Data Theft: A $9 Trillion Problem That’s Only Getting Worse

If you think cybercrime doesn’t affect you or your business, think again. It’s more real a threat than you probably realize, especially with how common data theft is these days. Today, we want to highlight some of the ways that data theft can affect you, even if your data hasn’t necessarily been stolen.

How Cybertheft is Everyone’s Problem

Data breaches impact everyone—even if you don’t think your data has been stolen directly—precisely because information is so interconnected these days.

If it’s stolen from one location, it’s probably stolen from another, which means that more chaos can ensue. Imagine someone’s data is leaked during a hack targeting a major company, and the victims’ data is used to create fake identities, open up bank accounts, make purchases, take out loans, and commit fraud on a wide scale. All of this is catastrophic and affects more than just you.

In fact, all this fraudulent activity makes everyday activity at banks and stores significantly more difficult as a result… and that’s not even mentioning its impact on the economy.

Cybercrime’s Overall Impact on the Economy

Data theft also creates financial losses in the economy, leading many businesses to lose money and pass that loss on to their consumers.

It’s estimated that over $9 trillion is disrupted by cybercrime every year (holy cow, right?). Worse yet, that number is estimated to increase by 15 percent per year. It’s only a matter of time before this compounding increase makes goods and services impossible to afford.

Online Interactions Take a Hit

You’ve probably noticed the dramatic increase in two-factor authentication over the years, right?

This is a direct result of the dramatic uptick in cybercrime. More businesses require strict security rules, complicated passwords, additional verification steps, and longer wait times between accessing accounts. These measures might be intended to keep folks secure, but it makes utilizing services frustrating.

And when things get frustrating, adherence to security dips again in a vicious, repetitive cycle.

People Lose Faith in Digital Interactions

Data breaches break down trust that consumers and businesses have in online platforms and their technology.

Major hackers cause people to question whether they should use a good or service, especially if that good or service requires personal or financial information. When people are afraid to use services, it creates additional roadblocks for businesses that want to turn a profit, too.

After all, how do you convince a user that your business is secure when so many larger businesses with more resources fall prey to these attacks?

The answer is that you need to do everything in your power to keep your business safe, and you can do so by working with KB Technologies. To learn more, call us today at (954) 834-2800.