In a report commissioned by Identity Finder, financial and banking institutions, healthcare providers and retailers stand to lose up to 33% of their customers or patient base after suffering a data breach.
The results were revealed at Infosecurity Europe 2014 and showed:
- 33% of consumers will shop elsewhere if their retailer has been breached.
- 30% of patients will switch healthcare providers if their doctor’s office or hospital has been breached.
- 24% of consumers will switch banks if theirs has been breached.
And this is only the start of things: a drop in customers means a decrease in revenue, which affects profits for the company. Target, who was breached in December 2013, reported a significant loss in revenue following its breach. Additionally, it had to deal with an estimated $61 million (€36 million) cost in expenses to investigate the breach and offer credit-monitoring services. Not cheap, huh?
Can you afford to suffer a data breach?
Going by these statistics, we guess not. Protecting your organisation now will potentially save you millions of euros in the future – an investment that no board could, or should, refuse.
Aligning your business to ISO27001, the international Standard describing best practice for an Information Security Management System (ISMS), will aid your organisation in managing and protecting your valuable data and information assets. It not only keeps your confidential information secure, but provides customers and stakeholders with confidence in how you manage your sensitive data. Find out more about ISO27001 by downloading our free Information Security and ISO27001: An Introduction green paper.
Achieving cyber resilience
ISO27001 is just one of several standards recognised worldwide as keeping your organisation cyber secure and resilient to cyber attacks (also known as being cyber resilient).
- ISO22301: the international business continuity standard that ensures you are prepared for a disruptive incident so that you can continue trading and return to business as usual as quickly as possible after the incident.
- PCI DSS: the Payment Card Industry Data Security Standard that helps to decrease payment card fraud across the Internet.
Together, these three standards will provide you with a robust, internationally recognised framework for being cyber secure and cyber resilient.
IT Governance Publishing’s documentation toolkits are able to fully integrate with each other and will help steer you along the path to achieving cyber resilience. Developed and authored by cyber security consultants, these toolkits offer protection from cyber threats and data breaches at a fraction of the cost of a potential data breach.