In today’s world, the majority of business data is digitized. While this makes it so much easier to access information in mere seconds, to organize and structure data, and to run intelligent analytics on critical information, it also means that it is susceptible to being compromised by hackers and other cyber terrorists. Being prepared for security breaches is the key to minimizing risk and reducing the impact of any incidents that your organization may be faced with. In order to be fully prepared, though, you need to know what types of risks to look out for. To help you plan, here’s a look at five key data breach trends that were noted in Experian’s annual Data Breach Industry Forecast:
1. Aftershock Password Breaches
There have been a few major password breaches in recent years, including the notorious Yahoo breach. “Aftershock” breaches continue to compound upon the severity of the original breach, as hackers may store password information to try to use during future hacks, or to distribute to others on the “dark web.” This trend is projected to continue throughout 2017, and that means that the age of passwords could be coming to an end. It’s becoming increasingly common for enterprises to look to fingerprint identification (check out Microsoft’s newest keyboard!) and biometrics for heightened security.
2. Cyber Attacks as an Act of War
It’s becoming more common for conflicts between nation-states to use cyber weapons against one another. Experian predicts that this type of behavior will continue to escalate from simple espionage to full-on cyber warfare. In order to protect your business against becoming a victim of cyber warfare, it’s wise to participate in an Information Sharing and Analysis Center (ISAC) where you will be able to share and access information about cyber threats with your peers and national defense operations.
3. Trouble in the Healthcare Sector
Experian predicts that those working within the healthcare sector will be targeted by sophisticated cyber attacks more than any other industry. Electronic Health Records (EHRs) comprise some of the most valuable data that cybercriminals can get their hands on and medical data breaches are of the utmost consequence. As a result, cyber terrorists are able to utilize ransomware as an attempt at a fast cash out. Because so many organizations are willing to pay up rather than deal with the potential disruption, the vicious cycle continues. In order to break the cycle, it’s imperative that healthcare organizations and those with access to EHRs take extra security measures and upgrade where necessary.
4. Attacks on Those Who Don't Accept EMV Chips
Even though all payment cards in the United States started utilizing EMV chips in 2016, only 44 percent of merchants actually have EMV terminals. Of those, only 29 percent are able to accept chip transactions. Knowing this, cyber attackers will likely target smaller stores that are not accepting chips. If your organization accepts credit card transactions and does not yet accept EMV chips, the time to make the switch is now. The security of your business and your customers depends upon it.
5. International Data Breaches
Enterprises that do business across countries should be wary of breaches that involve targeting the data of international customers. This is especially problematic when you consider that, according to a study from Ponemon Institute, nearly half - 42 percent - of companies haven’t set up contingencies for how to handle an international data breach. Taking measures to ramp up security and plan for the future is essential.
Need help increasing data security for your enterprise? The experts at Uncommon Solutions can help. Call us today to start creating a custom data security plan for your business.