As we embark on the new era of business technology, there is growing a concern regarding IT security, data recovery services and the damage data loss can cause to businesses. From social media account hacks of Presidential candidates, to data breach of multinational enterprises, it seems that no one is safe from malicious attacks.

Hackers and attackers are getting better by the day, and with business not keeping up with their security measures, are making things even easier for them. Even the simplest issue can end up causing business in millions, damage their productivity and put their reputation at risk.

That is why it is crucial for businesses to keep up with the latest news and trend revolving IT security to get a better understand of how vulnerable they are, and how much a security breach can impact them. If you are a business owner looking to invest in security and data recovery services, check out the following article to know more about how data loss can affect business:

Data Breach Costs Rising, Now $4 million per Incident

IBM Security today announced the results of a global study analysing the financial impact of data breaches to a company’s bottom line. Sponsored by IBM and conducted by the Ponemon Institute, the study found that the average cost of a data breach for companies surveyed has grown to $4 million, representing a 29 percent increase since 2013.

Cybersecurity incidents continue to grow in both volume and sophistication, with 64 percent more security incidents reported in 2015 than in 2014. As these threats become more complex, the cost to companies continues to rise. In fact, the study found that companies lose $158 per compromised record. Breaches in highly regulated industries were even more costly, with healthcare reaching $355 per record – a full $100 more than in 2013.

Slow Response and Lack of Planning Cost Companies Millions

According to the study, leveraging an incident response team was the single biggest factor associated with reducing the cost of a data breach – saving companies nearly $400,000 on average (or $16 per record).  In fact, response activities like incident forensics, communications, legal expenditures and regulatory mandates account for 59 percent of the cost of a data breach. Part of these high costs may be linked to the fact that 70 percent of U.S. security executives report they don’t have incident response plans in place. Read full article here…

Research shows a significant percentage of business are yet to bring their IT security measures up to standard, using backdated systems with poor encryption policies.

Survey Points To 75% Organizations With Poor Cybersecurity

RSA research says nearly half of surveyed companies show their incident response capabilities to be nonexistent.

Incident response capabilities of organizations are underdeveloped and 65% are more likely to adopt mature capabilities only after their business experiences an incident, according to the new RSA Cybersecurity Poverty Index.

This was the second RSA Cybersecurity Poverty Index conducted by the security division of EMC and designed to get organizations to assess their cybersecurity programs using the NIST Cybersecurity Framework as the yardstick.

The study found that companies invested in detection and response technologies are better placed to ward off cyber attacks than organizations that have just perimeter protection. An important improvement from the 2015 survey was an increase in the number of organizations with better capabilities, rising from 4.9% to 7.4%. The research also revealed that for the second straight year, respondents with significant cybersecurity risk exposure stand at 75%. Read full article here…

Another spectrum of IT security threats comes from email scams, taking advantage of unsuspecting and trusting businesses. Find out more on the following article:

FBI: EMAIL SCAMS TAKE $3.1 BILLION TOLL ON BUSINESSES

Business-related inbox scams are reaching epidemic levels with the total cost to business reaching a whopping $3.1 billion. The dire warning comes from the FBI that says skyrocketing losses represent a 1,300 percent increase since January 2015. Identified by the FBI as business e-mail compromise (BEC) crimes, the scams attempt to trick email recipients into money wire transfers, forwarding sensitive employee data such as W-2 data, paying fake invoices, or hijacking employee email accounts in order to use stolen email identities to win the confidence of scam targets.

The FBI has stepped up its BEC awareness campaign less than a month since it released its annual Internet Crime Complaint Center (IC3). In that report, the FBI reported U.S. businesses were hit hardest by BEC scams in 2015 with 7,838 complaints and losses of more than $263 million. See full post here…

It is upto business to take into account the serious risk of data and financial loss that can cause businesses to even shut down. With aid of proper IT experts, it is time to get started on creating concrete security solutions and breakdown IT security barriers for a sustainable and safe future.