Learn the importance of focusing on the expanding and evolving trends in cyberattacks and how more attention to cybersecurity efforts can reduce loss risk.
Unwanted intrusions and cybercrimes shake confidence in your business. Public consulting firm Accenture reported in its 2019 Ninth Annual Cost of Cybercrime Study, co-authored with Michigan-based Ponemon Institute, the value of cybercrime on a per organizational basis increased more than eight times (829 percent) from $1.4 million (USD) to $13 million (USD). Additionally:
These trends in cybercrimes are, at the very least, alarming. It should serve as a wakeup call to businesses such as yours to beef up cybersecurity efforts to protect the integrity of your data, systems, and keep users from becoming susceptible (victims) of cyber scams. This requires more than vigilance; it is time to commit to learning the techniques business like yours employ to mitigate the risk of cybercrimes.
The growing number of attacks and their impact on businesses has resulted in unified privacy legislation among European Union (EU) member states and sectoral laws passed in the U.S. The EU’s approach, the Data Protection Directive, first passed in 1995, has been superseded by the European General Data Protection Regulation (GDPR) passed in 2014 and became effective as law in 2016. The GDPR provides enhanced protection directives for the transfer of data in and outside the EU and non-EU members within the European Economic Area (EEA).
The U.S. approach (sectoral), involves the passage of sector-specific privacy regulations. The most common laws are the Health Insurance Portability and Accountability Act (HIPAA), Safe Harbor Act, and United States Privacy Act. Additional laws that ensure privacy protections for individuals, particularly against the evolving trends in technology include the Cable Television Protection and Competition Act, the Fair Credit Reporting Act, and the Video Privacy Protection Act. These laws are not limited to the federal level as the California Consumer Protection Act (CCPA) was enacted into law in 2018.
Halting the rising value of cybercrime requires a top-down commitment on your part to analyze, design, and implement proactive measures. The Accenture–Polemon Institute annual study suggests three things which should be done to unlock the true value of cybersecurity efforts:
Addressing network security must become as important a part of your IT strategic planning as cloud deployment and increasing social media interactions. The attention you pay to the growing trends in cybercrimes and the potential risk in terms of money, time, and reputation will pay huge dividends down the road.