In the onset of the digital era, privacy and protection of data have become crucial. Global Data Protection Outlook, 2018 evaluates that the direct and indirect cost of losses incurred by the companies due to data breach.
In 2017 the losses amounted to 1.6 trillion USD. The amount of losses incurred in 2017 is the highest to date. The number of breaches in 2017 had increased exponentially during the period 2012-2017.
Global Data Protection Outlook, 2018 has evaluated total losses due to data breaches by taking various variables including - number of total data records lost in data breaches, probability of being attacked as per the type of industry and calculated the financial impact on businesses due to a single data record breached and other overarching factors.
As per the report, businesses and governments are all data driven. Data is one of the most important intangible asset that any company holds presently. Data is an integral part of the global economy and is a driving force in today’s digital epoch. But there are some major backlashes of so much dependence on data and technology.
The report has highlighted that the sector which faces the maximum amount of financial losses is the health sector. As this sector has the most sensitive data attached to it, it becomes highly vulnerable for the individuals who have shared their health information.
Global Data Protection Outlook, 2018 finds that "Governments and International Organizations are highly prone to be attacked, as they have vital information and data related to the citizens of the country. The analysis of such findings of the report are made by evaluating the patterns in data breaches in last decade.
The report mentions the importance of data privacy and protection through various legal frameworks. Along with that it also elucidates the current situations on trans-border data flow and the multinational frameworks that are associated with it. Data protection and privacy are vital for global digital economy; hence, it is obligatory for all the stakeholders to collaborate and mitigate the arising risks. The analysis of the report is one of the key document that can actually help businesses and governments to curb the issue and be proactive before it’s too late and the technology takes a toll on the whole human kind.
- Telecom Companies
- App Developers
- International Organizations
- Banking and Financial Organizations
- E Commerce Platforms
- Social Media
- Gaming Platforms
- Messaging and Chat Applications
- Web Browsers
- Utility Apps
- Cyber Criminals
- Cloud Computing
- Analytics Firms
1. A Consumer driven industrial Revolution
2. The Advent of Privacy
3. The Dawn of Digital Transition
4. User: A Global Citizen
5. Privacy Infringement in Todays Smartphone World
5.1. Browsers & Privacy
5.2. Privacy in Context of Apps & Permissions
5.3. Privacy in Messaging Apps
5.4. Privacy Issues with Big Data
6. The Tipping Point - The Privacy revelations
7. Privacy & Dark Web
8. The Indispensable Technology: Of the People, by the People & For the People
9. User: The Irreplaceable
10. Internet of Things
List of Figures
Figure 1 Average Distribution of Targets in Cyber Attacks (2005-2017)
Figure 2 Records lost by Tech Giants
Figure 3 Number of compromised data records in selected data breaches as 2017 (in Millions)
Figure 4 Top 10 Countries with Highest Privacy Score (2017)
Figure 5 Internet Users in Developed and Developing nations (2007-2017)
Figure 6 Data Generated Every Day in Million GB-(1992-2017)
Figure 7 Records lost(Million) in Internet Based Industry
Figure 8 Percentage of the Apps that tracks Behaviour by type of information
Figure 9 Percentage of the Apps and the type of information Fetch by them.
Figure 10 Type of App Permissions that can access the User Information
Figure 11 Record Stolen by Apps in Million
Figure 12 Top 15 Vulnerable Apps by Number of Permissions required
Figure 13 Share of businesses having deployed or deploying an enterprise-wide encryption strategy
Figure 14 Percentage Share of Consumer Data Traffic GB per Month (Million)
Figure 15 Number Data Breach and Number of Data Record Stolen (2012-2017)
Figure 16 Total Record Stolen from Government Organizations
Figure 17 Government Data Breaches where more than 1 Million data records have stolen by Country & Ministry
Figure 18 Companies which has lost more than 100 Million data records by Company name
Figure 19 Telecom Companies that has lost more than 1 Million data records by Telecom/ Carrier name
Figure 20 Year wise Records lost(Million) in Telecom Sector
Figure 21 Number of Connected Device in Billion (2012-2020)
Technology has been evolving and advancing at a very fast pace with data and information at the epicentre of the global economy. Tech Giants like Apple, Facebook, Google and others are also not spared from these breaches either directly or indirectly. Even after spending good amount of money in cyber security, companies are failing to secure their data and information.
Global Data Protection Outlook, 2018 mentions that apart from the technological glitches, the existing legal scenario is such that the wrong doers have no fear of getting caught and be punishable as per the law. The regulations of data protection and data privacy are still not stringent enough to scare the hackers away. That is why it is necessary that there is cross industry collaboration and both government and businesses should work together so as to curb this issue.
As per the Global Data Protection Outlook, 2018 the major challenges that are being faced with reference to cyber-security includes, a new range of technological innovations, the ever-expanding range of platforms and applications, inter-dependent multi-level issues, lack of awareness about cyber threats and security measures and most importantly the dual effects of technological growth and development.
There has been fury of cases of hacking, spamming, malware attacks and phishing scams in almost all sectors majorly in the commercial and banking sectors.
It has also been found out that there is a whole market economy which provides supplies to hackers with all the necessary requirements. And they have created botnets which has almost made impossible for the security agents to catch them.
These new innovations have leveraged these illegal activities. The report has mentioned that public and health sector are the ones that are most likely to get attacked. And these sectors have the most sensitive data. The damages caused due to illegal usage of these kind of information and data is irreparable. As per the report, financial sector is also very susceptible of being attacked.
Global Data Protection Outlook, 2018 has emphasised on various technological and legal aspects associated with data privacy. Along with legal stance taken by various countries on this issue of data protection.