Friday, December 2, 2016

How constant data breaches are making people lose trust in technology


“In today’s digital business environment, trust is built on two major components: ethics and security. Trust is the cornerstone of the digital economy.” - Accenture Technology 

The Internet Society (ISOC), expressed a concern that constant data breaches are seriously affecting people's trust in technology.

Digital trust is actually not a process but rather a result of  secure relationships  and communications 
between companies, end users, partners and employees.

Security experts are continuously underlying that empowering digital trust doesn't only mean investing in technology but rather in organizational's mindset, which constantly develops and adjusts to ever accelerating threats.

In the Global Internet Report 2016 released by ISOC it was highlighted that there should be more incentives for breached organizations in order for them to invest in cyber security otherwise the breaches will continue. 

In just first half of this year there was 3.04 million compromised records which means that 35 records were compromised every second. This fact about compromised data presents a failure in cyber-security investments.




Since the amount of data breaches are in an tremendous increase over the years, the logical and expected consequence is customers loosing trust in technology. According to a new research conducted by Centrify 66% of U.S., 75% of U.K. and 57% of German consumers are likely to stop doing business with a hacked organization.

Consumers admit that, nowadays, they are more likely to expect from a business to be hacked and not to be protected. On the other side, half say that businesses are taking care for their customer's online security.

Even thought investing in cyber security is a must for businesses, only 1 out of 3 organizations is actually planning to do so.

CEO, Olaf Kolkman, of The Internet Society (ISOC), highlighted few recommendations for organizations in order for them to avoid cyber attacks in the future and to keep digital trust stable.  One of them is related to transparency of data breaches. He believes that transparency about cyber security and incidents in this field should be a must and that people worldwide have to be aware about these matters.

He also refereed to the fact that businesses and government should work more in this field and come up with a strategic plan which will help decrease the data breach stats.

Organizations have to work on the company's mindset when it comes to cyber security. Besides securing their network, they need to keep their programs always up-to-date, their communication channels secure and most importantly to share awareness among the employees how to deal with online cyber threats and social engineering.

If this trend continues to grow it is clear that if businesses don't reduce the risk of a cyber-attack they will reduce the number of their customers. Loosing customers for a company also means loosing money. Better invest a small part of that money in cyber security and never experience a data breach again.

Stay safe.




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