Another day, another data breach story. From Sony and Bank
of America to Honda and Lockheed Martin, several companies have garnered
headlines in recent weeks after falling victim to attacks by hackers. And
according to many cyber security professionals, data breaches, cybercrime and
identity theft will likely continue to grow across the globe. But who is the
most at risk when it comes to online security? Verizon’s
2011 Data Breach Investigations Report reveals that small to medium-sized
businesses are now the primary target of hackers. Although the number of
compromised records involved in data breaches dropped from 144 million in 2009
to only 4 million in 2010, the number of data breaches grew to 760, the largest
caseload to date. This seeming contradiction likely stems from a dip in
large-scale breaches, as cybercriminals switched their focus to opportunistic
attacks on smaller businesses.
Additional data from the Verizon report shows that:
• Ninety-two percent of data breaches were caused by
outsiders, rather than employees.
• Physical attacks jumped in 2010, and included manipulating
common credit-card devices such as ATMs, gas pumps and point-of-sale
terminals.
• Hacking and malware is the most popular attack method.
•Weak or stolen passwords and the failure to change default
credentials continue to be an issue, particularly in the financial services,
retail and hospitality industries.
• Businesses are much better protected if they implement
essential controls across the entire organization.
Although these findings demonstrate that smaller businesses
are more vulnerable, it’s important to remember that cybercrime can happen to
any organization, regardless of size or industry. Recent studies have shown
that PCI-compliant companies experienced less data breaches than those that are
non-compliant, so all should remain vigilant in implementing and maintaining
security practices.
SPVA members represent all points along the payment
continuum, from POS payment terminal vendors to software developers to acquirers
and so many more. Before your company gets lost in the payment security news
and looming regulations, join us
and stay ahead of the game, ultimately keeping your clients and consumers safe
from security compromise.