True Office Learning Blog

The new decade promises to connect people to the digital world—and each other—more than ever. If 2019 was any indication, those connections will also be more fraught with risk.

Halfway through July 2019, last year was on track to be the worst for data breaches. The numbers for the rest of the year aren’t in yet, but even based on six months of incidents, the reality is daunting: Data privacy is under siege. Compared to the same time period in 2018, the amount of reported breaches had already increased by 54 percent.

Consumers trust organizations with a trove of confidential, personal data. Even employees trust their employers to keep their private information safe. Unfortunately, confidential information continues to be exposed at an alarming rate, usually by poor computer security practices.

Recent large fines indicate that enforcement of consumer data privacy, under the General Data Protection Regulation (GDPR), is a priority for regulators. The GDPR creates mandatory rules for how companies must use and protect personal data, including any information that could identify a living person directly or indirectly, such as name, phone number, or address.

New York's Department of Financial Services (NYDFS) recently announced that it has launched a dedicated "Cybersecurity Division." According to the press release, the new unit is the "first of its kind to be established at a banking or insurance regulator" and will “protect New York’s financial services industry and consumers from the ever-growing threat of cyberattacks.”

The Federal Trade Commission (FTC) and Department of Justice (DOJ) earlier this year announced a settlement order that requires Facebook to pay an unprecedented $5 billion civil penalty—the most ever imposed in an FTC case and among the largest civil penalties ever obtained by the federal government. 

Computers and the internet revolutionized how companies do business. Organizations of all sizes and from any location are able to extend their reach to new and larger markets and to work more efficiently by using computer-based tools. But as with every valuable tool, not using it properly and securely can lead to disaster. 

Years, even decades into the digital age, cybersecurity has evolved—and the pressing need for it has grown, too.

The latest Hiscox Cyber Readiness Report found that 61 percent of worldwide respondents reported a cyber incident last year, up from 45 percent in the previous report. Yet the same research found that 74 percent of respondents were novices when it came to cybersecurity readiness. In other words, there are more threats yet fewer organizations adequately prepared to handle the evolving dangers.