Data breaches are the kind of problems one never thinks could happen to them until they do. Living in a digital age has made most people very much aware of their existence, but somehow, it’s still difficult to imagine being on the receiving end of a data breach. And yet, figures show that these scenarios are not as isolated or uncommon as some tend to believe. The incidence of data breaches has increased so much over the past years that the possibility of becoming a victim is higher than ever before, which means no one is safe from this epidemic.
According to data provided by Statista, over six million data records from all over the world were exposed due to data breaches during the first quarter of 2023. A recent report from cybersecurity company Surfshark comes to complete the sobering picture, revealing that the number of breached accounts worldwide in Q2 2023 amounted to 110.8 million. This equates to a threefold increase from the previous quarter.
As for the countries most affected by cybercrime and data breaches over this period, the US ranks first with 49.8 million leaked accounts, followed by Russia (15.3M), Spain (3.7M), France (3.4M), and Turkey (2.8M).
Minimize Risks and Considerably
There are indeed ways to minimize risks and considerably reduce the likelihood of dealing with such unfortunate events, as well as services that can help those affected by data breaches to seek financial compensation for the damages they’ve suffered, which you can read more about at https://www.databreachcompensationexpert.co.uk.
We’ve certainly seen some positive developments recently in this respect. For example, global investment in security and risk management is expected to increase by more than 11% in 2023. Also, data from the Office of National Statistics (ONS) shows increased cybersecurity awareness at the upper management level for UK businesses, with 82% of senior managers regarding the importance of cybersecurity as “very high” or “fairly high”.
But the reality remains that data breaches have reached new record highs lately and continue to run rampant all over the world, highlighting the fact that better solutions are required to curtail their prevalence. And the first step toward solving any kind of problem is to identify the root causes.
Sticking to the old ways
As shown by the figures, businesses have started investing more in cybersecurity in recent years. But despite pouring more money into strengthening security systems, data breach rates keep on rising. So, where exactly are businesses going wrong?
For many companies, the problem lies in their outdated approach to cybersecurity. Although they have more resources on hand to boost security, they continue to focus their investments on the same methods and strategies they’ve always used. Far too few businesses dare to break the mold when it comes to security and look for alternatives to improve their defenses. All the while, cybercriminals are becoming more astute, sharpening their skills and employing new tools and solutions to identify and exploit system vulnerabilities.
With one party being stuck in their old patterns and the other one having a forward-thinking mindset, there’s always going to be a considerable imbalance between risks and protection. Therefore, the budget supplementation can’t make up for the lack of flexibility and innovation in this area. It’s necessary for security teams to start thinking outside the box and look for new ways to keep threats at bay so they can make the most of their efforts and resources.
Increased spending doesn’t translate to improved security
One would think that putting more money towards cybersecurity would result in the immediate reduction of incidents such as data breaches. Unfortunately, things are a bit more complicated than that and larger investments don’t always lead to better outcomes. That’s because it’s not only the size of the investment that matters but also how the money is used.
The ineffective distribution of security budgets often leaves companies vulnerable to all sorts of cyber threats and causes incidents that could have easily been avoided had the money been used where it mattered most. This stresses the importance of the effective allocation of funds for security purposes.
Cybercrime has become a big business
In today’s tech-driven world, cybercrime has become a thriving industry. In fact, it’s the fastest-growing criminal sector and the world’s third-largest economy after the US and China, according to the World Economic Forum (WEF).
With online criminal activities being more profitable than ever, it comes as no surprise that the number of players in this line of work continues to rise. The inflow of cybercriminals contributes to the expansion of the cybercrime market and therefore to the pervasiveness of cyberattacks and the staggering costs associated with them. The huge amounts of money that cybercriminals earn, especially via ransomware, fuel new attacks and lead to a never-ending vicious cycle of cybercrime.
Cybercriminals are one step ahead in the race
Times change and so does the digital landscape, along with its actors. On one hand, cybercriminals are making huge progress both in terms of the resources they have at their disposal and the strategies they employ to commit malicious activities. On the other hand, security teams are also ramping up their budgets and efforts to bolster their systems and address vulnerabilities.
Unfortunately, these two entities are advancing at different rates. All too often, security teams’ budget is insufficient to keep up with the evolution of cyber criminals who are increasingly agile and effective at hacking into companies’ networks and stealing their data. It’s an unequal race that makes it impossible for businesses to take the lead, so they always end up in second place. The only reasonable solution to level the playing field is for companies to pump more money into cybersecurity.
Cybersecurity remains a major concern and should be regarded as a top priority by businesses and organizations all over the world, regardless of size or industry. The only way for companies to fight this silent epidemic is to focus more on their current shortcomings and weaknesses and use all their security tools and resources in a more effective and calculated manner.