Avoid Data Breaches and Save Your Company Money

Avoid Data Breaches and Save Your Company Money

Tips on how to avoid privacy risks and breaches that big companies face today. How much data breaches cost in 2019. Why consumers are shying away from sharing their data. Airline phishing scam could prove to be fatal in the long-run.

Stay Ahead of the Privacy Game

The Equifax data breach is another wake-up call for all software companies. There’s so much going on today, with regards to data exposure, fraud and, threats. Especially with the new laws proposed, companies should take the necessary steps to stay away from penalties and breaches. Here are some ways you can stay ahead of the privacy game. 

  1. Get your own security hackers – Many companies have their own cybersecurity team, to test out for failures, threats, etc. Companies also hire outside hackers to uncover any weaknesses in the company’s privacy or security tactics. “Companies can also host private or public “bug bounty” competitions where hackers are rewarded for detecting vulnerabilities” (Source)
  2. Establish trust with certificates of compliance – Earn your customers’ trust by achieving certificates of compliance. The baseline certification is known as the ISO 27001. If your company offers cloud services, you can attain the SOC 2 Type II certificate of compliance.
  3. Limit the data you need – Some companies ask for too much information, for example, when a user is signing up for a free trial in hopes of making easy money. Why ask for their credit card number when you are offering a free trial service? If they love the product or service, they themselves will offer to pay for full services. Have faith in your product or service.
  4. Keep the data for as long as needed only – Keeping this data for long periods of time, when you don’t need it is simply a risk for your company. Think about it: As a consumer yourself, how would you react if your own personal data was compromised because of a trial you signed up for years ago? (Source)

How much does a data breach cost today?

According to a 2019 IBM + Ponemon Institute report, the average data breach costs a company approximately USD$1.25 million to USD$8.19 million, depending on the country and industry.

Each record costs companies an average of USD$148, based on the report’s results, which surveyed 507 organizations and was based on 16 regions in the world, across 17 industries. The U.S. takes first place with the highest data breach, at USD$8.19 million. Healthcare is the most expensive industry in terms of data breach costs, sitting in at an average of USD$6.45 million. 

However, the report isn’t all negative, as it provides tips to improve your data privacy. You can reduce the cost of a potential data breach by up to USD$720,000, through simple mitigating steps such as an incident response team or having encryption in place (Source).

Consumers more and more hesitant to share their data

Marketers and data scientists all over – beware. A survey of 1,000 Americans conducted by the Advertising Research Foundation indicates that consumers’ will to share data with companies has decreased drastically since last year. “I think the industry basically really needs to communicate the benefits to the consumer of more relevant advertising,” said ARF Chief Research Officer Paul Donato. It is important to remember that not all consumers would happily give up their data for better-personalized advertisements (Source).

Air New Zealand breach could pose long-term effects

Air New Zealand’s recent phishing scam from earlier this week has caused fear among citizens. The data breach exposed about 112,00 Air New Zealand Airpoints customers to long-term privacy concerns. 

Victims received emails requesting them to disclose personal information. They then responded with personal information like passport numbers and credit card numbers. 

“The problem is, the moment things are out there, then they can be used as a means to gain further information,” said  Dr. Panos Patros, a specialist in cybersecurity at the University of Waikato. “Now they have something of you so then they can use it in another attack or to confuse someone else” (Source).

A good practice for situations similar to this is to regularly change your passwords and monitor your credit card statements. Refrain from putting common security question information on your social media such as the first school you attended or your first pet’s name, etc. Additionally, delete all suspicious emails immediately without opening them (Source). 

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Facial Recognition Technology is Shaking Up the States

Facial Recognition Technology is Shaking Up the States

Facial recognition technology is shaking up the States

Many states in America are employing facial recognition devices at borders to screen travelers. However, some cities like Massachusetts and San Francisco have banned the use of these devices, and the American Civil Liberties Union (ACLU) is pushing for a nationwide ban. 

It is still unclear how the confidential data gathered by the facial recognition devices will be used. Could it be shared with other branches of the government, such as ICE? 

ICE, or Immigrations and Customs Enforcement have been in the public eye for some time now, for their arrests of undocumented workers and immigration offenders. 

“Any time in the last three to four years that any data collection has come up, immigrants’ rights … have certainly been part of the argument,” says Brian Hofer, who is part of Oakland’s Privacy Advisory Commission. “Any data collected is going to be at risk when [ICE is] on a warpath, looking for anything they can do to arrest people. We’re definitely trying to minimize that exposure”.

This unregulated data is what is helping ICE locate and monitor undocumented people violating laws (Source).

Now Microsoft is listening to your Skype calls

A new day, a new privacy scandal. This week, Microsoft and Skype employees were revealed to be reviewing real consumer video chats, to check the quality of their software, and its translations. 

The problem is that they are keeping their customers in the dark on this, as do most tech companies. Microsoft has not told its consumers that they do this, though the company claims to have their users’ permission. 

“I recommend users refrain from revealing any identifying information while using Skype Translation, and Cortana. Unless you identify yourself in the recording, there’s almost no way for a human analyst to figure out who you are”, says privacy advocate Paul Bischoff (Source).

Essentially Alexa, Siri, Google Home, and Skype are listening to your conversations. However, instead of avoiding these products, we are compromising our privacy for convenience and efficiency. 

Canadians want more healthcare tech, regardless of privacy risks

New studies indicate that Canadians are open to a future where healthcare is further enhanced with technology, despite privacy concerns. 

The advantages of these innovations include reduced medical errors, reduced data loss, better-informed patients, and much more. 84% of respondents wanted to access their health data on an electronic platform, as opposed to hard copy files. 

Dr. Gigi Osler, president of the Canadian Medical Association, states, “We’ve got hospitals that still rely on pagers and fax machines, so the message is clear that Canada’s health system needs an upgrade and it’s time to modernize”. 

Furthermore, most respondents look forward to the possibility of online doctor visits, believing that treatment could be faster and more convenient (Source).

After all, if we bank, shop, read, watch movies and socialize online, why can’t we get digital treatment too? 

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