| | October - 2020ENTERPRISE SECURITY6News stories about data breaches are sometimes difficult to avoid and even more difficult to digest. Data is increasingly valuable to businesses--especially data related to customers and payments. Data breaches have gained widespread attention as businesses of all sizes become increasingly reliant on digital data, cloud computing, and workforce mobility. With sensitive business data stored on local machines, on enterprise databases, and on cloud servers, breaching a company's data has become as simple--or as complex--as gaining access to restricted networks.Not long ago, a breach that compromised the data of a few million people would have been big news. Now, breaches that affect hundreds of millions or even billions of people are far too common. About 3.5 billion people saw their personal data stolen in the top two of 15 biggest breaches of this century alone. The smallest incident on this list involved the data of a mere 134 million people.As the threat of data breaches continues to grow, it's not a matter of IF an organization will suffer a data breach, but WHEN. The cost to remedy a data breach can be astronomical. Large companies who have to deal with major data breaches have paid out millions to specialists to become compliant once again. According to IBM Security, the average cost of a data breach in the United States is $150 per record.Strong, multi-layered security can be costly for a company to implement internally. Between licensing fees, the cost of whatever hardware a specific security solution requires, and labor required for maintenance and update management, the cost of a full suite of strong security solutions can be immense. Also, since the cloud provider typically handles maintenance and updates for the cloud environment and its security measures, businesses can save labor on these maintenance tasks. This allows a company's internal IT department to focus on other tasks to drive results for the business.Data breaches pose an ongoing threat to personal and financial security, and they are costly for the organizations that hold large collections of personal data. In addition, because so much of daily lives is now conducted online, it is becoming easier for criminals to monetize stolen information. This problem is especially acute for individual citizens, who generally have no direct control over the fate of their private information. Finding effective solutions will require understanding the scope of the problem, how it is changing over time, and identifying the underlying processes and incentives.The Hype and Heavy Tails of Data Breach and FraudEditorialRussell Thomas Managing Editor russell@enterprisesecuritymag.comOCTOBER - 26 - 2020, Volume 06 - 20 Published by ValleyMedia, Inc. ISSN 2691-4034To subscribe to ENTERPRISE SECURITYVisit www.enterprisesecuritymag.com Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorRussell ThomasEditorial StaffAaron PierceAlex D'SouzaAva GarciaJustin S GonsalvesJoshua ParkerSpurthi PatilVisualizersIssac GeorgeSalesAlena D'Souzaalena@enterprisesecuritymag.comContact Us:Phone:510.757.1040Fax:510-894-8405Email:sales@enterprisesecuritymag.comeditor@enterprisesecuritymag.commarketing@enterprisesecuritymag.com*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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