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As digital transformation accelerates and the volume of digital information explodes, businesses handle a massive amount of highly sensitive data. Unfortunately, this increase in data processing has also led to an uprising in data breaches. Here are some key statistics based on the IBM 2024 Cost of a Data Breach Report.
The average financial toll of a data breach has risen to an unprecedented $4.88 million globally. This reflects a substantial 10% spike from $4.45 million in 2023 and the highest increase since the pandemic. A rise in the cost of lost business, including operational downtime and lost customers, and the cost of post-breach responses, such as staffing customer service help desks and paying higher regulatory fines, drove this increase.
The United States emerges with a significantly higher average cost of $9.36 million per data breach.
The healthcare sector suffers the highest data breach costs in 2024, with an average of $9.77 million globally. Following are financial organizations ($6.08 million), industrial ($5.56 million), technology ($5.45 million), and energy ($5.29 million).
Data breaches take up to 292 days to identify on average when involving stolen credentials. Defenders needed to distinguish between legitimate and malicious user activity on the network, making threats harder to identify.
Only 12% of organizations queried during IBM’s 2024 report said they had fully recovered from their data breaches. Recovery factors included business operations returning to normal; organizations having met compliance obligations, such as paying fines; customer confidence and employee trust having been restored; and organizations having put controls, technologies, and expertise in place to avoid future data breaches.
Encryption is the foundation of data security. Even if sensitive information is intercepted, it remains unreadable without a correct decryption key.
Granting access based on role-specific needs is a vital aspect of data security. By restricting who can access what, companies can limit exposure and reduce the risk of internal threats.
Using a single password for access is no longer sufficient. Multi-factor authentication (MFA) provides an extra layer of security by requiring additional credentials, such as a temporary code or biometric verification, to authenticate a user. MFA effectively prevents unauthorized access, even if a password is compromised.
Sharing documents securely is essential for preventing unauthorized access. Secure document-sharing solutions allow users to share documents with confidence, ensuring sensitive information remains protected.
Companies must adhere to industry-standard protocols and regulatory requirements, ensuring maximum compliance. This includes integrating advanced technological components, such as automated security updates, intrusion detection systems, and compliance with frameworks like GDPR, HIPAA, and SOC 2. Adhering to these standards not only protects data but also reinforces trust with clients by meeting the highest regulatory requirements for data protection.
At DocStudio, we prioritize data security and compliance because we understand the value and sensitivity of the information our customers entrust to us. Having processed over 800 million documents, we take our responsibility to protect this data seriously. Our platform is designed to uphold the highest standards of security and compliance, meeting both industry and international standards.
To ensure robust data protection, DocStudio has implemented several critical features:
We log every significant action on the platform related to document management and settings. This allows for better monitoring, audibility, and the ability to detect potential security threats in real time.
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DocStudio handles password policies with strict criteria, enforcing strong password creation and regular updates. Integrating with SSO enables efficient user authentication and authorization management, allowing users to access multiple applications with a single set of login credentials securely.
We provide a robust role customization feature, allowing organizations to tailor user roles and permissions based on specific business requirements. This empowers administrators to control user actions granularly, enhancing security and operational efficiency.
To protect sensitive data, DocStudio ensures the platform remains secure by adopting the latest technological advancements and implementing regular updates. We consistently monitor and comply with evolving security regulations across all industries we serve, updating our software to meet these standards. Additionally, we proactively install preventive measures to safeguard against emerging threats.
DocStudio is audited, certified, and compliant with several rigorous international standards, including the Cloud Security Alliance (CSA), ISO 27018:2019 for cloud data privacy, ISO 27001 for information security management, AICPA SOC for service organization controls, GDPR for data protection and privacy in the EU, HIPAA for healthcare data protection, and the ESIGN act for electronic signatures.
The digital landscape continues to evolve, and so do the risks associated with handling sensitive information. Organizations must stay proactive, investing in security measures and implementing best practices to protect their data. At DocStudio, we are dedicated to providing top-notch security, compliance, and transparency, allowing you to focus on your business, and knowing your documents are secure.
If your company is looking to enhance its document processing workflows, contact the DocStudio team at hello@docstudio.com or fill out the form here to discover how we can help streamline your operations and support your business growth.
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