The internet has become a key pillar in the workings of modern day society, but despite this there is still a massive knowledge gap for internet users. With many people having no idea why data security is important, what it means, and how it works. They hope no one can see their activity online and leave it at that.
The threat is even bigger for companies dealing with highly confidential information such as government agencies and research institutions. Of course, any single user’s information is considered confidential, but there is also sensitive information (legal matters, mergers and acquisitions, etc) that when breached can cause big costs for institutions and present significant challenges.
News of huge data breaches do not seem to be taken seriously, with the public reading these headlines, shrugging, and going about their day. But in the last few years 900,000,000 records of personally identifiable information have been stolen.
The approach of just shrugging and forgetting about it doesn’t quite work for institutions that are being threatened by internal leaks and cyber-attacks. For them, customers flee to more secure platforms and executives get fired. Because of this the European Union has made huge strides recently in regard to information sharing and personal data.
To make sure that information of users did not fall into the wrong hands, the GDPR (General Data Protection Regulation) was designed to keep privacy laws consistent across all of Europe. The GDPR will be in full effect on the 25th May 2018. To make cooperation imperative, any organisation not in complete compliance will be facing steep fines.
Rather than thinking of the GDPR as treating the symptom of the issue, it should be viewed as preventative medicine against data breaches. DocEx, a configurable SaaS solution for the distribution of enterprise class information said “The average cost per incident of insider fraud is $412,000 and the average loss per industry is $15 million over ten years. In several instances, damages reached more than $1 billion.” That is a huge financial loss, and that’s not including the potential market share and loyalty hit that comes along with that sort of data breach.
Before any problems can prevail, companies like DocEx offer solutions to help. This is good news, as big data and rapidly scaling companies turn more digital, the industries that are responsible for protecting data will grow alongside them. Prevention is better than spending millions to fix the damage done, at which point multi-national companies will realise this though is the real question.