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Security Breaches: Experts Agree That Anyone or Any Company Can Be a Target — No Data is Totally Safe
Companies are increasingly becoming targets of cyber security attacks. These are the results of a report from the Association of Corporate Counsel. The report surveyed more than 1000 company in-house lawyers across 30 countries for their perspectives on data security.
The top cause of breaches turns out to be mistakes made by employees. To counter this problem, for example, many banks now train their employees to be on their guard so as to avoid potential data breaches. Banks tell their employees that they’ll be regularly tested to ensure that they learn to regularly avoid risky behavior. But despite the warning that they are being monitored and regularly tested, the report found that two percent of their employees still click on phishing emails.
Increasingly companies are purchasing cybersecurity insurance. The report finds that more than 68 percent of the companies surveyed had insurance policies that covered more than one million dollars of damages.
Veta T. Richardson, ACC president and CEO, said that “even companies with established cybersecurity preparedness programs continue to increase their spending in order to minimize ever-present risk. Unfortunately, no sector or region is immune. Our findings indicate that general counsel expect cybersecurity risk to only increase in the upcoming year.”
Among all industries, health care ranks as the one that has seen the highest percentage of breaches. Here are the percentage of companies across various industries that report having experienced data breaches, although many think the numbers are actually much higher:
- 56 percent – Health Care / Social Assistance
- 36 percent – Insurance
- 33 percent – Manufacturing
- 32 percent – Retail Trade
- 31 percent – IT/Software/Internet Related Services
The report found that “No form of data is safe. As more and more business data storage moves into cloud data storage servers, hackers have an ever expanding trove of enterprise data to plunder.”
