As the world watched the EU hit Google with the biggest data protection fine in history earlier this year, businesses across the US are realizing that no one is immune from the penalties of mishandling data.
From healthcare's HIPAA and the technology industry's ISO 27001 to the more recent General Data Protection Regulation and New York Department of Financial Services' cybersecurity regulation, data protection laws and regulations are on the rise. Several states already have passed data protection laws in the wake of GDPR.
It's no surprise that annual cybersecurity expenditures among US businesses have risen, due, in part, to the flood of regulations facing the marketplace. Some projections indicate private sector spending on cybersecurity will exceed $1 trillion from 2017 to 2021. Despite the surge in both regulations and cybersecurity budgets, Malwarebytes, in its "Q1 2019 Cybercrime Tactics and Techniques" report, found that small- to medium-sized businesses still saw a 235% increase in detections year-over-year.
One would think that as investments in cybersecurity rise, breaches would decrease or, at least, hold steady. That doesn't seem to be the case, according to a wide body of research. Of course, many factors contribute to the rise in breaches, including more connectivity, increasingly complex systems, and the proliferation of cybercriminals looking to take advantage of new exploit tools and platforms, and the anonymity of cryptocurrencies. This leaves many ..
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