In the Worldwide Security 2016 Predictions, IDC predicts that by 2020 more than 1.5 billion people, or a quarter of the world’s population, will be affected by data breaches. We can already see that the large scale of recent data breaches has drastic effects that move beyond hard costs, affecting consumer trust and loyalty:
“Consumers are starting to pull away from brands that have been breached,” says Christian A. Christiansen, IDC Program Vice President, Security Products and Services. “And they’re becoming aware that there’s a thriving market in more durable identity credentials than just credit cards.”
Christiansen notes the growing market for healthcare information, which can often be exploited for much longer, up to “decades” in some cases, compared to credit card information, which can have a lifespan as little as a few hours after first used in an unauthorized ways. This is one of the reasons that healthcare data is valued so much higher, making it a more attractive target.
Responding to shifts in regulatory compliance and outside technology shifts such as mobility and the cloud, the changing risk landscape becomes more difficult each year. IDC expects that the growing number of data breaches will continue to put pressure on regulators and organizations alike to slow down the number of data breaches. IDC’s FutureScape report recommends a risk-based approach and expects that board-driven security planning will become more the norm. IDC also predicts that by 2017, one-third of corporate boards will fill a seat with a risk mitigation expert who can provide guidance on data privacy and security initiatives.
These predictions mirror many of our own for 2016 and beyond. Organizations will need to shift how they think about security, moving toward a data-centric approach, in order to be ready for the changing risk landscape and ever-tightening compliance requirements around the world. Learn how successful organizations extend their risk management and compliance programs beyond regulatory requirements to what actually matters to the business at Absolute.com