“Data is the new currency.” This statement should not come as a surprise to you. This new virtual currency is based on both customer activity and the trust they place in your products and services…and a large part of this trust is based on privacy. “What is a company going to use my data for?” We as consumers are quite aware of our individual opinions on this matter and have no problem voicing it. The other part is security. “How does a company store my data?” Here is where we as consumers often look the other way because we want the end product so badly.
The general trend at the moment is that companies are spending more money on security. According to Forbes, Worldwide Cybersecurity spending will increase to around 170 billion dollars by 2020, compared to roughly 80 million dollars today. The shocking fact, however, is that the projected damage of cyber-crime is expected to reach 2 trillion dollars by 2019. Suddenly, the 170 billion increase may become undervalued if we all agree that prevention is better than the cure.
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