As the internet has become a necessary component of daily life, we have benefited from the ease of online banking and bill payment, the delight of staying in touch with distant friends and family, and the increased knowledge that the entire world is literally at our fingertips.
However, there have also been some unfavourable side effects, such as the increase in cybercrime and the positive. Cyber attacks and data breaches are becoming more frequent; we hear about a new data hack almost daily.
And as technology continues to evolve rapidly, it’s hard to know what we, as consumers, can do to protect our data security. Start by exercising greater discretion in deciding with whom to share your personal information.
Check your statements frequently if you bank online, and request an annual credit report. Use a people search engine like Nuwber to track the information available about you online.
Use strong passwords, change them frequently, enable 2-step authentication, and consider spending money on a VPN. Lastly, keep up with the most recent cybersecurity developments to stay informed about the dangers of putting your data online.
1. A cyberattack occurs every 39 seconds
You did read that right. A hacker attack is launched every 39 seconds, according to a study conducted by the Clark School at the University of Maryland. Every year, this affects one in three Americans.
2. 7.9 billion records have been exposed this year
Security Magazine reports that the number of data breaches over the first nine months was up 33.3% from last year, exposing 7.9 billion records. The year is still not over. Our weak usernames and passwords make us easy prey for hackers developing more sophisticated attacks.
The growing number of devices—from wearables and home appliances to cars and security systems—that provide more significant amounts of data vulnerable to abuse further aggravates this issue.
3. The cost of cybercrime is expected to top $6 trillion
Cybersecurity Ventures has increased its estimate from $3 trillion in 2015 to that amount. The fastest-growing form of crime in the US is cybercrime. Given these hacks’ size, scope, and accuracy, the costs have skyrocketed.
Companies are left to deal with the costs incurred by these attacks and the theft, damage, and destruction of data. While most news usually focuses on well-publicized cyberattacks on bigger corporations, small businesses are increasingly becoming targets of these attacks.
Reviews of user access are essential to any company’s data security procedures. A user access review policy must be created to lower this risk. A comprehensive policy can reduce cybersecurity risks and protect while saving an organization time and money.
4. Insufficient email security continues to pose a significant security threat to individuals and businesses.
One in every 99 emails contains a phishing attack, according to Avanan’s Global Phish Report. Phishing attempts frequently pose as official emails from organizations like banks and businesses.
The urge to open an email from a dubious address should be resisted. Avoid clicking on any attachments if you open a “phishing” email.
5. It takes companies around 6 months to identify a data breach
That’s a substantial amount of time for your sensitive personal data to be exposed before a company becomes aware of it, let alone begins to address it.
6. After a data breach, companies experience a drop in reputation and profits
A company can suffer from a data breach or cyberattack in numerous ways. In terms of reputation, customers lose faith in the business following a cyberattack, making them less likely to trust the business with their data moving forward.
According to Comparitech, a data breach can economically result in a share price decline of, on average, 7.27%.
7. Spending on cybersecurity is expected to reach $170.4 billion
In response to the growing threats and rising cybercrime costs, governments, corporations, and organizations are increasing their cybersecurity budgets. Because of the development of new technology, cybercrime is constantly changing.
Hackers have unique opportunities to take advantage of data security flaws due to the popularity of mobile devices, the development of the Internet of Things, and the rising number of internet users.
8. There is a serious shortage of qualified cybersecurity personnel
The shortage of cybersecurity experts will continue despite increased spending on the subject. According to Cybersecurity Ventures, there will be 3.5 million vacant cybersecurity jobs.
Companies already understaffed will struggle to find cybersecurity candidates or need to retrain current staff to handle this new challenge.
9. There will be about 200 billion devices connected to the internet
According to Symantec, the Internet of Things (IoT) includes all the internet-connected objects we use as humans and is anticipated to grow to 200 billion distinct objects. The IoT is a prime target for hackers because it is complicated and involves vast data.
Additionally, many customers aren’t aware of the security risks that their recently connected devices present.
10. 95% of cybersecurity breaches are due to human error
That’s according to a study by IBM, which is good news because it means that many cyberattacks are avoidable. An organization can significantly reduce the risk that an employee’s mistake will lead to a data breach by investing in cybersecurity training for every employee and implementing cost-effective security measures like 2-step authentication and a password manager.
There is a lot of data and statistics here. The lesson for consumers is that you should always exercise caution when deciding with whom to share your data and how to do so. Cybercrime poses risks, and there will inevitably be costs as a result.
Be mindful of the risks involved in sharing your data, and keep a close eye on the information that is publicly available about you online. Overall, it’s better to exercise caution and keep your data as secure as possible than to deal with the repercussions of a data breach.