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The Rising Costs of Data Breaches – An Expensive Hit to Enterprises Across the Globe

Data privacy is all about users’ personal data collected, stored or used by an organization, but are organizations doing enough to keep this data protected from unauthorized access? The sharp rise in data breaches and cyberattacks are an indication that most businesses are losing the battle against the hackers. And the battle is turning out to be an expensive one, reminding businesses across the world that cybersecurity should not be an afterthought but integrated into their business strategy.

Regulations likes GDPR, CCPA and HIPAA were established to improve the security level of organizations and protect user privacy and security. However, according to a recent Forrester report, The Top Trends Shaping Privacy in 2019only 36% of global security decision makers say they are fully compliant with GDPR.

Consequences of Non-Compliance

Fines and penalties are the on the rise, increasing pressure on businesses to comply with data privacy rules. And as a consequence of non-compliance, businesses are witnessing a major hit on their bottom line as the fines rise and reduced consumer trust affects the overall business.

Recent news includes some of the biggest numbers in fines and restitution.

  • FTC slaps Facebook with record $5 billion fine, orders privacy oversight.
  • British Airways faces a record $230 million fine after a website failure compromised the personal details of roughly half a million users.
  • Marriott International faces a potential £99.2 million ($123.6 million) fine for failing to protect passenger data after a hack last year.

The recent onslaught of fines is a holler to all that compliance is critical, and user privacy regulations and laws are here for real. It’s easy to see how small, mid or large enterprises could get hit hard on their bottom line and reputation. Survival of smaller companies that do not have billions of cash stashed way to pay the fines also comes into question.Trends Shaping Security Compliance Landscape

Proactive rather than Reactive

From the lessons learnt from these massive online security breaches, it is essential to ensure security and compliance by implementing best cybersecurity practices to make data breaches preventable. A proactive approach to integrating cybersecurity practices into the business strategy can protect against data loss and leakage and threats to data privacy— and empower organizations with the ability to respond to threats quickly and accurately.

As organizations depend on software applications to grow their business, it is essential to secure the applications to detect and block threats before they become an attack. By taking a systematic, risk-based approach to evaluating and addressing cybersecurity vulnerabilities earlier in the software development life cycle, organizations can immensely improve their security posture.

The award-winning WhiteHat Application Security Platform combines technology with human intelligence to deliver the most powerful and accurate application security. By embedding security within the entire software life cycle, businesses can get greater visibility into potential vulnerabilities, access to faster, more accurate threat response and can address compliance at the same time.

 

Trends Shaping Security Compliance Landscape

Cybersecurity requirements are rewriting the business strategies in today’s world, and it’s encouraging to see that the global security technology decision makers are rating improving application security as a high or critical priority. According to the Forrester report, The State of Application Security, 2018, the spend on application security solutions will more than double over five years, from $2.8 billion in 2017 to $7.1 billion by 2023.

A recent KPMG 2019 Global CEO Outlook survey cites cybercrime as one of the top three threats to growth of their organization. Investing more in cyber risk reduction is a requirement and a responsibility that all enterprises must undertake immediately to create a more secure digital world.

It’s up to the organizations to go to greater lengths to protect sensitive data, meet compliance and continue to invest in platforms and services that help secure applications, networks and devices. Every dollar spent on cybersecurity implementation is an investment against reputation damage and toward building customer trust. As the Forrester report aptly states: “terms like data protection, privacy program, and compliance won’t get the attention of business partners, but customer trust, revenue growth, and ethics will.”

Learn how WhiteHat Sentinel platform combines automation, Artificial Intelligence technology and human intelligence to deliver unparalleled application security testing to secure the applications that run your business.