A business suffers in a lot of ways once someone successfully infiltrates and extracts sensitive information. There’s always a risk in your data being stolen, that’s why it’s essential to implement an effective security measures against anyone that might steal any information.
Hackers steal business data because they can use it to make money. The virtual world operates through information. Sensitive data are being stolen all the time since they have value on the black market. They also use personal information for identity theft, fraud, or even blackmail to make money off their victims.
For businesses, they mostly have to watch out for their log in credentials across any online platforms like their usernames and passwords. If cyber criminals have access to a company’s accounts, then thieves would make a lot of profit from the information stored in them. It also runs the risk of having their business strategies, client lists or software being stolen from them.
It could even get worse once classified information gets stolen from them. Classified information consists of technologies being developed, product ideas, security information or any material that can’t be divulged to the public and especially to your competitors. In the wrong hands, this highly valuable information can cause a lot of damage to the company.
When you fall victim to security breach, the biggest consequence is dealing with financial repercussions. It can cost any company lots of money to resolve since you have to compensate for the damages the breach done and pay for the protection to ensure it won’t happen again.
On top of that, the company’s reputation could also take a hit. Customers could lose confidence in the business and won’t feel that their data is secure. The breach could also put off any future prospects.
In this infographic by Telemessage, find out which companies have suffered the worst from data breach throughout the history.