Every time there’s a publicly revealed data breach, the public feels a little less secure. Over the past few years, we’ve seen massive breaches of major institutions, from to , that have cost those institutions hundreds of millions of dollars and marred their reputation. Target Equifax Today, the average data breach seizes 25,575 records, and the average cost of recovering those records, accounting for damages, and improving security to prevent further breaches is . In the healthcare industry, that number jumps to $6.45 million. In 2018, there were 1,244 reported data breaches in the United States, with a . $3.92 million, according to IBM 126 percent jump in the number of personal records exposed We’re on an upward trajectory in all areas; the number of data breaches, the severity of data breaches, and the average cost of each breach all seem to be rising. And if I had to guess, I’d say they’re going to keep rising for the foreseeable future. Despite all the efforts white-hat hackers, IT professionals, and major institutions are taking to improve cybersecurity, data breach costs will get worse before they get better. But why is this the case? The Diversity of Options First, we’re seeing an increase in the . It’s possible for a sufficiently skilled “hacker” to brute-force their way into even a well-protected system, but this isn’t the most common way criminals gain access to public records. They can also guess someone’s password, or trick them into giving it away, getting access to a recordkeeping system as if they were approved to access it. Or they can leverage spyware or other types of malware to gain the information they need. types of cybercrime that are available This is complicated by several factors: The developed world has been connected to the internet for a long time, but developing countries are starting to . This means a greater number of people are going to be connected to the internet, which is going to increase both the number of potential targets and the number of potential cybercriminals. The number of internet-connected countries is growing. make use of the internet at a faster rate We’re also seeing increases in both the number of devices an average person uses and the number of apps and programs on each device. All it takes is a single point of vulnerability to gain entry to a system, so the more complex and multifaceted our world of tech becomes, the more common data breaches are going to be. The number of devices and apps used is increasing. New techniques for gaining access to tech systems are constantly being developed and shared, sometimes publicly. You don’t need to have an in-depth knowledge of coding to pull off a large-scale data breach; sometimes, . Knowledge of hacking techniques is increasing. all it takes is a bit of persuasion The Value of Records It’s also worth noting that the objective value of personal records is increasing. Data is becoming more valuable, and hacks are therefore becoming more lucrative. Consider: . Look at the importance that major companies are placing on consumer data. Companies that make consumer products are collecting as much data as possible to make better products. Medical researchers are looking at patient data for better diagnoses and better health outcomes. And obviously, collecting more records from more individuals means the impact of any breach is going to be bigger. Companies are collecting more data It’s also true that individuals are relying on data and the security of multiple systems. Think about the number of credit cards you have, and how many organizations you trust to handle things like your social security number and birthday. More individuals are reliant on data. Simultaneously, we’re seeing a trend where . It may not matter to a cybercriminal what your shopping habits are, but if they can glean your existing medical conditions, or potentially gain access to a medical device or prescription, they could do a lot of damage—or demand a lot of money. Data is tied to more significant outcomes. data is being tied to more serious outcomes Taking the Threat More Seriously The good news is, most companies and organizations are committed to doing better. Out of concern over potential cybercrime, more organizations are investing heavily in firewalls, encrypted tech, and in-house IT teams to improve their security. But there is a limit to how much new technology can stop an incoming attack. There’s a kind of arms race between so-called hackers and tech developers, so whenever a new system to ward off attacks is developed, it’s only a matter of time before someone devises a way to get past it. But even more importantly, it doesn’t matter how complex your security systems are if one of your employees , or can be duped into giving out their login credentials. has a password that’s easy to guess The Far Future I can imagine a distant future where cybercrime is less common and less expensive, but it’s going to involve some innovation that’s years beyond our current understanding. For the time being, the number of available opportunities and the value of those opportunities are skyrocketing, and data breach costs will only climb as a result.

Target

2022 - HackerNoon Contributor of the Year - Crypto Trading

Nominated for 2022 - HackerNoon Contributor of the Year - Crypto Trading

Too Long; Didn't Read

Questions about cloud security? Get answers here.

Data Breach Costs Will Get Worse Before They Get Better. Here’s Why.

Too Long; Didn't Read

Companies Mentioned

Jesse Almeda

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

Data Breach Costs Will Get Worse Before They Get Better. Here’s Why.

Too Long; Didn't Read

Companies Mentioned

Jesse Almeda

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES