There has been a steady increase in cyber attacks by malicious actors over the past several years as businesses increasingly conduct their activities online. Impacted businesses can experience severe and long-lasting consequences. In addition to a loss of reputation, these businesses may also experience a significant financial loss as a result of measures implemented to contain and manage the data breach. Businesses impacted by a data breach may also be subject to litigation by individuals whose personal information may have been compromised. In 2018, the average cost of a data breach was $3.86 million, up from $3.62 million in 2017, a 6.4 percent increase.
With the incidence of cyber threats growing more rapidly than ever, the issue of security has been brought to the forefront of every CIO’s mind. Today, cybercrime is a billion dollar enterprise, and it’s on the rise. In 2018, high profile cyberattacks plagued some of the world's largest organizations, releasing the personal records of millions, if not billions. With the incidence of cyberattacks growing year over year, no organization, regardless of size or industry, is free from the risk of data breach. It is no longer a question of if your company will be attacked, but when. For this reason, it is important now, more than ever, to implement a proactive approach to cybersecurity.
With major hacks, hurricanes and other disasters hitting the news lately, disaster recovery planning has become a necessity for every IT organization. We've talked a lot about how to handle a disaster and developing a disaster recovery (DR) plan, but let's take a deeper dive into actually putting a plan into motion.
Over the past decade, the cloud industry has experienced a significant increase in growth due to a greater awareness of its capabilities and benefits. Businesses are, in increasing numbers, adopting the cloud as the backbone for their network infrastructure and turning away from the traditional physical network infrastructure. New cloud-native applications are constantly being developed as well as tools that optimize legacy applications to make them cloud-compatible.
The number of online data breaches as well as other forms of cybercriminal activity has steadily increased over the past several years. In the months of April, May, and June of 2018, 765 million people worldwide were impacted either directly or indirectly by a data breach. With cyber-attacks occurring once every thirty-nine seconds, the number of people who are impacted by data breaches is expected to increase with each passing year. This is because more businesses are conducting themselves online and poorly secured internet-capable devices are used to connect to computer networks as well as the internet. In addition, cybercriminals have developed more advanced tools for penetrating supposedly secure computer networks. With these tools, cybercriminals are also able to remain undetected for longer periods of time after compromising a computer network.
There has been a significant rise in the number of data breaches as well as other forms of cybercrime over the past several years as businesses increasingly conduct their transactions online. This jump has been more marked with the increase in popularity of cloud computing and cloud services. The cloud offers more access points for cyber criminals and other malicious actors to breach private networks. As such, businesses spend lots of time and money devising strategies to secure their network and protect their data.
Advances in cloud technology over the past few years have made businesses more willing to ditch their traditional network infrastructure and migrate their applications to the cloud. The ability to easily scale up or down as needed, access data remotely, work flexibly, and save money in the development and maintenance of their technology infrastructure are some of the reasons that businesses have increasingly embraced the cloud. In 2018, the worldwide market for public cloud services was $175.8 billion; this market is projected to increase by 17.3 percent to $206.2 billion in 2019. What does this mean? Cloud adoption is still growing, and growing fast.
There has been an exponential increase in the rate of cybercrime over the past several years as enterprises increasingly conduct more of their business activities online. Cybercriminals have developed more sophisticated tools that offer them greater ability to penetrate and compromise the networks of unsuspecting enterprises, with resulting adverse consequences. There are about 130 reported network security breaches yearly. In 2018 alone, the estimated amount of money lost by businesses globally as a result of cybercrime was $600 billion, corresponding to about 0.8 percent of the global GDP.
At one point in time cybersecurity was considered to be an afterthought but is now an essential consideration in the building as well as maintenance of a cyber network. With more business transactions being conducted online, cybercriminals are constantly devising innovative ways to penetrate cyber networks, making away with valuable data and causing severe damage to the impacted business in the process. It is therefore important that businesses utilize every security tool at their disposal to ensure that their networks are kept secure. Using only one type of security tool is no longer sufficient in offering adequate cyber protection.
Over the past several years, there has been a significant increase in cyber attacks targeted towards hospitals and other allied businesses in the healthcare industry. This is because hospital databases typically contain a lot of personal patient information such as social security numbers, home addresses, and credit card information, among others, which are of immense value to cyber criminals. In 2018, there were over 500 reported instances of hospitals or ancillary healthcare facilities suffering from a data breach.