Now, customers are reevaluating how they do business and how they spend their money. To understand the scale of these economic disasters, you have to look at the numbers.
Cyber Security Breach Statistics 2016
This year broke records. Recent data breaches brought the total breaches in 2016 to 1091. Nearly half of these breaches took place in the business sector. In a year of broken records, it’s telling that businesses make up so many of the victims. It’s little wonder that consumers are so wary of sharing information when so many firms suffer breaches. While there is always a personal risk involved with a data breach, consumers lose control of their privacy once they surrender their data to any business, government organization, etc. Unlike government organizations, however, most shopping is optional.
As the online world expands, businesses use Cloud hosting and other relatively new solutions for more files and applications. However, not all companies fully understand the technology they are using, leading criminals to take advantage of these lapses. Customers also expect more services online. This means sensitive data travels over dubious connections more often, increasing the chances of interception. All of these factors lead to a less secure data environment. Unfortunately, 2016 appears to have served as a warning of developing trends.
Recent Data Breaches Statistics
Unfortunately, 2017 was an even worse year for data breaches. Records set in 2016 didn’t even last one year. Estimates place 2017’s total data breach tally at 1293, and although there have yet to be any data breach reports in 2018, the clean slate won’t last long. The past two years have set a chilling precedent, and it doesn’t seem like cybersecurity for businesses has kept pace with hackers’ advancements.
Customers now worry as much about the business that holds their data as they do about their own data security habits. Recent data breaches have taught consumers to think twice before surrendering information to even recognized brands. Breaches like the Equifax disaster only drove home that consumer data is never safe. These reasonable fears have had a part to play in recent economics, making it that much more difficult for businesses to invest in newer, tighter security measures.
Although there is plenty more to glean from the details of the past two years’ data breaches, the most important is this: improve security now. Don’t wait for external pressures or data disasters to force your hand. The EU’s new data security guidelines are not a pointless attack on your budget, after all. The new legislation represents national concern over citizens’ safety and wellbeing.
Data breaches are not rare. They are increasingly common front page news, and businesses must be aware of changing consumer habits and expectations. In 2018, security will be a major selling point.
