Let’s face it — as consumers, we don’t really think too hard about data security until something goes wrong. Despite the security risks, we happily go on sharing data online, downloading apps, uploading images, following free sites, and storing valuable documents in the cloud; this is because we prefer to focus on the benefits of such actions rather than the dangers involved. There is a widespread assumption that firms will leverage our personal data to provide highly tailored experiences that make us feel special. In fact, data is one of the intangible assets that account for as much as 84% of the market value of the organizations listed on the S&P 500 index.
However, this era of extreme personalization has a dark side, in that we are more vulnerable than ever to online fraud or theft and data breaches. The recent ransomware attack, WannaCry, demonstrated that cyber security threats have already surpassed organizations’ capacity. The shocking reality is that 49% of businesses fell victim to cyber-based ransom attacks in 2016, and the costs of redressing cybercrime damage are set to hit a jaw-dropping $6 trillion per annum by 2021.
In today’s ever more connected world, our data footprint is getting larger and larger; everything from wearables to home appliances, smartphones, and cars can now be synced. While this is a fantastic development, it means that a single security breach on one device can infect an entire network, as multiple devices are often interconnected on a home or business network. We have already seen reports of cyber-attacks launched through connected refrigerators and malicious e-mails sent via other household appliances. Even connected toys are not safe; a Chinese toy manufacturer recently admitted that the security of 6.4 million kids had been compromised by a massive data breach…Click HERE to read full article.