With the recent increase of high-profile data breaches, enterprises of all sizes are on high alert for new cybersecurity threats. But it's not only companies that are affected by a breach. The customers whose information was compromised are put at great risk after a cybersecurity incident, and they will retaliate against the companies that allowed their data to be exposed.
A new report by data protection firm SafeNet has discovered that security breaches are not only a threat to information, but can also significantly impact whether or not a customer will continue doing business with a company. According to the study there were more than 200 data breaches between April and June of this year and more than 175 million records were exposed worldwide. Perhaps because of the large number of breaches in such a short amount of time, only half of those surveyed said they feel companies are using the appropriate amount of security when protecting customer data.
"Data breaches are not just breaches of security," said SafeNet CSO Tsion Gonen. "They're also breaches of trust between companies and their customers, and can result in not only negative publicity but lost business, lawsuits, and fines that can threaten the viability of the business. For organizations that fail to address their security vulnerabilities, the problem is only going to get worse as stricter regulations governing the reporting of data breaches are introduced across the world, making breaches more visible to the public."
The survey, which included responses from over 4,500 adults in the world's top five economies, also found that almost two-thirds of respondents would either never or were highly unlikely to do business with a company that suffered a data breach where financial information was stolen. For companies that experienced a breach where personally identifiable information was taken, 57 percent of respondents said they would never or were highly unlikely to do business with them again.
Fight against data breaches with FoIP
The report concluded that as cybercrime becomes more pervasive, malicious actors are going to be increasingly going after the easy prey, which often comes in the form of personal data that is left unencrypted. Companies looking to implement a secure enterprise communications solution to keep sensitive enterprise information safe and retain customer loyalty should consider fax-over-IP.
FoIP service providers like FaxCore utilize sophisticated back-end encryption techniques to ensure that every message sent is safe and private. When a fax is sent with a FoIP service, its contents are stored on a company's dedicated server and encrypted. Only the document's intended recipient has access to the decryption code, greatly reducing the possibility of a data breach. The messages stored on an organization's server can be kept there for as long as the company wants, creating a secure database of records that can be accessed from anywhere with an Internet connection.
Enhance enterprise communication, collaboration and compliance efforts with a proven FoIP solution from FaxCore. Contact FaxCore today to learn more about their 'Partly-Cloudy' fax solutions.
