Hariom Seth, the founder of Tagglabs, writes:
Any company handling data is susceptible to data breaches. IBM in 2023 conducted a study of 553 companies on the cost of data breaches, according to which a majority of organisations within the study had at least 1 major data breach in the past year. Healthcare was the most affected industrial sector by cyberattacks. Studies by sources like PwC have stated that data breaches are among the top reasons that ruin a brand’s image and have multifaceted repercussions, causing legal and financial setbacks as well. These studies also revealed that apart from external cyber attacks employees too were responsible for the accidental leakage of information.
The main targets for such cyberattacks tend to be small and medium-sized companies since they are easy to penetrate by hackers. As small companies spend the least on cybersecurity they tend to be the most affected sector by cyber attacks. Certain small companies such as Code Spaces had to shut down due to heavy financial losses.
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