Report: Multiple common data breaches in the past year

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A new report from Cornell University and FreedomPay found that stakeholders were almost universally satisfied with internal risk assessment processes (96%) and cybersecurity systems (95%), despite the reality that one in three (31%) ) has experienced a data breach in the past. Of the companies that experienced a breach, the majority (89%) experienced multiple breaches in a single year.

Consumer-facing businesses, such as retailers, restaurants and hospitality brands, have a big gap between their leaders’ confidence in their cybersecurity positions and the realities at their fingertips. As businesses face increasing and more frequent threats, prevention and remediation efforts are spurring complexity. Three-quarters (74%) of companies say they use multiple cybersecurity systems, most (56%) have multiple systems spread across multiple locations, and half (49%) say these systems are governed by multiple departments.

Small merchants (57%) were significantly more likely to report that governance falls under a single department, while large merchants (63%) were more likely to have multiple departments involved.

Perceptions of risk misaligned with reality.  89% of the violated companies were hit more than once a year.  69% of retail business was hacked more than three times a year.  Although nearly all (96%) stakeholders surveyed in the retail, restaurant and hospitality industry are confident in their companies' internal risk assessment processes.  Their satisfaction (95%) with the security of their systems is out of alignment with reality, as a third of companies (31%) have experienced a data breach in their company's history.

Most companies have a computer security system in place for cloud security (80%), as well as for network security (75%), customer data (75%) and payments (74%). The proliferation of matrix systems and reporting reflects the attitudes of executives, with many (87%) seeking leadership in the form of government intervention in the fight against cybersecurity threats.

Cornell University and FreedomPay questioned 300 retail, food / drink and hospitality respondents identified as primary and shared decision-makers for purchasing cybersecurity products from their respective companies. All respondents were from companies with 50 or more employees and annual revenues of $ 1 million or more, including 115 respondents from companies with revenues of $ 250-999 million and 38 from companies with revenues of $ 1 million or more .

Read the full report from Cornell University and FreedomPay.

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