Are You at Risk of a Data Breach? This Infographic Will Help You Prepare

Are You at Risk of a Data Breach? This Infographic Will Help You Prepare

Dec 18, 2015 | Data, Data & Cybersecurity, Data Breach

Data breaches are a significant business threat across every industry; no one is immune. The impact of a data breach on a financial institution, however, can be particularly grievous, and the threat is only likely to grow in 2016.

According to data from the Identity Theft Resource Center, there were 28% more data breaches in 2014 than the previous year. As of Dec. 8, 2015, the ITRC had recorded 732 breaches that exposed more than 176 million records; 66 of them were in the financial services/banking segment. Clearly, the rate of breaches is not flagging, and what’s more, their ability to damage a company’s bottom line seems to be escalating.

High-profile breaches like the Anthem breach in 2015 (80 million records) and the eBay breach in 2014 (145 million records) have captured the public’s attention; your customers are likely heading into 2016 far more aware of data breaches and their link to elevated identity theft risks than they were a few years ago.

This greater consumer awareness accounts for at least part of the cost of post-breach recovery for companies. The average data breach costs companies $6.5 million, according to the Ponemon Institute. In fact, the financial industry has one of the highest breach costs — $259 per record, making it third behind healthcare and pharma concerns, Ponemon reports. What’s more, financial institutions experience the highest level of post-data breach churn of any industry, coming in at 7.1%.

To help financial institutions better understand data breach realities, risks and preventive measures, we’ve put together an infographic. You can download it here, learn more about how a data breach might affect your financial institution and what you can do to mitigate potential damages — including abnormal churn.

Paul Bjerk is a Fraud and Risk Products Leader with Shared Assessments Program member, Deluxe Corporation. Connect with Paul on LinkedIn.

Reposted with permission from Deluxe Blogs

Sabine Zimmer

Sabine is Vice President of Marketing and Sales for Shared Assessments. Sabine enjoys collaborating across teams to build a stronger risk management community. When she's not at work, she is outdoors in the Southwest with her family.

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