Internet trust at all time low, says Internet Society
“One of the key questions raised by this report is why are organisations doing so little to protect their customers’ data?” said Michael Kende, Economist and Internet Society Fellow who authoured the report.
“Everyone knows that data security is a major issue for both consumers and businesses, yet companies are not doing everything they could to prevent breaches.”
“According to the Online Trust Alliance, 93 percent of breaches are preventable. And steps to mitigate the cost of breaches that do occur are not taken – attackers cannot steal data that is not stored, and cannot use data that is encrypted.
“This status-quo isn’t good enough anymore. As more and more of our lives migrate online, the cost and risk of a data breach is greatly increased, and will lead to lost revenues and a lack of trust,” added Kende.
The average cost of a data breach is now $4 million, up 29 percent since 2013. There were 1,673 breaches and 707 million exposed records occurring in 2015. ■