After hearing about some of the dangers within the healthcare industry concerning cybersecurity and patient information, we can only expect the trend to continue.
Whether it is an inside job, ransomware or a kind of social engineering, the risks are too high for businesses and organizations to ignore the potential fallout of a data breach. The negative media coverage and financial costs are simply too high (and rising).
Consumers and employees want protection
The current trend of public opinion toward the privacy and integrity of their data is that while convenience is nice, there is a grave concern about their data being leaked or misused. Identity theft is a real concern, and hackers — now commonly working in collectives much like businesses — base their incomes on their ability to breach corporate defenses.
A recent U.K. poll from YouGov has shown that 72 percent of Britons are concerned about data privacy, and there is no reason to suspect those numbers are too much different across the industrialized world.
We are starting to see increased privacy options in smartphone applications and device menus in response to some of the concerns consumers have made after attacks, such as those on iCloud and the Ashley Madison website (each of which could result in lawsuits costing millions of dollars).
A growing market
Consumer products are seeing an increased rise in use as well. Well-reviewed VPNs are getting millions of customers, and cybersecurity tools and suites are so mainstream they are considered a given on any computer. This can only be expected to at least maintain itself.
The spike in consumer activity is matched by a spike in business plans for spending. Gartner reports that the world will be spending about $101 billion on cybersecurity products and services by 2018, and that number will only grow further in the years ahead. Developments and increasing concerns regarding technology and potential attack vectors could see businesses investing even more to protect vital information.
These expenses wouldn't be made if decision makers thought they could be safe without making them. We are starting to see the advisement of professional cybersecurity specialists take effect.
Legal considerations
One cannot ignore the potential legal costs of a successful cyberattack as well. While most lawsuits against data breach victims have proven unsuccessful or are still in the legal process, there are a couple that deserve a close watch:
- T-Mobile and Experian have been sued over a data leak that has affected about 15 million people, making it one of the largest attacks of last year's news cycle.
- Home Depot, a previous target of a major attack, has settled for $13 million among other measures with class members who brought a suit against the home improvement retailer.
The total costs of the lawsuit are likely far more than precautionary measures would have been if implemented correctly. Other businesses might take this as a call to action.
Do you have any additional concerns about cybersecurity or how the connected workplace is evolving? Do you think that the changes in the cybersecurity market will spur other large-scale market changes? Please leave a comment below and tell us what you think.
