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10 Facts You Need to Know About Data Security

Published: 15th November 2019 09:41

In 2014, the average organizational cost to a business in the United States following a data breach was $5.85 million. In 2019, this figure has moved up to $7.91 million while the global average cost per data breach in 2019 was $3.92 million. This is according to market and consumer data company Statista.

 

Cybercrime is the world’s fastest-growing crime. At the time of publishing this article, there were 69 people on the FBI’s Cyber’s Most Wanted list. The idea that somebody halfway around the world can run up thousands of dollars in charges in your name just because you used your credit card at the wrong place at the wrong time or they somehow managed to get hold of your data, can be infuriating. The movie, Identity Theft, starring Melissa McCarthy as the main character, dramatizes how nightmarish a data breach can be for a victim.

 

The number of data breaches involving compromised records is growing and the US remains the prime target for international cybercrime. In 2018, 449 million records were exposed compared to 197 million records in 2017.

 

With everything at stake, prevention is better than cure. It all starts with educating yourself and learning all you can about data security. Below, is a compilation of ten facts about data security.

1. 71% of Security Breaches Target Small Businesses

Many small businesses share a misguided belief that data breaches only happen to big corporations. And, you can’t blame them. Over the last decade, hacks involving large corporations have received widespread media attention. These include; Yahoo, eBay, Google Plus, Capital One, Adult Friend Finder, Marriott International, Equifax, Target Stores, Experian and many more.

 

Meanwhile, as large organizations increase security, criminals will continue moving downstream, targeting more susceptible and small mid-sized businesses. It is instructive to note that about two-thirds of US retailers reported having experienced a data breach in 2018. Retailers and restaurants remain a top target of cybercriminals due to the fact that they tend to collect a high amount of personal identifying information in the course of their business.

 

 

2. People Use Bad Passwords

The main beef that data security experts have with regular folk is that most people use bad or weak passwords. According to a CNN report, some of the most common passwords in use include easily guessable words such as “123456”, “qwerty” and “password”. In addition to using ridiculously weak passwords, people also tend to reuse passwords. Thus, the moment hackers crack one service, they immediately have access to other services that the target uses.

3. Companies are Careless

It’s not just regular folks that are careless. Companies are also extraordinarily careless. According to a Dashlane report, 64 percent of retailers use questionable password practices such as allowing users to use weak passwords and allowing multiple incorrect login attempts. Other problems include storing and returning passwords to users in plain text. It has also been found that about 77 percent of companies don’t have a data security incident response plan.

4. Some Companies Sell Your Data

In addition to companies being careless, many companies also share or sell your data to third parties. It may come as a shock to you about just how much is out there. This data includes your physical address, email, telephone, place of work and other personally-identifying information. This information can be used to harm you by someone with nefarious intentions. Thankfully, there are tools such as Nuwber that help you remove your personal data held in public databases. Nuwber is a people search tool that also offers the ability to remove information you do not want available online. 

5. Major Risks in Company Devices

It is common for companies including small firms to issue their staff with laptops, smartphones and tablet computers. These devices usually come with preloaded company information and have access to the company’s network. For hackers, this is an easy way to access a company network and/or steal information. According to a report by Snow Software, 65 percent of interns and 56% of vice presidents and C-level staff reported having had a work device go missing while on vacation.

6. Late Detection is a Major Concern

For most corporations, hacks are often detected too late when data has already been lost. According to research by Ponemon Institute and sponsored by IBM, it took US companies an average of 206 days to detect a data breach in 2019. That’s almost 7 months...quite shocking. Can you imagine having a hacker snooping around inside your company network for over half a year without being detected?

7. Ransomware is Widespread

Ransomware is a type of malware that infects a computing system and encrypts it. Once encrypted, the owner is locked out and cannot use the computer or access certain folders until a ransom is paid to the hacker in exchange for the decryption key. Billions of dollars are lost every year through the payment of ransoms or repairing affected systems. The FBI recommends a raft of measures to prevent falling victim such as; implementing software patches, using antivirus, performing regular backups and other IT security measures.

8. Most Bitcoin Transactions Involve Crime

While blockchain as a technology is good and has a number of useful implementations in diverse industries, cryptocurrency has gained notoriety as the method of choice to receive payment for illegal transactions. A 2018 study associates 46 percent of Bitcoin transactions, a staggering $76 billion, with illegal activity.

9. Internet of Things (IoT) Will Increase the Risk

As more and more devices in our lives come online, we are headed into an era that cyber experts have dubbed, The Internet of Things (IoT). By some estimates, there will be more than 200 billion connected devices within a year. Connectivity in the future will be ubiquitous and with it comes an increased risk of data loss. Organizations and individuals will need to be extra vigilant.

10.             Cybersecurity Jobs are Amongst the Fastest Growing

There are currently about 300,000 open cybersecurity jobs in the US alone. Due to the growth of cybercrime and the Internet of Things, it is estimated that this demand will grow exponentially in the next few years.

Conclusion

As cybercriminals continue using more sophisticated methods and targeted attacks, it's not a question of if but when a breach will occur. Cybersecurity knowledge and information are requisite to taking the necessary precautions.

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