2017 Was a Detrimental Year for Data Breaches & Cyber Attacks
IAGON is devoted to supplying our users with an optimal experience, including, heightened security, by providing a platform that is powered by artificial intelligence (AI) and Blockchain technology. Aside from wanting out users files to remain safe and secure, we remain on the offensive when it comes to security, desiring to ensuring that our users do not experience the same failing security systems that have allowed for the current climate within the industry.
An AIG cyber insurance report details just how disruptive the year had been, stating that more than a quarter (roughly 26%) of cyber claims filed in 2017 have ‘ransomware’ as the primary cause of loss. This number is an astounding jump from previous years, with loss claims from the years 2013–2016 at a combined 16%. Similarly, companies that provide financial services continue to be a frequent contributor of cyber claims. Although this particular sector made up 18% of cyber claims in 2017, it still has a lot of potential for improvement.
Honing in on the alarming vulnerability of your private and personal information were a bevy of cyberattacks on some of the world’s largest organizations, as shocking data breaches began to be revealed. In a 2017 breach of Equifax, nearly half of the United States was compromised and the gates for global ransom campaigns were thrown wide open, costing companies and individuals several million dollars. Successfully undermining the security efforts of countless international brands, the rise in cyber business interruptions and ransomware attacks has skyrocketed within the last year, making 2017 the worst year in history for hacks and data breaches.
Another ransomware attack took place in May of 2017 and was dubbed the WannaCry ransom attack. On this particular occasion, computers from around the globe, and using Windows OS were targeted and users’ personal data had been stolen. Subsequently, a ransom payment was demanded from these private users, with the payment being requested in the form of Bitcoin.
Gone are the days where you could count on the security provided by centralized cloud services, as they deliver an inferior level of security. With data breaches and cyber attacks on the rise, it is important that any and all additional security failures are considered a danger as well. These might include unauthorized access and even impersonation fraud, as well as simple human error. In fact, AIG says that human error is a significant factor in the majority of cyber claims made, including a number of claims that were made based on employee negligence.
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