The Internet Society has today released the findings from its 2016 Global Internet Report in which 59 percent of users admit they would likely not do business with a company which had suffered a data breach. Highlighting the extent of the data breach problem, the report makes key recommendations for building user trust in the online environment, stating that more needs to be done to protect online personal information.
The average cost of a data breach is now $4 million, up 29 percent since 2013. With a reported 1,673 breaches and 707 million exposed records occurring in 2015, the Internet Society is urging organisations to change their stance and follow five recommendations to reduce the number and impact of data breaches globally:
- Put users -who are the ultimate victims of data breaches- at the centre of solutions. When assessing the costs of data breaches, include the costs to both users and organisations.
- Increase transparency about the risk, incidence and impact of data breaches globally. Sharing information responsibly helps organisations improve data security, helps policymakers improve policies and regulators pursue attackers, and helps the data security industry create better solutions.
- Data security must be a priority – organisations should be held to best practice standards when it comes to data security.
- Increase accountability – organisations should be held accountable for their breaches. Rules regarding liability and remediation must be established up front.
- Increase incentives to invest in security – create a market for trusted, independent assessment of data security measures so that organisations can credibly signal their level of data security. Security signals help organisations indicate that they are less vulnerable than competitors.