Data Breach Statistics You Must Know

Data Breach Stats

The era of compromised data is on the rise. Recent data breach statistics, as reported in the 2019 Data Risk Report, shows how cybercriminals are highly motivated by money to steal information. And in this regard, personal credentials and customer data are highly valued forms of information that can be easily compromised. The report also shows that despite warnings, organizations across the world are still unprepared enough for data breaches that could take place.

Even to this day, a large number of companies continue to maintain thousands of files without any data security in place for anyone to open and access.

Typically, a data breach takes place when a hacker infiltrates a data source and removes or steals sensitive information. These cybercriminals do so by accessing computers and networks and look out for local files to be taken. They could also bypass network security remotely through numerous human errors. The most common types of data attacks include ransomware, malware, phishing, insider attacks, denial of service, and others.

While there are a variety of data security solutions and tools available, these are rarely proactive. The best way of lowering one’s chances of experiencing a data breach is to identify data security risks as a starting point. Assessing a company’s security strategy and understanding the importance of preventative risk assessment can prove to be extremely useful in thwarting an attack. A successful and proven method to safeguard data is digital rights management (DRM).

Organizations must also look into lessons from GDPR and upgrade their information governance practices as it is likely that additional iterations will be introduced in the coming months. Hence, it is vital to set adequate permissions on data files and secure confidential data.

Today, almost everyone is at risk of a data breach. While literacy rates across the world are getting better, data breach literacy needs to step up its game. The majority of employees and individuals with confidential information are not aware of what they must do if they are affected by a data breach. Worse still, they may not even know if some of the data has been compromised in the past. From an individual perspective, stolen data can be used to compromise one’s identity, credit score, and finances. While password managers are the first level of protecting data, they are not always practical. The only solution that has proven effective in safeguarding sensitive information is through DRM that can help you set limits on access and single grant access to people who need it. Besides, you can also revoke the privileges of the document, thus preventing the contents of your data from being redacted or edited.

  • Recognize your essential data assets. Identify sensitive and confidential data assets that must be safeguarded.
  • Perform a periodic risk assessment. Take the initiative to identify and evaluate internal and external risks to your data, the people who have access to confidential information, and the integrity of your data assets.
  • Implement the right controls to manage data risk. Choose and implement sufficient data security controls such as digital rights management to mitigate the dangers recognized in your risk assessment.
  • Continue to monitor and observe the solution. Institute appropriate data security controls within your security solution such as revoking privileges, automatically expiring documents, locking documents to devices and locations, denying data permissions, and others to avoid data risks.
  • Review and adopt. Be on the lookout for new information on the latest data threats and analyze data breaches periodically to understand how to adjust your data security solution to match current needs.

It can be terrifying to think of a data breach today. But the thought of a data breach, especially to small business owners, can be even more frightening as the episode can affect whether their business shuts or thrives. Setting preventive steps with the help of DRM can be the first step towards safeguarding your data. And while prevention is critical, ensuring that you have a precise response plan in place is also imperative. Organizations today have to adhere to various privacy laws that have set parameters to respond to data breaches such as a CCPA and GDPR. If you are a business owner, lookout for legal counsel to ensure your organizational protocols, response plans, and data security policies are compliant. By acting quickly in the moments following a data breach, companies can significantly reduce the damages they sustained from the attack. And while it is the responsibility of an organization to control and store data, individuals too must proactively safeguard their information such as copyright data, financial information and other credentials through digital rights management. Staying educated on the latest news and tactics on how to keep your data safe and secure is just as crucial as safeguarding your data.

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