The who, what, where of data breaches

Did you know the average data breach costs businesses an estimated $4 million?

This figure takes into account hundreds of cost factors from legal, regulatory, and technical activities, loss of brand equity, customer turnover, and drain on employee productivity. Not many businesses could survive that type of financial impact. Let us help you break down what this means and how you can mitigate the risk to your business.

What is a data breach?

The Australian Cyber Security Centre (ACSC) defines a data breach as an instance when sensitive and personal information is compromised by an unauthorised person. Personal information in the wrong hands can lead to serious risks for both a business and individuals. Data breaches are also referred to as a ‘data spill’. A data breach can be in the form of a malicious hacker, hardware/software failure, or simply human error. 

Who is at risk of a data breach?

Anyone is at risk of a data breach. Regardless of if you’re an individual, sole trader or one of the largest companies in Australia, businesses of all sizes can be at risk when the correct precautions aren’t in place.

Where can you improve your cyber security to minimise a data breach? 

ITeam Consulting has a previous blog post (which you can read here) that outlines some steps to take to minimise the risk of data breach and cyber attack on your business.

At a minimum, you can implement the below recommendations to improve password security:

• Regularly reset passwords 
• Increase password length and complexity and implement a lockout for multiple failed attempts
• Avoid using the same password across critical services such as banking and non-critical services such as social media sites
• Use a passphrase instead of a password that is not based on simple dictionary words or a combination of personal information
• Ensure new passwords do not follow a recognisable pattern: this reduces the risk of intelligent brute-forcing based on previously stolen credentials.

Of course, there is much to consider beyond password/passphrase security. Avoid feeling overwhelmed or vulnerable to a data breach; register your interest today in our FREE Cyber Security Audit and we can help you and your business avoid a data breach.