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Embarrassment and business culture contribute to a lack of transparency in data breach reporting, according to Boyer.
While both numbers are staggeringly large, the wide variation of cost estimates points to a troubling issue in cybersecurity today: a lack of data breach reporting and transparency.
In light of this, would a national standard for data breach reporting be a good thing in the fight against cybercrime?
President Obama plans to file several pieces of legislation in the coming months around consumer privacy and protection, data breach reporting and protection of school children's data.
With Australia's data breach reporting law now in full effect, the country recently reported (Chart 1.7) that nearly 50% of all cyberattacks this past quarter involved the abuse of compromised credentials such as usernames and passwords.
Also, there are many businesses that provide healthcare that do not currently fall under the data breach reporting requirement...or at least think they do not or may even act like they do not.
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An example of the concern was an article in Infosecurity Magazine: The year 2011 is renowned for being the year that hacktivists out-stole cybercriminals to take top honors according to the Verizon data breach report.
In 2017, the average scope of data breaches hit 24,000 records, increasing by 1.8% from the previous data breach report.
"Generally, as anticipated, we have seen a rise in personal data breach reports from organizations," said an ICO spokesperson.
The Irish Data Protection Commission was reported to have received 1,184 data breach reports two months after GDPR — up significantly on the average of 230 reported each month in 2017.
Statistics gathered for Verizon's annual data breach report suggested state-sponsored hacking attacks were now the number two cyber-threat.
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