These days, data breaches are in the news on a weekly basis. They’re becoming more and more frequent, and they impact all types of organizations, big or small. While we often hear about data breaches happening to large retail stores, where credit data is compromised, other types of data can be at risk too, including communications data for organizations like yours.
Without adequate security you’re at risk of data breaches, data loss, insecure APIs, account hijacking, and more. Security failures like these lose companies millions each year- they even put many companies out of business. In short, you need to secure your communications data. If you’re renewing your current communications contract or considering a new provider, it is crucial that security is part of your decision making process. But first, you need to understand what you’re looking for. What kind of security do you need? How can you communications vendor help with security? And how is security even put into place?
Before you can put adequate security in place, you need to understand the true risk of a data breach. This will help you understand what kind of security you need to protect your data.
The average cost of a data breach worldwide is $3.92 million. The average data breach cost in the U.S. is $8.19 million. And the average size of a data breach is 25,575 records. These are scary numbers. But the cost of a data breach is more than a lump sum or record count. It affects every facet of an organization. To break it down, imagine a company with 200 employees that just got hacked- over 25,000 records were compromised. First and foremost, the company will likely be sued. This could cost the company $4 Million. On top of being sued, there will also be fines from the EU, which can be up to 4% of the company’s top-line revenue. To add insult to injury, the company’s customers and prospects are now concerned about the security of their confidential information; a recent study of data breaches in the UK found that a typical company loses about 2% of its value after a breach. Other studies have shown that loss of customers’ accounts for 36% of the cost of a data breach.
When your communications data lives in the cloud, it is subject to risk, purely because the data is accessible from many locations. And a data breach can cost you a lot. In fact, 26% of businesses will experience a major security threat in the next 24 months. And of those businesses, 60% of impacted small businesses will go out of business after a security breach. Adequate security mitigates your risk. That’s why it’s pivotal to select a cloud provider that considers the security offerings of their cloud solution to be a crucial service. Security isn’t something that they should be adding on- it should already be built into their communications packages.
In short, when it comes to cloud communications, security is already part of the package and cost. That being said, security is a crucial part of your cloud communications decision making process. You need to review each vendor’s security to see what they will deliver. After all, if you were to lease a car, you would take a look at what maintenance is included in the contract. Is the maintenance plan adequate to protect the car and extend its longevity? Or are you paying a lot for nothing? You need to guarantee that you have the right security in place to protect your communications data, so that you can relax and take full advantage of the cloud.
When you start evaluating the security delivered by your potential vendors, you need to understand what you’re looking at. What does security mean in the cloud? How can your cloud vendor implement a service that will mitigate your risk? Security is broken down as much by what it is not as by what it is: