How is society responding to the threat of cybercrimes? If you think you are secure, then consider the massive quantity of data being compiled that suggests otherwise. The HP Annual Cost of Cybercrime Report for 2013 was recently published and the results are worrying.
You can view the “World’s Biggest Data Breaches” on this database. The database compiles breaches from the past ten years that effected more than 30,000 people each. Even more shocking is the range of company sizes and the diversity of industries that are being affected. As reaffirmed in the HP report, this is a truly universal problem that continues to expand.
The government and tech sector businesses are developing solutions, but not fast enough. The problem is that the threat of hacking is widespread and there are many opportunities for disaster. It is impossible to secure the vast majority of companies against these attacks. As the HP study testifies to, the cost and frequency of attacks are only getting higher; 2013 was the fourth straight year in which an increase occurred in the United States. The study also found that “the average company in the U.S. experiences more than 100 successful cyber-attacks each year at a cost of $11.6M. That’s an increase of 26% from last year.”
This information makes it clear that no company is truly safe from cybercrime. Becoming complacent with your company’s security will increase the odds of a breach occurring. It is critical to remain aware of these trends. For most if not all companies, it is not a matter of if a data breach occurs, it is a matter of when. Will your company be prepared to respond to a data breach and the reporting, regulatory, and litigation fallout?
For more information on data security and other cyber law issues, contact the Goosmann Law Firm at info@goosmannlaw.com or (712) 226-4000.