2019 was the worst year on record for data breaches by a long shot, increasing by nearly 79% from 2018. Billions of records were compromised as bad actors exploited vulnerabilities and insiders accidentally and maliciously compromised customer and company data.
Unfortunately, the record won’t last long. As we approach the halfway point in 2020, this year is already on pace to be the most devastating year ever for data breaches.
These events have real repercussions for all parties. The cost of a data breach has never been higher, and customers, disillusioned by years of cybersecurity lapses, are increasingly willing to walk away from businesses and platforms that can’t protect their data. As a result, the opportunity cost and reputational damage are ancillary consequences that today’s companies can’t afford to ignore.
Verizon’s 2020 Data Breach Investigations Report, which the company released in May, offers several critical insights for businesses looking to improve their defensive posture. Notably, insider threats accounted for 30% of breaches, giving every organization a direct opportunity to mitigate a significant cybersecurity risk by addressing in-house concerns.
However, that significant sum only reveals part of the story. The number of internal error-related breaches doubled year over year, making it clear that accidental insiders pose a substantial threat to data security.
Collectively, it’s clear that companies need a strategy to combat the combination of malicious and accidental insiders. Better planning can help. Here’s how to get started today.
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