In the News
In Digital Growth Exposes Firms to Complexity and Threats, Phil Muncaster at InfoSecurity magazine discusses new research exposing the reality of security risks in the increasing digital age. Muncaster explains that research found that almost all of those surveyed use sensitive information and over 85% of those surveyed reported to being vulnerable to cybersecurity threats. However, the research states that less than 50% of those surveyed are planning to spend more money and resources on cybersecurity initiatives.
Our Take
It is not surprising that the continued integration of technology and digital connections into the daily lives of all individuals and society as a whole has brought about increased concern for data security. However, digital growth means that more and more sensitive information is stored online or in the cloud. This means that the dangers of digital growth on both the data privacy of consumers and firms are ever increasing. The potential reality of data exposures and breaches threaten the identity and finances of both individuals and firms. Firms must make the security of their information and the information of their customers a priority and spend more resources or finances to protect their information. However, there is responsibility placed on consumers as well. Consumers must be aware of the reality of cyber threats and share their information online with consideration of this fact. The combination of consumer and firm action is the only way to ensure data privacy in the future.
Recommendations
How can you protect your information as companies transition to more digital processes?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Use safe password practices, and take advantage of Multi-factor Authentication where possible
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected