A few years ago, data breaches dominated the headlines. Yahoo! saw 3 billion accounts hacked in 2016, the Office of Personnel Management (OPM) had over 21 million records compromised, and Uber saw the data of over 57 million riders and drivers stolen in 2016. There were media frenzies for weeks and the OPM breach was so big at the time that it even has its own Wikipedia page.
Are cyber attacks no longer scary?
Comparatively, recent data breaches have been even bigger. Facebook reported that its recent breach compromised 30 million accounts and Equifax reported that its breach in 2017 affected 147.9 million consumers. That’s 2 or 3 times the size of OPM – yet the Facebook breach was only reported in the media as a hacking horror story for a few days. Equifax was soon forgotten. So are we no longer afraid of cyber attacks?
Complacency IS scary
The fact that the media has barely lingered on breaches like Facebook, Equifax and Dixon’s Carphone is indicative of how complacent the industry has become. The prospect of a cyberattack is scary – but a complacent organization is even more frightening. However, the reality is that data breaches are becoming more monstrous than ever before. In the past five years, the number of mega breaches has nearly doubled from nine in 2013, to 16 in 2017. The average cost of a data breach globally rose 6.4% in 2018 to $3.86 million. The average cost of a data breach of 1 million compromised records is nearly $40 million. At 50 million records, the estimated costs rises to $350 million.
Cybersecurity ISN’T scary
Cyber attacks are becoming so common that they’re no longer newsworthy – the headlines might as well read, “Another day, another data breach.” But in reality, the monster under the bed is bigger than ever. Organizations need to wake up to the reality that data breaches are getting bigger and more sophisticated because the threats are quickly evolving, but cybersecurity is not mirroring the pace.
How to avoid a hacking horror story
- Data breaches don’t have to be scary – with the right measures in place you can avoid a hacking horror story and keep data safe.
- Protecting your organization from a breach might seem like a big task but Certes Networks is taking the spookiness out of cybersecurity and the crypt out of encryption!