extensive cybercrimes, and those impacted need to guard themselves against the risk of identity or financial fraud.
Customers Impacted: 212,000
Being proactive in developing a cybersecurity plan can be the difference in successfully defending a breach or losing millions to a harmful attack.
Protect your data, privacy and reputation, talk to a TCT sales team member today.
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