Home Business Some Statistics you must know about Data Privacy as a Business Owner

Some Statistics you must know about Data Privacy as a Business Owner

Data Privacy

If you’ve been in business, you would have realized that the need for data privacy is on the rise. If you are also new in the business game, know that data privacy and protection are as essential as data.

Suppose you’ve been dealing with data all your life or just starting to; you need a data protection policy. Likewise, you need to be aware of useful statistics that can help you succeed at handling sensitive data. So, if you’re interested in protecting your data by learning from existing statistics, this blog post is for you.

What Customers want you to know about Data Privacy

Many customers are so aware of data privacy and protection issues that they become selective with businesses they share their data. Let’s discuss what some customers want your business to know about data privacy.

Customers Care

Except for a few who do not have sufficient information about data privacy, customers care about what you do with their data. Cisco reported that 86% of customers say they care about privacy. They also claim to want more control over their data. It is glaring from this survey that only a few customers are not particular about what they think about their data.

They want Protection

Customers want you to protect their data. Research shows that 60% of customers know about data privacy laws. In addition, 53% of them think that government – local or national, should take the lead in protecting their data.

Little is not Enough

Your customers want it all. They want you to provide all their privacy and protection needs as stated in your data protection policy and privacy policy.

The Pew Research Center even says 75% of American customers think there should be more regulations on what companies can do with their data. Also, 47% have even switched companies over their data privacy policies.

4 Shocking Statistics that you must know about Data Privacy

This statistical information will inform you about data privacy trends. Thus, showing you what you must do as a business owner to protect data privacy.

Hacking Incidents occur every 39 seconds 

A 2016 study by Maryland University says there’s a hack attack every 39 seconds. Do the math, and you’ll see the volume of hack attacks that occur every day. It’s 2022, and statistics show a 600% increase in cybercrime since the outbreak of the COVID-19 pandemic in 2029.

You can take these steps to secure your customers’ and company’s data from hack attacks. First, protect your devices with strong passwords difficult to guess with brute force or other password-cracking methods.

You could also secure your systems with antivirus software. This will prevent viruses from getting into your systems. Using firewalls is also a way to protect your territory.

77% of Companies do not have an IRP

Cyber incidents can occur at any time. Besides, it could take up to 197 days to detect them when they occur. However, when you detect them, you must tackle them without delay.

Tackling them requires an IRP (Incident Response Plan) before the breach. The IRP will show your methods and tools to identify and eliminate the breach. It will also outline how to recover from the breach. So, design your IRP and not be a part of the 77% anymore.

95% of Cybersecurity Breaches come from Human Error

Human error is one of the largest sources of cyber-attacks. Errors could come from clicking phishing links, visiting unsafe websites, creating weak passwords, or even delivering emails to the wrong recipients.

56% of employees said they had sent emails to the wrong people. Similarly, 45% of users reuse passwords on multiple platforms. These people also create weak passwords.

To prevent your company from experiencing data breaches caused by human error, educate your team. Show them what makes a website safe to visit and how to create strong passwords & manage multiple passwords.

Tell them not to click links or download attachments from unknown sources. Concerning delivering emails to the wrong recipients, cross-check the receiver’s address before sending.

Data Breaches cost an average of $108,000 to $3.84 million.

Data breaches can cost small and medium-sized businesses (SMBs) an average of $108,000. It could also cost enterprises up to $3.84 million. Research says one in three data breaches affect SMBs. So, if you are an SMB, you risk a data breach.

Therefore, you must invest in data protection tools like firewalls, intrusion detection, encryption, etc.

Cybersecurity statistics show us what has happened and how to conduct ourselves in the future. We believe this piece will guide you to serve your customers better and safeguard your data tighter.

Get in touch with Zendata whenever you need help setting up data protection technologies for your business.