Privacy Impact In Cyber Incidents
Data breaches are becoming more common in today’s interconnected world, and we must become more aware of cyberattacks.
Cyberattacks, data breaches, and privacy violations have become more frequent. However, despite extensive media coverage and academic literature concerning these events, very few studies have examined these incidents comprehensively to assess the risks and trends.
There were 1,473 breaches in 2019, up from 1,257 breaches the year before. A total of 164.6 million records were compromised in 2018.Records lost on average cost $150.
“The average cost of a data breach to companies worldwide is $3.86 million.It takes organizations an average of 191 days to identify data breaches.”
Average global cost of a data breach (in millions):
Obtaining, using, or sharing personal information without authorization.
For example, it is possible to track individuals online with or without their consent, or harass them with unsolicited communications by unauthorized collection from cell phones, GPS devices, cookies, web tracking, or physical surveillance.
Small businesses suffer from data breaches caused by negligent employees, third party mistakes, errors in their operating systems, external (hacker) attacks, and malicious insiders.
Recent data breach statistics found that 63% of successful attacks come from internal sources, either control, errors, or fraud, 33% of data breaches involved social engineering and 43% of data breaches involved small businesses.
According to the latest statistics, the likelihood of being affected by a data breach within two years has increased from 22.6 percent in 2014 to 29.6 percent in 2019.
“The probability of experiencing a breach within two years has increased by 31 percent between 2014 and 2019.”
In order to ensure the safety of their company and themselves, it is important for employees to be aware of their vulnerabilities.
Data protection requires businesses to:
- Establish more robust security policies. As policies become stronger, it will become more difficult for cyber-attackers to launch attacks.
- Educate employees about cybersecurity. Employees should be shown what to do, what to avoid, and what to watch out for. Training can be customized to individual employees and departments.