There’s plenty to be concerned about when it comes to data breaches. At top of mind, there’s always the information that’s stolen, be it customer data, personal emails, confidential files, or any other number of company secrets that are supposed to remain within the company. Then there’s the monetary cost of the data breach – the amount of dollars your company must pay to repair the damage and beef up security. Unfortunately, in the increasingly digital age, the threat of a data breach has not waned, and the cost of these breaches only continues to climb.
In its annual data report, IBM reports that the cost of a data breach rose 2.6 percent to $4.35 million year over year, based on information collected from March 2021 to March 2022. The report is based on 3,600 interviews conducted with 550 organizations across 17 countries and in 17 different industries including healthcare, financial services, communication, and education.
Further breaking down the numbers, the report finds that many of these organizations had more than one data breach. It’s clear that cybersecurity is a growing investment and a necessity for organizations that need to protect their information. One way to further ward off data breaches is through secure file transfer solutions, which offer a robust variety of options to keep your data right where it belongs.
Fending Off the Cost of Breaches with MFT
In the report, it was found that 83 percent of organizations had more than one data breach during the year. Only 17 percent said that it was their first data breach. And it isn’t only the company itself which suffers from a breach. In order to off-set the cost, 60 percent of the organizations studied raised the price of their services or products, impacting their customers as well. No one ends up a winner in this situation except for the bad actor, so companies need to consider instituting stronger cybersecurity solutions.
To help better protect your data and your customers, Managed File Transfer (MFT) is one of your best options. Business email compromise accounts for 6 percent of breaches and costs an average of $4.89 million. MFT is technology that allows an organization to reliably transfer electronic data between systems and people. GoAnywhere MFT is an award-winning solution that streamlines the exchange of data and provides ultimate flexibility and deployment options. With GoAnywhere MFT, you can utilize features such as:
- File transfer/encryption automation for reduced user error
- Integrated file encryption technologies (e.g., Open PGP and AES)
- Audit logs for all file transfer and admin activity
- Extensive security controls for stringent in-house policies and compliance requirements
Related Reading: How to Prevent Data Breaches with GoAnywhere
Organizations with Zero Trust Fare Better
Zero Trust has been a growing topic in the cybersecurity circle over the last few years and not without reason. Less of a specific type of solution and more of a strategic principle, Zero Trust assumes that user identities or the network may already be compromised, and thus, authenticity must be proven anytime data, or the network must be accessed.
According to the report, organizations that adopt a Zero Trust strategy are likely to save 20 percent more on the cost of a data breach than a company that doesn’t use a Zero Trust structure. More specifically, the cost of a data breach at an organization with Zero Trust is $4.15 million compared to $5.10 million.
Additionally, 59 percent of interviewed organizations didn’t have a Zero Trust architecture.
To get started with Zero Trust, data security should be top of mind. This means understanding who can access your important data, where it is stored, and what exactly will be the consequences in the event of a breach. GoAnywhere MFT works perfectly with a Zero Trust architecture and can help protect your data by encrypting it in transit.
Related Reading: Why it’s Time to Adopt Zero Trust Architecture
Shifting to a Hybrid-Cloud Model Can Help Mitigate the Cost
If your company is debating whether the cloud is the right fit for your structure, the report shows that businesses that utilize even a hybrid model could benefit. Organizations with mature cloud security had a lower-than-average cost of a data breach. According to the report, “Breaches at mature-stage organizations cost an average of $3.87 million, compared to $4.39 million at mid-stage organizations, $4.53 million at early-stage organizations, and $4.59 million at organizations that had not started their cloud security journey.”
Additionally, 45 percent of organizations used a hybrid cloud model compared to 27 percent who were entirely cloud based and 28 percent who were completely on-premises. Of those interviewed, 45 percent said that their data breach occurred in the cloud.
For those looking for a flexible solution while deciding their ultimate strategy, GoAnywhere MFT can be installed in the cloud, on-premises, or within a hybrid environment. Its cloud connectivity allows for a partial or complete migration to Azure or Amazon cloud infrastructure, and other attractive features including:
- Moving and processing files in the cloud with automated workflow
- Connecting to trading partners through folders to cloud-based file systems
- Using built-in cloud integrations to connect with applications like SharePoint, Salesforce, and Dropbox
Related Reading: Get the Most Out of GoAnywhere: Achieving Cloud File Transfers and Integrations
GoAnywhere is Here to Help
As you decide how best to protect your organization from the growing risk of data breaches, consider GoAnywhere MFT as a solution. The award-winning and highly rated managed file transfer solution offers robust features and options to better protect your information. Sign up for a free demo to experience it firsthand.