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article imageLessons to be learned ahead of Data Privacy Day 2020 Special

By Tim Sandle     Jan 22, 2020 in Technology
Data Privacy Day 2020 is coming up on January 28, and to recognize this observance, Bitglass experts have prepared some stats to demonstrate how companies still have a long way to go to perfect their security strategies and keep consumer data safe.
The following data points were gathered by Bitglass’ research team, according to Anurag Kahol, CTO and co-founder, Bitglass. The researchers have studied hundreds of thousands of companies worldwide, and the below stats and quote demonstrate the pitfalls of the surveyed companies, and how organizations must rethink their current security strategies.
Top three beaches - finance
The top three breaches of financial institutions in 2019 compromised over 106 million individuals' records, demonstrating that many financial organizations are not taking the proper steps to secure customer data in the modern cloud environment.
Cloud based systems
It has been found that 86 percent of enterprises have deployed cloud-based tools, but only 34 percent have implemented single sign-on (SSO), one of the most basic and critically important cloud security tools - an indication that companies are not leveraging appropriate tools to keep consumer data safe.
Customer data
It stands that 52 percent of the Fortune 500 do not have any language on their websites about how they protect the data of customers and partners (beyond a legally required privacy notice).
Sensitive information
It was found that 75 percent of companies leverage multi-cloud solutions, but only 20% have visibility over cross-app anomalous behavior. With more organizations storing sensitive information in the cloud, adopting proper cloud security measures is critical to protecting data.
“Given that most companies are entrusted with consumers’ personally identifiable information (PII), they represent an attractive target for cybercriminals,” Anurag Kahol, tells Digital Journal. “Organizations must stay vigilant, be aware, and get a handle on the security of their data. Placing security, compliance, and consumer privacy at the epicenter of your business with a proactive security strategy can help address individuals’ privacy concerns and cement their loyalty in your brand.”
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