The number of data breaches occurring across the world is astounding. If companies and organizations do not actively explore ways to protect themselves against growing cyber threats, then they are putting themselves at even greater risk. Recent research highlights the issues that organizations are facing in the ever-changing cybersecurity landscape.
- Organizations are facing increasing vulnerabilities. Heimdal Security reported on insider threats explaining that, “59% of employees steal proprietary corporate data when they quit or are fired.” Poor data storage and policies lead to this issue.
- The Symantec 2016 Internet Security Threat Report found that in 2015, “Crypto-style ransomware grew 35%.”
- The number of breach incidents is increasing. According to the 2016 Identity Theft Resource Center Data Breach Category Summary, 454 data breaches have occurred resulting in nearly 12.7 million exposed records in 2016.
- Breaches are quite easy for attackers. The 2016 Data Breach Investigations Report from Verizon states that it takes minutes or less for attackers to compromise systems.
- Not only are breaches increasing; they are also becoming more expensive. The 2015 Data Breach Investigations Report from Verizon states that for a data breach of 1,000 records, the average cost is between $52,000 and $87,000.
- The impact of a breach is significant. Heimdal Security reports that “68% of funds lost as a result of a cyber attack were declared unrecoverable.”
- Via the 2014 State of Risk Report, as quoted in Trustwave Security Stats, even with increasing threats, the majority of businesses (63%) don’t have a well-thought-out data management strategy.
- The 2015 Global Cybersecurity Status Report from ISACA reports that of all global organizations, only 38% feel that they are ready to handle a sophisticated cyber attack.
- In fact, some victims of a breach don’t even realize their data has been compromised. “Four out of five victims [of a breach] don’t realize they’ve been attacked for a week or longer,” according to the 2016 Data Breach Investigations Report from Verizon.
Olfactex can help mitigate the majority of these threats. Organizations achieve more control over access permissions and are notified of abnormal behavior. Olfactex provides an encryption solution that is more convenient and secure than other options like zero knowledge encryption, shared key encryption, and homomorphic encryption. The patent-pending transformation process allows data to remain encrypted in use, which, before Olfactex, was unheard of. When used as prescribed, Olfactex eliminates mass data breaches all together allowing companies to fully utilize their data without risk. To learn more about encryption in use and how Olfactex works to protect your data, read the technical brief.