In California, corporations reporting data breaches from 2017-2021 have led to losses of about $81 million. The number of breaches has decreased by about 70 percent, but the amount of money California corporations have been taken for has increased dramatically — up nearly 253 percent, Patch.com reports.
California ranks No. 1 in the number of corporate data breach victims during the five-year period, according to a Forbes Advisor analysis. For the period 2017-2021, the five states with the most corporate data breach victims and the associated financial losses were:
- California: 1,807 breaches, accounting for $81,013,216 in losses.
- Texas: 1,587 breaches, accounting for $48,592,966 in losses.
- Florida: 956 breaches, accounting for $57,773,356 in losses.
- New York: 705 breaches, accounting for $38,611,033 in losses.
- Illinois: 395 breaches, accounting for $11,872,350 in losses.
How to protect your business from data breaches
A data breach can be costly to your business in terms of dollars lost as well as the loss of customer trust and your company’s reputation. Government regulations also come into play. It pays to be proactive and to be sure you are complying with all applicable laws. To help you get started, here are some educational resources from Cybersecurity expert Ravi Das:
How to Prevent Data Leakages in Your Cloud-based Platform: The Cloud offers both advantages and risks. Gain an understanding of the unique vulnerabilities—and how to protect against them.
Cybersecurity for the Retail, Healthcare and Finance Sectors: Expert advice tailored to each of these sectors will help you prioritize and focus your Cybersecurity efforts.
Data Privacy Laws and Small to Medium Sized Businesses: This article summarizes the key privacy laws that SMB owners need to be aware of.
What Cybersecurity Insurance is All About: This 3-part series covers the purpose of Cybersecurity insurance, the advantages and disadvantages of coverage, and factors to consider when shopping for a policy.
In the event that your company suffers a Cybersecurity attack
Businesses and other organizations that are victims of network or data breaches or ransomware attacks should report those incidents to the nearest FBI field office or at tips.fbi.gov.
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