With today’s modern technology, everything is within reach. The world is connected by an ‘invisible string’ ̶ the internet, which has dramatically transformed access to information. In just one click, you can have all the answers to your questions.
One can also store and readily access large amounts of data in the cloud, which businesses now use for their benefit. In fact, lines like “I left that file on my computer. I’ll have to send it to you when I get back to the office” and “I’m running out of storage space” aren’t valid anymore these days.
However, this stroke of luck has its own flaw too ̶ it makes your business vulnerable to data breach. Hackers can gain unauthorized access to your sensitive business information, user accounts, personal information such as personal data like email addresses, location details etc through spreading malware online, disguising them as emails, attachments, and hyperlinks. Once you click them, these malwares will get into your computer system and can be used for fraudulent acts, theft, or deletion of important information.
As a result, business executives throughout the world recognize the technological risks as one of the global risks of highest concern for doing business, with cyber-attacks on the 8th spot out of 29 other business risks, according to a World Economic Forum survey last 2017.
Other technological risks such as data fraud or theft, misuse of technologies, and critical information infrastructure breakdown made it to the said list as well. These technological risks, when left unmanaged, can cost your business a fortune. According to a recent McAfee report, cybercrime costs businesses approximately $600 billion USD per year, and it is by no means slowing down because cybercriminals are embracing new attack technologies .
The following infographic shows some of the top biggest security breaches in the history of the internet.