The problem of data breach has become universal and it is getting severe and severe every day. There are different channels from which data gets leaked. Most commonly, data is leaked through hackers' attacks. When you talk about the data breach, the first thing that will pop up in the mind of a layman would be hackers' attacks. Statistics reveal that almost 38 percent of the data is leaked only due to the attacks on the database by the cyber criminals. This kind of data breach also proves to be the costliest one as it can make you suffer a loss in millions of Dollars and it has proven itself several times in the past.
Another big source of losing data is through the portable data storing devices such as USB flash drive. The USB flash drive sizes not more than a couple of inches, still, it has a great capability of storing huge amount of data. Due to its small size, these small portable data storing devices are extremely difficult to keep safe, as it is prone to getting lost or stolen. Surveys have proven that a quite high percentage of lost or stolen USB flash drives contain unsecured confidential data. These devices do not have much built in security measures that can make the data secure, so, the data saved in them can easily be fetched out.
Nowadays, you see almost everybody holding a smartphone. These smartphone has become an accessory as well as a bit of necessity as it can perform quite bit functions of a computer. iPhone tops the list of smartphones. Every year, hundreds and thousands of iPhones gets lost or stolen. As people also use this smartphone as a portable data storing device from which they can operate their data too, so there is a fair possibility of leaking data if someone loses his/her iPhone. It has also become a big source of losing data.
IT experts have started to rate the insider employees of a company as a big source of data breach. The employees of the companies intentionally or unintentionally leak data. They may send an unencrypted email to some wrong email address with sensitive data attached to it or may lose their USB flash drive. However, employees can also dig out desired data from the computer and can carry it out of the company in his/her USB flash drive. Data can be sold to the rival companies or other competitors who will pay a handsome amount to get this data. Confidential data of a company can benefit the rival a lot.
You have only seen about 270 days of this year, and it is a short span of time, more than 212 incidents of data breach have been reported. If we make a rough estimate, there is an incident of data breach almost each day of the year. The use of Data Security Software has become absolutely necessary; otherwise, companies have to suffer heavy losses due to these data breach incidents. The company can suffer financial loss due to the heavy penalties imposed by the legislative bodies. The companies who suffer data loss are most likely to lose the confidence of their clients and may lose their goodwill in the market. All in all, data breach can be disastrous for a company.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.