The better privacy practices a business, the less likely it is to fall victim to a cyber attack.
More specifically, according to a study by Osano, companies that do not use adequate privacy methods are 80% more likely to be attacked and to be fined seven times larger than companies that implement good security.
Companies that scored the lowest on privacy practices lost 600% more data than companies with high scores.
Additionally, organizations with the lowest scores found it less easy to identify the source of a breach.
Educational and government websites are 15 times more likely to fall victim to a breach than commercial websites.
“Faced with relentless breaches and heightened awareness about data security, consumer and shareholder trust in businesses is gradually eroding. Businesses that fail to protect their sensitive data will face serious negative consequences, and this report demonstrates exactly how these phenomena are related,” said Osano CEO Arlo Gilbert.
“There is a perception that privacy issues are akin to a speeding ticket – a risk worth taking. Companies that don’t change their perception are more likely to experience a data breach and lose the trust they have built with their customers.”
The average company shares its data with 730 different vendors, and according to the Institute of Internal Auditors, these partners are responsible for two out of three data breaches.
Many companies are lagging behind current data privacy requirements. By adopting the right privacy practices, companies can reduce the chances of breach and maintain customer trust.
