Over 1/3rd of U.S. Businesses Had a Data Breach in the Past Year

Over 1/3rd of U.S. Businesses Had a Data Breach in the Past Year

September 25, 2019         Written By Lynn Oldshue

American businesses are leading the way when it comes to digital transformation (DX), a business structure that persistently explores new mobile and internet-based technologies. A new study from Thales eSecurity shows that 42% of retailers are using DX to reach and support their customers.

While there are many benefits to these innovations, the surge of digital transformation has put many retailers at risk of cyberattacks. The 2019 Thales Data Threat Report, Retail Edition shows that 62% of U.S. retailers have experienced a data breach, and 37% have experienced one within the last year.

Nearly all (96%) of retailers who use DX say they “use sensitive data within digitally transformative environments.” However, 39% of retailers consider themselves ‘very’ or ‘extremely’ vulnerable to cyberattacks. Only 25% to 36% of U.S. retailers encrypt data for sensitive use cases. Those rates are higher than global encryption rates, but they are still too low for the volume of threats retailers experience.

What’s the solution?

Retailers need to work on their cybersecurity measures just as aggressively as they adopt new digital strategies. This includes combatting multiple types of cyber threats and creating layers of security within each infrastructure. Thales reports that U.S. retailers have a “false sense of complacency” for cybersecurity, with 94% saying they had sufficient security standards. Altering this perspective could reduce the risk of future data breaches.

The information contained within this article was accurate as of September 25, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.