The challenge in data security
The volume of data, the sophistication of ubiquitous computing and the borderless flow of data are outpacing the ability to understand how personal data is being used. In this data-driven economy, consumers find it hard to trust companies for a variety of reasons when it comes to the use of their personal data. For example, consumers’ reaction to data misuse can cause them to reduce their spending with a company by about one-third.[1] Moreover, the number of cyber attacks against enterprises and governments globally continues to grow in frequency and severity.
The findings in the Ponemon Institute CyberCrime Study[2] suggest companies using encryption technologies are more efficient in detecting and containing cyber attacks. According to the Ponemon Institute 2021 Cyber Crime Study,[2] a typical data breach experienced by companies now costs $4.24 million per incident when 1 000 –100 000 records are involved. That’s the highest ever recorded. So-called “mega” breaches, when there’s an exposure of 50 million – 65 million records, now reach an average of $401 million to resolve.
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