Increased Number of Data Breaches in 2014 – Over 8,700,000 Records Exposed
The alarming findings of Identity Theft Resource Center's (ITRC) “2014 Data Breach Stats” report reveals that there have been 330 data breaches in 2014.
6 June 2014
The Identity Theft Resource Center (ITRC) recently released their latest data breach report outlining the number of confirmed data breaches that have become public.
The alarming findings of the “2014 Data Breach Stats” report which includes data from the beginning of this year up until June 3rd, reveals that there have already been 330 data breaches in 2014, of which more than 8,715,474 records were exposed. Looking at the ITRC’s 2014 data by category, the research found that the categories with the most data breaches and information exposed were Medical/Healthcare with 157 data breaches and 1,472,798 exposed records, and Business with 107 data breaches and 6,103,295 exposed records. Comparatively in 2013 for the same time frame, there were 279 breaches - clearly, 2014 is not off to a good start.
This is bad - the increase in data breaches this year shows that companies are not taking information security seriously. Aside from stating the obvious that companies should be protecting information for their customers’ and partners’ sakes, they should do so for their brand’s reputation and bottom line as well. In Experian’s “Data Breach Response Guide”, the organization estimated the average cost of a data breach to be in excess of $5M.
With threats out there like hacking, malicious insider activity or physical theft, implementing proper information security should be a focus for all businesses. Putting your trust in an organization which specializes in information security can help make this process easier. You can utilize their expertise in data, application and network security as well as their continuous investments in technology, staff and processes. You’ll want to evaluate the vendor’s underlying platform to feel absolutely confident in your vendor’s infrastructure and architecture. Additionally, your solution should have strong data encryption (both at rest and in-transit), information rights management to guard against unauthorized redistribution, and lifetime audit trails and reporting for regulatory compliance.
As a closing thought, make sure to think ahead where security is concerned, or risk falling behind.
Meagan Parrish is the Senior Manager of Social Media at Intralinks. She is responsible for social media strategy development and the communications for Intralinks' online communities. Meagan has been creating social media strategies for a variety of companies across verticals for the past several years. She holds Bachelor degrees in Marketing and Finance, with a minor in English Literature.