Companies are more at risk for data breaches and don't have enough employees to stop them before they start

Can you remember a time in your life when you weren’t scared about your personal information getting stolen?

You might not ever get that life back again, because more people than ever are worried about ID theft. Unfortunately, big institutions and companies aren’t prepared to handle major breaches and can’t hire workers fast enough because potential employees don’t have the basic skills to help fix these issues.

The Electronic Payments Coalition says most consumers are worried about their data getting stolen when they make purchases, regardless of if it’s in person or online. Even though data breaches are increasing, banks are still getting a lot of trust from consumers — much more than retailers.

“Financial institutions are committed to protecting their customers’ information before a breach even occurs,” says Molly Wilkinson, executive director of EPC. “Until there are similar data security standards for retailers as there are for financial institutions, community banks, and credit unions will continue to take on the burden of card replacement costs, reimbursing customers for fraud, and monitoring for fraudulent activity.”

Banks are at the highest risk of fraud, yet more people entrust them with private data. But, to give them the benefit of the doubt, banks are warning consumers about fraud much more often, which is helpful considering fraud is skyrocketing right now.

Sadly, as fraud increases, information technology specialists aren’t prepared for ID theft, whether it’s at retailers or top schools. Netwrix Corporation says nearly 80 percent of educational institutions don’t have any software installed in their systems to protect against malware breaches.

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Colleges and universities are usually understaffed, and with limited dollars going toward security and IT departments, there’s a huge lack of support for preventing cyberattacks, let alone solving one. Data breaches can happen regardless of company or organization, whether they are worth $10 or $10 billion.

Netwrix says most major security issues are caused by people: “Forty-nine percent of educational institutions have faced security incidents caused by human errors.” More than one-third have already had malware attacks.

Almost three in four schools say money is the top factor in getting proper protection, but Tripwire says there aren’t enough qualified people to fill the jobs of security specialists, regardless of sector.

An overwhelming majority — 93 percent — of IT security pros are worried about the gap in skills. Tripwire also says that 81 percent say the requirements to be a qualified security IT professional have changed even as recently as in the last two years.

“It’s evident that security teams are evolving and maturing with the rest of the cybersecurity industry, but the pool of skilled staff and training simply aren’t keeping up,” says Tim Erlin, a Tripwire VP. “While the makeup of the cybersecurity workforce may be changing, the fundamentals of protecting an organization have not.”

Most companies don’t have the personnel to keep up with the demand for security, so 91 percent of organizations outsource IT staff, and specifically online security workers. Almost all companies — 96 percent — think automation will help alleviate much of the pressure in online security workers.

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Article last modified on October 19, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Security Is Down, Worry Is Up, and We’re All Doomed - AMP.