2019 was a bad year for data security. By virtually every metric, it was the worst ever. According to the Ponemon Institute’s 2019 Cost of a Data Breach Report, the average cost of a data breach reached $3.92 million, the highest amount on record. At the same time, the number of data breaches will reach an all-time high this year. The number of data breaches increased by 54% in the first half of 2019, with nearly 4,000 publicly disclosed breaches during that time. In total, more than 4.1 billion records have been exposed this year.
Increasingly, consumers and regulatory bodies are holding companies accountable for data breaches. An October 2019 survey found that 81% of consumers would stop engaging with a brand online after a data breach, which means the brand erosion and reputational damage that accompanies a breach is likely to add to the costs of a data security incident. Moreover, regulatory oversight like GDPR and CCPA are indicative of a growing regulatory trend that collectively raises the importance of data security in the year ahead.
For those charged with protecting company data, today’s expansive threat landscape can feel overwhelming, leading to increased levels of exhaustion and burnout. However, not all threats are equally prescient, as some are more likely and ominous than others.
Here are five cyber risks that will endanger company data in 2020.
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