All businesses are aware that data breaches are a common occurrence and despite being around for so long, they are still one of the largest cyber threats to organisations. Each year, the amount of data breaches that occur increases, and it isn’t expected to change going into 2022. Despite the introduction of GDPR, and businesses taking more steps to secure data, the number of breaches in 2020 increased again.
Just in the first quarter of 2020, data breaches rose by a massive 273%. Of all the data breaches that occur, a huge 28% of them are within small businesses, usually because their security is less robust. With 25% of small businesses forced to file for bankruptcy following a significant data breach, having the right precautions and cyber insurance in place are critical.