February 27, 2020 / in IT Trends, Tech Advice, / by Number8

As a result of increased data collection and data sharing by government institutions and companies, cyber threats have now become widespread and incredibly challenging to handle. Irrespective of the nature of your personal or business records, you can now quickly become a target of a hacker set on destroying your business. Here are a few useful facts that will provide you with a better understanding of data security.

Facts About Data Security You Should Know

Small Business Are a Target of Roughly 50% of Cyber Attacks

In most cases, a small business typically lacks the data security of a multi-million dollar business. This gives hackers a clear path to hack into a small business' affairs. Most small business owners often feel that they aren't vulnerable to hacking because they have nothing worth stealing. However, hackers often steal consumer information and personal data from businesses of all sizes. Roughly 60% of all businesses experience malicious hacks like DDoS attacks, phishing, and more.

Damages from Attacks Will Reach $6 Trillion By 2021

Based on data collected by Forbes, damages from hacking will amount to around $6 trillion in costs by 2021. For reference, this is a figure significantly higher than damages from natural disasters in the United States annually. This threat looms large in the future partially because of the easy availability of secure VPN services. Attackers can now hide their identity as well as their location, which makes it nearly impossible to track their activities online.

Bad Actors Use Bitcoin for Illegal Activities

Bitcoin has introduced a unique system of digital currencies. It has presented users with a quick transfer option, safety, and anonymity. However, as a result of this anonymity, bad actors are now using Bitcoin to carry out illegal activities.

Malware Attacks Have a Serious Impact on the Healthcare Industry

Malware attacks affected approximately 75% of the healthcare industry in 2019. This includes various health insurance agencies and other treatment facilities. Typically, the personal histories of patients are targeted by hackers. Additionally, medical research is often attacked and sold to the highest bidder. The negligence of data security by medical institutions and hospitals is the primary reason for these attacks.

Data Security Is Now Mandatory

Both small and large business owners are now focusing on protecting their data by investing in cybersecurity software. Any highly-effective antimalware software can verify and segregate threats from the system before a malicious attack.

It Takes About 5 Minutes to Hack IoT Devices

IoT devices like smart watches, smart cars, and home control systems can easily be hacked under 5 minutes once they're connected. This is because they cannot escape the internet when being used. This makes it nearly impossible for them to disconnect from the internet altogether. Today, hacking tool kits and software are easily accessible on the dark web for as low as $1. Third-party apps are readily available on the internet as well.

Pernicious Emails to Organizations Are Rampant

Recent reports have stated that public administration organizations now receive one malicious email per 302 emails. Although this number may seem small, there are a large number of public organizations. Each organization has numerous employees with company email addresses. This increases the chances of an employee falling into a hacker’s trap. Fortunately, there are thousands of data security tools available online and of them are free or low cost. Once you have a better understanding of the usage and implementation of these security tools, you will gain a sense of confidence in protecting your personal information. As an information technology company with many years of experience, we’ve helped hundreds of clients leverage technology to become more efficient and increase profits. Interested in learning more? Let’s connect. Send us an email or give us a call and we can get the conversation started.          

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