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Costs of lost data rises 68% in five years

moneydrainData loss is never a good thing, but it's actually gotten worse (not better) in terms of cost due to the loss. This article by Karl Flinders is quick to point out that response times to and preparation for data loss has gotten much better, despite the increasing cost. The article goes on to indicate the source and long term effects of data loss: 


Over a third (36%) of breaches were caused by negligent employees or contractors, according to the report. “Businesses need to show that they are aware of this and be seen to react in an appropriate way,” said Jones. “They need to take protective measures to proactively monitor the level of control and the access to company data that they give to individual employees and prevent accidental or purposeful misuse.” While the study found customers are now less likely to stop doing business with an organisation that has a data breach, certain industries, such as financial services or pharmaceutical companies, remain more susceptible to customer churn, causing the cost of their data breaches to be higher than the average. 

As data storage and security continues to grow (in particular, with the rise of the cloud), so will the concern and potential for risks. The successes will come from proactive risk analysis, mitigating the damage if incidents do occur, and identifying all stakeholders involved.

About Anne Grybowski

Anne is a former staff writer for CAI's Accelerating IT Success, with a degree in Media Studies from Penn State University.

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