Cybersecurity: a top priority in 2020

Author: Tatiana Cury

Last updated: January 15, 2020

According to securityboulevard website, worldwide, in the beginning of Dec 2019 data breach reached 4.1 billion records. A data breach can be costly to your business. At IBM and the Ponemon Institute's annual "Cost of a Data Breach" report, data breaches cost companies surveyed in the report $150 per record. The cost of a data breach has risen 12% over the past 5 years1 and now costs $3.92 million on average.

 

2019 Cost of a Data Breach Statistics

 

Looking at the Netherlands, according to the Dutch Data Protection Association, in 2018, there were 20.881 reports of data breach. This information entails only the companies that officially communicate to them; therefore this number is even higher.  

Databreach_NL

Compared to previous years this number has risen sharply and it doubles each year. The forecast is that in the coming years the number of data breach will keep increasing.

In the Netherlands, the most affected sectors are the health and wellbeing sectors (29% of the breaches notified), the financial sector (26% of the breaches notified), and the public sector (17% of the breaches notified). The most personal data breached are name and contact details, gender, health information and national identification number.

In July 2019, a Hospital in the Netherlands got a fine of € 460.000 for having insufficient internal security on patient records. If not solved in a short period of time there would be an additional fine of a maximum of € 300.000.    

A data breach incident not only brings additional unnecessary high fine costs to the organization but also impacts the brand reputation. When there is a data breach, customers will stop relying on your brand and easily move to another brand. It is a lose-lose situation.

In 2020, investments in cybersecurity will be a priority in all organizations. One of the challenges is to ensure to invest in the right areas. Customer data protection is one area that is getting a lot of investments.  Many industries specially financials are investing in CIAM (Customer Identity and Access Management).  

Check our website to see how a CIAM solution can help your company to comply to all regulations, protect the customer information and to securely manage access from employees and third-parties with our delegated user management.   

1 Comparison of the average global cost of a data breach from the 2014 Cost of a Data Breach Report to the 2019 report.