Data breaches in 2018: Why is there an increasing rate of data breaches?
As the world becomes more and more digitized, data breaches have also been on the rise. Between 2005 and 2017, 8190 breaches led to the exposure of more than a billion records. Considering how data breaches can play out, this situation is alarming.
However, even after enhanced data security measures, a rate of data breaches is increasing. This might be because the increased connectivity of all information has made it easy for a data thieve to access it. The more connected we are, they more vulnerable we have become.
What is a data breach?
Data breach is an umbrella term which encompasses an array of categories. Which category a given data breach classifies under depends on what type of information was exposed and what occurred to lead to its exposure. In all types of data breaches, the common factor is the access to personal identifying information in an unencrypted form.
Methods of data breaches include:
- Physical identity theft
- Insider Theft
- Internet exposure
- Malware and Phishing via hacking
- Accessing accounts unauthorized
- Improper disposal of data
Cost of Data Breach
While the breach itself is a harmful phenomenon, it is not the only reason data breaches tend to cost a lot. When data is stolen via a company, the cost of the breach further increases. It then encompasses the following as well:
- Loss of customers. As people find out about a breach of a company, customer turnover rate increases. Moreover, it also affects the reputation of the given company, further affecting sales of its service.
- Data breach post costs. After the data breach occurs, the company it occurs to has to take various preventive measures. This is done to ensure the problem doesn’t happen again. It also helps in restoring customer confidence. The cost of doing so is usually quite high.
- Investigation cost. After you detect the breach, you are required to investigate how it occurred. This is quite expensive
Why is the trend of data breach increasing?
The data breach trend is increasing, and no one can truly be sure why. People attribute this increase to how most companies are now storing their data on digital platforms, which are always vulnerable to hackers.
Data break can happen because of using unsecured websites. While you can take preventive measures against such methods, other ways of data breaching are hard to protect against. There are various hackers out there that can break the strongest of the security blocks. This is why the world can be dubbed as a vulnerable place.
One takeaway from a data breach is that the cost of protecting your information is increasing for companies and the stakes are getting higher for you. It is important for you to take preventive measures as well.
If you think that data breaches would decrease in 2018, you are wrong. There are various data breaches that go unnoticed in media. The use of data by Cambridge Analytics itself is a cautionary tale for all. Your data is important. Make sure you secure it.
Drolet, M., & IDG Contributor Network. (2018, January 26). What does stolen data cost [per second]. Retrieved from https://www.csoonline.com/article/3251606/data-breach/what-does-stolen-data-cost-per-second.html
Why do data breaches happen? (n.d.). Retrieved from https://www.marshall.usc.edu/blog/why-do-data-breaches-happen
Data Breaches and Identity Theft: The Epidemic Worsens. (2018, January 25). Retrieved from http://www.zonicgroup.com/data-breaches-identity-theft-epidemic-worsens/