Whether you follow cybersecurity magazines exclusively or you only consume generic, tech-related content on a regular-basis, you’ve probably heard the news. Tech giants, Tesla and Meta are both in VERY big trouble after violating GDPR and Data Protection standards, causing sensitive data leakage, exposing it to the public.
We create 2.5 quintillion bytes every day. 90% of data in the world today was created in the last two years. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This deluge of data is called Big Data.
Data trafficking for identity theft is rife. Approximately 82% of the web contains some form of third-party scripts, with over half tracking users. 2020 saw the sharpest rise in data theft for malicious use. Over 500,000 reported identity theft cases through digital channels in the United States. These thefts are often used to perform bank and credit card fraud, government and document fraud, and loan or lease fraud.
In today’s data-driven world, businesses view data as a crucial business asset. Companies gather growing volumes of information from increasingly diverse data sources. Coupled with distributed and complex IT environments, this interwoven data landscape presents cyber threats through data supply chain risks. A statistic exemplifying data supply chain risks is that 45 percent of data breaches occur in cloud computing systems, many of which aren’t owned by the companies that use them.
With the rapid development in the modern world, data has become the most important asset in any organization. As a result, companies exponentially grow their databases and process them to make various business decisions. However, handling large amounts of data is complex, and organizations must continuously work on data security to reduce the risk. On the other hand, organizations can not depend on any data they collect.
Protecting against ransomware attacks is a cybersecurity priority for businesses of all sizes. Ransomware encrypts data files or entire systems across an organization. Encryption blocks access to these assets and renders them unusable unless the victim pays a ransom sum demanded by the threat actor in return for a decryption key.
According to Accenture, security attacks have increased by 31% from 2020 to 2021. The average number of attacks per company has increased by approximately 23.7%, and Cisco predicts the cumulative costs of cybersecurity to hit $10.5 trillion by 2025. A security breach occurs when unauthorized actors find their way into data and systems they shouldn't be in.
Data sovereignty and data residency are often confusing for businesses managing data across borders, especially with the rise in cloud infrastructure, multi-cloud, and hybrid. This issue is exacerbated when the term is used interchangeably. While they both relate to data - data sovereignty and data residency are two different things. Here's what they are in a nutshell: These terms are often used interchangeably, but there are important distinctions between the two.
Keeping data under lock and key might sound like a simple task - but in reality, many businesses leave sensitive information under the misconception that it is safe. For many, it is a major challenge. According to Statista, the number of annual data breaches of exposed records exceeded 155 million records in 2020. The average cost per record breach is $150. While this may not feel too impacting, Research by IBM in 2019 found that the average breach involves 25,575 records.
The high-risk cyber threat landscape shows no signs of slowing down, with serious data breaches and new regulatory requirements governing sensitive data protection. Two notable examples are the upcoming CPRA amendment to California’s CCPA personal data regulation in January 2023 and an amended GLBA Safeguards Rule that sets out stricter cybersecurity procedures for financial entities.
