Hackers are becoming more of a threat to businesses around the world each year. Even local governments in the United States have been hit by cyber-attacks recently.
With more and more private information stored online, it is critical that companies and municipalities take cybersecurity seriously. If not, hundreds of millions of pieces of private information could be accessed in a single breach.
As company after company has fallen victim to data hacks, the consequences have become clearer to the public.
According to a NTT Security poll, 64 percent of respondents said mitigating the security threat is the main priority in the event of a breach. Another 59 percent of respondents said they would not have confidence that their company could resume normal business operations within 24 hours of a cyber-attack.
Government regulation to enforce data privacy exists, but it will be up to the private sector to ensure its customers that their data is safe from digital threats.
Multi-factor authentication (MFA) has become a popular protectionary method for people’s devices and passwords. However, with so much data in possession by banks and insurance companies, MFA is not enough to stop widescale attacks against some of the largest companies in the world. Oftentimes it is out of customers’ hands by the time their information is in the hands of such large targets.