888 865 4261
[email protected]
Login
Facebook
Twitter
LinkedIn
YouTube
logo-bluevolico-white-logo
  • DATA CENTERS
    • Data Centers Locations
    • FLL1 – Fort Lauderdale, FL
    • MIA1 – Miami, FL
    • MIA2 – Miami, FL
    • ATL1 – Atlanta, GA
    • Cross Connects
    • Smart Hands Support
    • BC/DR Workspace
    • Network & Infrastructure
    • Schedule a Tour
  • SERVICES
    • Services Overview
    • Colocation
      • Colocation Overview
      • Quote Request
      • Certifications and Compliance
        • Overview
        • SSAE 16 Compliance
        • HIPAA Compliance
        • PCI Compliance
      • Smart Hands Support
      • Cross Connects
      • Carrier Neutral
      • 95th Percentile Billing
      • Colocation Checklist
    • Managed Services
      • Overview
      • Managed Security Services
      • Managed Firewall
      • Managed Backup
      • Monitoring Services
      • Data Center Migration Services
      • Unified Threat Management
      • Managed Clustering
      • Managed IT Services
      • Load Balancing
    • Dedicated Servers
      • Overview
      • Bare Metal Dedicated Servers
      • Bare Metal Apple M1 Servers
      • Pricing
      • Features
      • Server Specials
    • Cloud Hosting
      • Overview
      • Features
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • Enterprise Hosting
      • Overview
      • Disaster Recovery
      • Business Continuity
      • Industries
        • Healthcare
        • Financial Services
        • Government
        • Retail
        • Media
      • Solutions
      • Anti-DDoS
  • COMPANY
    • About Volico
    • Why Choose Volico?
    • Awards and Audits
    • Testimonials
    • Legal Notices
    • Identity
    • Careers
  • RESOURCES
    • Volico Blog
    • Resource Center
    • Case Studies
    • White Papers
    • Data Sheets
  • PARTNER PROGRAM
    • Overview
  • CUSTOMER SUPPORT
    • Support Center
    • Submit a Ticket
    • Knowledge Base
    • Payment Options
  • CONTACT
    • Contact Us
    • Get a Quote
    • Live Sales Chat
Home Managed Services How Much Can a Data Breach Actually Cost Your Business?

How Much Can a Data Breach Actually Cost Your Business?

February 26, 2018Managed Services, Securityvolico
With growing amounts of personal data being traded between companies and individuals over interconnected networks, a lack of data protection can expose enterprises to unforeseen financial risks. While there is no way to completely eliminate the threat of data theft, businesses that take active measures can limit their exposure to a breach. By implementing a coordinated disaster response strategy with their data centers, companies can minimize the cost of data recovery and limit the financial losses associated with network breaches.

A data breach is a confirmed attack on protected data – often personal or financial information – by an undisclosed or unauthorized third-party.  The most notorious examples frequently appear in media coverage, when a major retailer, bank, or hospital is forced to disclose that millions of their customers’ data have been compromised.

Who Benefits From Stealing Data?

A breach is like a digital bank robbery, but instead of money, criminals steal information that is valuable to either individuals or corporations (or both). Credit card information, health records, social security numbers, and accounting data are prime examples of data that can be sold on the black market via the dark web. Selling this information can be highly lucrative and is often difficult for authorities to trace. For this reason, it is always best that enterprises have a plan in place for protecting data and handling possible attacks in the future.

Financial costs associated with these types of attacks are typically millions of dollars.  The total cost depends on several factors, including the amount of data exposed, the value of the data lost, and the expenses associated with creating new security measures.  Three principal values will determine the cost of a breach:

    1. Intellectual Property.   Trade secrets, patents, investment strategies, and designs, can be very damaging if exposed to competitors.  It is crucial not only to store this data correctly but to give it a proper valuation to make an accurate insurance claim if necessary.  
    2. Financial Information.  The loss of financial data exposes companies and their customers to continued attacks in the future.  Once financial information is stolen, it triggers a process of closing and reopening accounts that can be very costly to both individuals and corporations.  If the breach is not immediately recognized, criminals can potentially use company funds to execute transactions for themselves or their criminal organization.
  • Brand.  Consumers depend on enterprises to store important data securely.  When a breach occurs, it is better for customers to hear from you directly, rather than on the news.  When vital data is stolen, the reputation of the company that stored it takes a hit, which in turn will require a substantial investment in new infrastructure and marketing to bring consumers back to the brand.

Once response teams have determined the extent of the breach, it will cost additional time and money to find a combination of hardware and software solutions that will prevent data loss in the future.  To avoid the possibility of recurring attacks, it is essential that enterprises choose data providers that can regularly update their security features and hardware.

Are You Prepared to Prevent Data Breaches?

According to the Ponemon Institute’s 2017 study*, data breaches that involved less than 10,000 records cost businesses roughly $5 million.  As more information is shared between companies and individuals, the value of protecting information will continue to grow. To find out more information about how to take the precautionary steps the avoid catastrophic data loss, we recommend you contact Volico today.  Our team will guide you through the certifications and compliance that allow our data centers to minimize risks and create emergency response plans.

Discover how Volico can help you with your Managed Security needs.

•  Call: 888 865 4261
•  Chat with a member of our team to discuss which solution best fits your needs.

Tags: cyber security, Cybersecurity, Data Breach, Data Protection, Data Security, Data Theft, managed security
Previous post What is Cloud Sprawl and Why Should We Worry About It? Next post Why Are Ransomware Developers Dropping Bitcoin for Monero / XMR

Related Articles

Why Cyber Criminals Choose Cryptocurrency

Why Are Ransomware Developers Dropping Bitcoin for Monero / XMR

April 16, 2018volico
GDPR Compare to HIPAA

How Does GDPR Compare to HIPAA?

May 14, 2018volico

Volico Data Centers Completed its 2019 SOC 2 Type 2 Audit for Its Data Center Portfolio

July 18, 2019volico

Recent Posts

  • How Apple’s M1 Performs Against Intel 11th Gen Core and AMD Ryzen 4000
  • Data Center RedundancyWhat’s The Difference Between Data Center Redundancy 2N vs. N+1
  • Bare Metal Server or Cloud ServersBare Metal Server or Cloud Servers? What’s The Difference?
  • Data Center MigrationHow Do You Start Planning A Successful Data Center Migration?
  • SolarWinds Data BreachWhat You Need To Know About SolarWinds Orion Security Breach

Resources Library

Categories

  • Backup and Storage
  • Blog
  • Cloud Hosting
  • Colocation
  • Compliance
  • Data Center
  • Dedicated Server
  • Disaster Recovery
  • Enterprise Hosting
  • Internet of Things
  • Managed Services
  • Monitoring Services
  • Products & Services
  • Security

Tags

24/7 Technical Support Backup Business Continuity Carrier-Neutral Cloud Compliance Cloud Computing Cloud Hosting Cloud Security Cloud Virtualization Colocation Compliance compliant hosting Connectivity Cybersecurity Data Center Data Recovery Data Security Data Storage DDoS Mitigation Dedicated Server Disaster Recovery Facilities High Availability HIPAA Compliance IoT Managed Backup Managed Cloud Managed Colocation Managed Dedicated Servers Managed Firewall managed security Managed Services Migration Services Monitoring Services PCI-DSS PCI Compliance Ransomware Redundancy Reliability Scalability Security Service Level Agreement SSAE 16 Compliance Tier IV UTM
SERVICES
DATA CENTER & COLOCATION
MANAGED SERVICES
CLOUD SERVICES
DEDICATED SERVERS
COMPLIANT HOSTING
ENTERPRISE HOSTING
SOLUTIONS
INDUSTRY SOLUTIONS
DISASTER RECOVERY
BUSINESS CONTINUITY
DDOS MITIGATION
MIGRATION SERVICES
DATA CENTER SERVICES
SMART HANDS SUPPORT
CROSS CONNECTS
BC/DR WORKSPACE
SECURITY & COMPLIANCE
CARRIER NEUTRAL
 
DATA CENTER LOCATIONS
MIA1 – MIAMI, FL
MIA2 – MIAMI, FL
FLL1 – FORT LAUDERDALE, FL
ATL1 - ATLANTA, GA
CHI1 - CHICAGO, IL
COMPANY
ABOUT VOLICO
PARTNER PROGRAM
WHY VOLICO DATA CENTER?
AWARDS AND AUDITS
TESTIMONIALS
CAREERS
RESOURCES
RESOURCE LIBRARY
VOLICO BLOG
CASE STUDIES
WHITE PAPERS
DATASHEETS
CONTACT
SALES & SUPPORT: 888.865.4261
CONTACT US
GET A QUOTE
LIVE CHAT
SCHEDULE A TOUR
 
SUPPORT
SUPPORT CENTER
SUBMIT A TICKET
Facebook
Twitter
LinkedIn
YouTube
Legal NoticesPrivacy PolicyTerms of UseAcceptable Use Policy
© 2021 Copyright © Volico Data Centers. All Rights Reserved