Post by account_disabled on Mar 6, 2024 18:24:07 GMT 10
Develop an incident response plan Conclusion As more businesses connect to the internet personal customer data becomes even more important to hackers who exploit it on the dark web. With Black Friday Cyber Monday and the upcoming holidays as a business owner you can expect an increase in website traffic and with it an increased risk of data breaches. Protecting customer data during these peak shopping seasons is crucial to your business in terms of brand reputation and trust customer loyalty and protection compliance with laws and prevention of cyber attacks. Increased cybersecurity threats Customer data leaks have become one of the biggest security threats of our time. According to Statista as of the global average cost per data breach amounted to . million although the average cost varies across sectors.
The highest average cost is recorded in the healthcare industry Portugal Mobile Number Listeach leak cost the affected party . million. In the most common cause of a cyberattack in the US was email phishing according to data from Statista. Some other common threats that retailers and consumers face include website malware and ransomware data breaches identity theft and others. The implications of data breaches All of the cyber attacks mentioned above can have a huge negative impact on your business. Lets explore some ways why data security is important Impact on customer trust and brand reputation means that customers have trusted you with their personal data. If you suffer a data breach even if it is not your direct fault your customers will lose trust in your business. In turn this will result in lost customers and profits.
Damage to brand reputation and negative public relations are the other longterm damages. Legal and regulatory consequences A data breach will cost your company not only customers profits and reputation but also great financial losses. On the one hand you can be held liable for not complying with privacy regulations which in turn can lead to a lawsuit with financial consequences i.e. regulatory fines. For example if you collect personal information from EU residents the applicable law for your business will be the GDPR General Data Protection Regulation or if you collect consumer data from residents of California USA you will be subject to the GDPR. The California Consumer Privacy Act CCPA etc. These regulations and laws will apply if your customers are residents of these countries even if your company is not located there.
The highest average cost is recorded in the healthcare industry Portugal Mobile Number Listeach leak cost the affected party . million. In the most common cause of a cyberattack in the US was email phishing according to data from Statista. Some other common threats that retailers and consumers face include website malware and ransomware data breaches identity theft and others. The implications of data breaches All of the cyber attacks mentioned above can have a huge negative impact on your business. Lets explore some ways why data security is important Impact on customer trust and brand reputation means that customers have trusted you with their personal data. If you suffer a data breach even if it is not your direct fault your customers will lose trust in your business. In turn this will result in lost customers and profits.
Damage to brand reputation and negative public relations are the other longterm damages. Legal and regulatory consequences A data breach will cost your company not only customers profits and reputation but also great financial losses. On the one hand you can be held liable for not complying with privacy regulations which in turn can lead to a lawsuit with financial consequences i.e. regulatory fines. For example if you collect personal information from EU residents the applicable law for your business will be the GDPR General Data Protection Regulation or if you collect consumer data from residents of California USA you will be subject to the GDPR. The California Consumer Privacy Act CCPA etc. These regulations and laws will apply if your customers are residents of these countries even if your company is not located there.