After the internet boom in late 90s, millions and millions of servers have been connected to the internet. Today this number has shot up to the billions. These servers may contain lots of critical data, including credit card numbers, social security numbers, passwords and intellectual property.
For the ones with bad intentions, the internet is a gold mine. They attempt to hack into the numerous internet servers and steal information. As a result of this, companies lose valuable data and at the end it will impact the bottom line, the company finances, which will lead to lower stock prices due to customers migrating away to the competition for fear. The average person could one day come across their bank accounts with an empty balance or have their credit cards maxed out by hackers. Worst case scenario; someone else could be using your social security number to impersonate and get financial loans with your identity. Essentially, your identity has been stolen; imagine the mess this would bring, not to mention the impact it will have on your credit ratings. It wouldn’t be an exaggeration to say that this could be the biggest nightmare in your life; resolving a case of identity crisis could involve working with authorities for years!
This is why companies need to protect information by creating Senior Management directed company-wide security policies and make more funding available to security and IT departments. One day you could have a security breach, the next day you could have a lawsuit being filed against you. If you have not practicing due care and due diligence you would probably end up paying millions of dollars, not to mention your company name will be in the evening news and end-up with a tarnished image! This will cost your company much more than the money you could have spent to take preventative measures against security breaches at the first place!