In the US the number of data privacy related law suits is expected to double in the next 3 years. This is in large part to new and updated regulations like California’s CPRA, HIPAA privacy rules, increased enforcement funding for regulators like the FTC & HHS-OCR and proliferation of global privacy laws.
On top of the regulatory aspect are the rising costs of a data breach which is likely to double in the next 5 years from where it is today at $9.4m in the US. This compounded with a global shortage of security personnel and an exponential growth in data and 3rd party apps makes for a challenging landscape as the stats bear out below.
Privacy Snap Stats
Average cost of a data breach in the US in 2022
The number of data breaches reported in the first half of 2022 in the US
The average tenure in months of a CSO, with 24% leaving within a year of starting.
Selling price for the top 10% of stolen medical records. The average price for a stolen credit card was $15 in comparison.
Then number of individual healthcare records which have been exposed by hackers YTD Oct 31st 2022. HIPAAJournal.com
GDPR Fine issued to Dedalus Biologie in 2021 for a data breach involving 500,000 people which included medical information on (HIV, cancers, genetic diseases, pregnancies, drug therapy of patients, or genetic data).
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