Organizations across various industry verticals are undergoing or have transformed their business in order to move into the digital economy. Some have embraced online transactions, while others have brought on mobile apps and countless more are moving to consumption-based IT models such as the cloud.
Digital transformation presents organizations with numerous business advantages but not without its risks.
One of the greatest concerns of the digital age is data security. Customers, citizens and employees share their payment data, personal information and other sensitive PII with organizations. Unfortunately, some organizations might not take customers’ data security seriously…that is, until a data security breach occurs.
The threat of a data security breach begs the following question: are organizations thinking about data security when they are planning to transform their business to meet the digital age? Or does it come to mind only after they’ve joined the ranks of Equifax, Uber and others that have suffered a security incident?
If data security isn’t already a priority for organizations, it’s more likely to become one in 2018. That’s because of the onset of data protection legislation including the Notifiable Data Breaches (NDB) scheme the General Data Protection Regulation (GDPR). Companies aren’t wasting any time under these frameworks, either. To illustrate, the NDB came into effect in February; just eight weeks later, the Office of the Australian Information Commissioner (OAIC) had already received 63 breach notifications reported under the scheme.
It’s not just in Australia. Gemalto’s Breach Level Index (BLI) detected several important trends in 2017 suggesting that breaches are getting worse, for example, accidental loss caused 1.9 billion records to be exposed, a 580% increase in the number of records from 2016. Additionally, identity theft was 69% of all data breach incidents. Over 600 million records were impacted, resulting in a 73% increase from 2016.
These findings spell trouble for organizations and their customer relations. In Gemalto’s 2016 Data Breaches and Customer Loyalty report, 66% of respondents said they were unlikely to do business with a company that suffered a breach exposing their financial and sensitive information.
Data security incidents have real impacts on organizations’ ability to do business. Acknowledging this finding, Gemalto has decided to collaborate with VMware and F5 Networks who are sponsoring Gemalto EVOLUTION 2018. There, attendees can hear me and other cyber security experts speak about data security and how to protect their organizations in the age of digital transformation.
Interested in learning more? Join us at Gemalto EVOLUTION 2018 on 31 May at the Parkroyal Darling Harbour in Sydney, Australia.
Gemalto Evolution 2018 sponsored by: