The newest research findings from Juniper Research project that Cybersecurity Breaches to Result in Over 146 Billion Records Being Stolen by 2023 and the number of records breached each year will nearly triple over the next five years, while cybersecurity spending will only increase an average of 9% per organization, per year. Other key Juniper Research findings: over 33 billion records will be stolen by cybercriminals in 2023 alone – an increase of 175% over the 12 billion records expected to be compromised in 2018; in spite of legislation like GDPR and PSD2 mandating strong cybersecurity and authentication measures to protect personal and financial data, average levels of cybersecurity spend will remain relatively static; and the US will become a more prominent target over the next 5 years. A NuData Security expert offers perspective.
Ryan Wilk, Vice President of Delivery – Customer Success, NuData Security, a Mastercard Company
“These and similar projections are the precise reason why so many security-minded organizations, from eCommerce entities, merchants, and financial institutions to healthcare and other consumer-facing sectors, are implementing layered security strategies that incorporate passive biometrics and behavioral analytics. With these technologies, the massive amounts of stolen credentials cannot be used to log into someone else’s account or otherwise used for fraud. The user’s identity is established using hundreds of indicators derived in part from the user’s unique online behaviors instead of static ‘known knowns’ such as passwords, challenge questions, and government identification numbers. The consumer’s unique behaviors cannot be replicated by hackers, which protects organizations and individuals from the coming onslaught of credential theft. Juniper’s findings should serve as a terrifying reminder for every organization transacting online to substantially tighten and continually test their security and authentication strategies and ensure that payment data, sensitive records, and personally identifiable information is secure.”