Source: https://mitsloan.mit.edu/ideas-made-to-matter/mit-report-details-new-cybersecurity-risks
Despite strong security measures, cybercriminals continue to find new ways to exploit both personal and business data. Data breaches increased by nearly 20% in the first nine months of 2023 compared to all of 2022, and ransomware attacks surged by almost 70% in the same period. MIT Professor Stuart Madnick reports that data breaches hit an all-time high in 2023 due to increased online interactions, putting more personal data at risk.
Organizations are well aware of these heightened cybersecurity risks, with worldwide spending on security and risk management expected to reach $215 billion in 2024. However, hackers are getting more creative in bypassing security measures, driven by the vast amounts of unencrypted personal data stored in enterprise systems. A staggering 95% of organizations surveyed by IBM between March 2022 and March 2023 reported experiencing more than one data breach.
Madnick’s report identifies three primary reasons behind the rise in personal data theft:
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Partnering with CSG Technologies means gaining a robust security posture that protects your data and systems against the latest cyber threats. Let us handle the complexities of network security and provide peace of mind in an ever-evolving digital landscape.
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