High-profile data breaches are making headlines all the time. From Capital One to Equifax, it seems like no business is immune from the possibility. Unfortunately, the actual numbers are as dispiriting as the headlines. 71% of enterprises reported having at least one data breach in 2018.
That kind of information can make it seem like suffering from a data breach is inevitable, but it’s not. Just because they’re common doesn’t mean you can’t protect your own business from a data breach. Doing so isn’t just possible, it’s necessary. The consequences of a data breach can be severe.
Businesses are the victims of two different types of data breaches:
This is the most common type of breach and the one we see most often in news headlines. It’s when a hacker manages to gain access to user data you’ve collected, such as account names, passwords, credit card numbers, or social security numbers.
Corporate espionage breach is less common, but potentially just as damaging. It’s when someone from outside the company manages to access proprietary information. When companies use products like Jira, Confluence, and Bitbucket, they often put all their product plans in the software. If a competitor identifies a vulnerability in the software and uses it to get ahold of your trade secrets, you could lose your competitive advantage. Or if a hacker accesses them, he/she can sell them to the highest bidder.
Both types of data breaches have significant consequences. They hurt your company’s reputation, lose you the trust of your customers, and cost money to fix.
An IBM report put the average financial cost of data breaches in the United States at over $8 million. Who can afford that, especially when preventing a data breach can be much cheaper?
A few simple steps can go a long way toward reducing the risk of a data breach.
• Offers SSL for all applications that run on it
• Applies security patches quickly by default
• Provides options for limiting who has access to your applications
With Codefactori, everything you do in the cloud runs on a secure socket layer by default. As a rule, security patches are automatically applied in 48 hours or less. For companies that choose to set up a closed system, Codefactori makes sure no unauthorized access occurs. For those that need an open system, we track usage to catch unusual access quickly before any damage is done.
Codefactori’s security features are all designed to keep your data safer, so your company doesn’t have to worry about being the victim of the next high-profile, costly data breach.