Screenshot of leaked data. Credit: Twitter[/caption]on the cloud could be at risk. These data leaks throw up many issues and raise questions about serious security loopholes. Cyber security vulnerabilities compromise data belonging to users, security agencies, confidential national secrets, etc. Security breaches are a major risk and serve as a wake-up call for organizations to rethink their approach to online security.
“There are only two types of companies: those that have been hacked, and those that will be.” – Robert Mueller FBI DirectorHackers and criminal insiders cause the most data breaches. According to a recent study on data security breach by Ponemon Institute (an agency working on privacy, data protection and information security policy) organizations in India, the Middle East, and the United States had the largest average number of breached records with India being an apex sufferer.
Unsettling data breaches cost, IndiaAccording to the IBM study: The Cost of Data Breach conducted by Ponemon Institute,
- The average cost of a data breach in 2017 grew 12.3% from ₹97.3 million in 2016 to ₹110 million in 2017.
- Data breaches caused by malicious or criminal attacks cost companies ₹5,100 per compromised record.
- System glitches and negligence (i.e. human error) cost ₹3,545 and ₹3,651 per record, respectively.
- The detection and escalation costs increased from ₹32.4 million in 2016 to ₹36.7 million in 2017.