Data breaches are the bank heists of the Digital Age. Yet, they inflict much more widespread damage, dread, and chaos. Their impact is felt both immediately and in the long term. Companies targeted by data breaches can lose as much as 3% of their market value as a result. In some cases, data breaches are only identified weeks, sometimes months or years, later, which gives cybercriminals unfettered access over a long stretch of time.
Each year, the Identity Theft Resource Center compiles a year-to-date tally of “confirmed” data breaches affecting US companies and consumers. This report largely solidifies what we already know: data breaches are rampant. The YTD total for breaches in 2018 (up to September, 30) was 932, for a total of 47.2 million known records reportedly compromised.
The worldwide virtual data room (VDR) market is expected to more than double in size to nearly $1.9 billion by 2022, this according to MarketsandMarkets. Driven by a combination of robust M&A activity, technological improvements and changing business practices, these highly secure systems for storing and managing sensitive data are streamlining how transactions are conducted.
Sony. Equifax. Yahoo. HBO. Target. The Democratic National Committee. Each of these entities suffered major losses (financial and otherwise) as a result of computer hacking. And there’s every reason to believe nefarious players will continue to worm their way into networks to steal or compromise critical data. This is why a multi-layered security effort is as important as ever — to ensure valuable information is protected from those who want to commandeer it for their own benefit.