As cyber threats increase globally it has become a financial imperative that individuals and companies protect personal data.
CNBC reported this month that the U.S. Central Command’s Twitter account was hacked by a group called Cyber Caliphate to post pro-ISIS propaganda.
Adweek reported that even Crayola has fallen victim to cybercrime as the company recently lost control of its Facebook account to hackers who seized the opportunity to post pictures which contained off-color humor.
In 2014, CNNMoney and the Ponemon Institute reported that 47 percent of U.S. adults have had their personal information leaked by hackers.
“The damage is real,” reported CNN. “Each record typically includes personal information, such as your name, debit or credit card, email, phone number, birthday, password, security questions and physical address.”
This study was published before similar hacks occured such as the celebrity phone hack, leaked gmail usernames and passwords as well as the recent Sony Pictures Entertainment hack.
Cyber crime is not just an American problem but a global problem. According to Reuters, cyber crime costs the global economy $445 billion every year.
In an interview, Eric Montague, president of an IT firm called Executech, told Bloomberg BusinessWeek that a company employing 50 people should spend on average $57,600 a year on cyber security.
“Montague says his firm would typically recommend secure email hosting at $12.95 per employee per month, an antivirus service costing $3 per employee per month and online backup at 50 cents per gigabyte,” reported BusinessWeek. “Throw in a secure Internet phone system for $20 per user per month, labor costs for an outsourced IT department at $52.50 per worker per month and Montague’s monthly estimate for a 50-employee company comes to about $4,800, or $57,600 annually.”
Cyber security is becoming so important that on average a digital risk officer is paid $153,602, according to a recent article from Money.com.
The government wants individuals to start guarding their personal information as well.
CNN reported that President Obama recently proposed two pieces of legislation to help protect the personal data of consumers as well as the data of students.
The Personal Data Notification & Protection Act is supposed to “give a company 30 days to let you know if your personal information — such as your address or Social Security number — has been exposed by hackers or careless employees,” wrote CNN.
CNN also reported that the Student Digital Privacy Act is designed to protect the data of students by preventing companies from selling that data to companies who wish to use it for purposes unrelated to education.
The Electronic Frontier Foundation published an article outlining 12 ways to protect data while online.
Some of the suggestions for better online security include using cookie-management software, using a separate email account for online subscriptions and turning your computer off when not using it at home as well as in public.
Matthew Jelalian writes on financial issues for the MoneyWise section. He can be contacted via his email mjelalian@deseretnews.com or on twitter @jelaliam.