Last month we highlighted the importance of protecting your data against the increase of breaches being recorded in Canada. In the United States, breaches happen more frequently than companies are able to handle and taking action has no longer become an option, but a necessity.

US Data Breach Stats:

• Every month there are 1.5 million new phishing sites created.
• 4,800 websites per month are compromised.
• On average, there are 2,244 hacker attacks a day.
• Cyber attacks are considered one of the top three risks to global stability.
• The healthcare industry is the most breached industry.
• A recent report from The Mimecast State of Email Security stated that last year, 94% of businesses got hit with phishing attacks and 88% experienced email spoofing of business partners or vendors.

• The first half of 2019 showed 3,800 publicly disclosed breaches, 4.1 billion exposed records and over a 54% increase in the number of reported breaches compared to the year before.
• Within the last two years, there has been over a 97% increase in ransomware attacks. 
• By 2021, it is expected that new organizations will fall victim to ransomware every 11 seconds, 3 seconds less than now. 

With a hacking attack occuring every 39 seconds, companies are not prepared enough.

Protect Yourself Against Data Breaches:

• Passwords – Ensure all of your passwords are secure and differ based on device or account.  
• Stay Informed & Act Fast – Ensure you are up to date and act upon any news or notifications regarding breaches in your industry, including phishing emails.
• Knowledge of Phishing – Make sure all employees are aware and informed about how to recognize and deal with phishing emails. 27% of data breaches happen due to human error.
• Use Secure Sites – Ensure all employees are using secure and trusted websites.
• Use a VPN – Use a VPN to encrypt your connection and keep your data safe.
• Use Two-Factor Authentication (2FA) – Implement a Two-Factor Authenticator in order to prevent cyber-criminals from accessing your accounts.  
• Monitor Activity – Monitor all activity on accounts, ensuring your data is safe.

Protecting yourself against data breaches affects more than just your organization.

Consequences of a Data Breach: 

• Notifying the Public – Be upfront with customers about any data breaches, especially if their data was affected. By not informing customers about a breach, you risk posing as a privacy threat. Many individuals rely on companies to look after their information and trust to be notified as soon as a breach is discovered. This has been the downfall of many large companies such as, Capital One, Equifax and recently Facebook.
• The Cost – Data breaches are extremely costly for businesses. On average, US organizations will lose up to $4.2 million due to loss of business after a breach.
• Market Underperformance – After a breach, companies underperform by more than 15% on the market, even three years later.
• Discovery Time – On average, it takes 197 days to detect a breach and for 56% of businesses, it can take months or longer to discover certain breaches. Large companies like Google have admitted to discovering data breaches that had started 3 years prior to the breach identification. 
• Containing a Breach – On average, the amount of time it takes to contain a breach is 69 days.

Knowledge is your best defence against data breaches, make sure you’re informed. Don’t be a data breach statistic.