Security threats have become a ubiquitous problem for American companies, and a report from Cybersecurity Ventures found that damage related to cybercrime is projected to hit $6 trillion annually by 2021. According to Accenture, the most expensive component of a cyberattack is data loss, which represents 43 percent of cybercrime costs.
The first few months of 2019 have shown that the ever-growing threat of data breaches continues to trouble companies across industries, with vulnerabilities striking everywhere including dating apps, data analytics firms, hotel databases and medical records. Stolen data is now showing up for sale on the dark web, extending the life and reach of these violations. And it’s likely that the emergence of 5G will add to the complexity of data security, as companies prioritize first-to-market strategies rather than focusing on security.
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