Many business leaders and information security/ IT professionals are still on high alert due to the massive impact and repercussions of 2017’s Equifax breach. Data breaches have become a top ten threat facing businesses today and data breach preparedness is now part of corporate DNA.
Not only do these breaches carry a negative financial impact for the companies who have been compromised (the Equifax breach is now estimated to cost over $400 million), but when personal information is exposed, it significantly increases the risk of identity theft. It’s been reported that breach victims have a 1-in-3 chance of having their identity compromised by a fraudster.
If your employees have their personal information compromised, they may need to miss anywhere from days to hundreds of hours of work to restore their identity. This severely impacts productivity and could even cause your company to forfeit potential business opportunities due to the disruption in continuity. Not to mention, if the data breach was internal, it could also severely impact morale and loyalty. Remember, employees want to feel protected and secure!
The Numbers are Harrowing:
- A Stressful Situation | Identity theft is a major catalyst for long-term stress, as 66% of all data breach victims reportedly experience direct financial losses.
- No Peace of Mind | 48% of respondents in a recent survey believe that their identity was at risk for years after a single data-breach incident. This percentage is likely to skyrocket in the wake of the Equifax data breach.
- An Uncontrollable Fear | Identity theft has been identified as the 8th biggest fear among Americans, exacting a significant toll on their confidence and emotional state both at home and at work.
The reality is that data breaches are, and forever will be, a part of our lives. Personal information is everywhere, making us all susceptible to cybercriminals and identity thieves. The good news is that more-and-more employers have increased their awareness, are listening to their employees’ fears, and want to ensure they are doing everything they can to protect their employees and their families.
Each of the past five years has seen, on average, 1,704 security incidents, impacting nearly 2 billion records. In 2017, 179 million records were exposed because of data breaches – the most in recorded history. Unfortunately, in our increasingly digital world, this trend has shown no sign of slowing. That is why at IdentityForce, we’ve put together a new business handbook, Risky Business: The Impact of Today’s Data Breaches on Your Organization & Your Employees.
Global IT security spending is projected to be over $100 billion, and 70% of American employers are expected to offer identity theft protection as a benefit in 2018. But will this be enough?
Download the new business handbook today to know what to do for your business and your employees.