Our society has taken great strides in the advancement of technology, but this progression has come with some notable security risks. In the world of digital banking and online shopping, inadequate security can lead to serious problems for both users and businesses alike. In this article, we’ll take a deeper dive into the reality of inadequate security and why it matters.
The Cost of Cybercrime
Cybercrime is an issue that has become increasingly pervasive. According to a 2020 report from the Ponemon Institute, the average cost of a data breach is $3.86 million. This figure is more than a 3% increase from the year before and reflects the real cost of inadequate security. In addition to financial losses, companies experience reputational damage, loss of customer trust and legal or regulatory issues as a result of data breaches.
The Human Factor
As much as technology has advanced, human error remains a major factor when it comes to inadequate security. The Ponemon Institute report includes the finding that 70% of small and medium-sized business owners believe the biggest source of cybercrime is human error. Often, these errors come from a lack of understanding regarding online security best practices. Other times, employees may be rushed and take shortcuts that compromise the safety of sensitive data.
Password Best Practices
Passwords remain one of the most important lines of security defense, but far too often people use passwords that are too short or too simple. The average user has around 30 passwords that they use on a daily basis. It’s no surprise, then, that the passwords we create are often weak and easy to remember. This means they can be easily cracked by hackers.
When creating passwords, it’s important to use a variety of upper and lower case letters, numbers, and symbols. It’s also important to use different passwords for different accounts and websites. Additionally, there are a variety of password manager programs that can help you create and store more complex passwords.
Know Your Data
Inadequate security is a pervasive issue in our world today. When security measures are not properly implemented, companies can suffer significant losses and reputational damage. To combat this issue, it’s important to understand the basics of security, such as proper password creation, and to make sure websites and companies that store your data have proper security measures in place.
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