When you think of the term “data breach,” you may think it is a modern-day issue. Most people associate the problem with digital devices but a data breach doesn’t always need a device. It can be as simple as someone viewing written records when they shouldn’t have access.

The invention of the computer and mass storage of personal information have created a gold mine for fraudsters. Security breaches are easier to accomplish and more commonplace.

In this article, we’ll explore the statistics for the breaches that took place in 2018 and the resulting trends you should watch out for.

Data breaches are more prevalent than you’d think

Source: Thales Security Report 2019

Fully 65% of companies surveyed in the US have experienced a data breach at some point, and 36% of them experienced one within the last year.

What this tells us is, according to statistics, you’re more likely to become a victim of wire fraud than not.

Essentially, you have a two-to-one chance of a fraudster hijacking your real estate transaction. With such odds against you, it may be time to take a harder look at your cybersecurity. What can you do to avoid becoming a victim of wire fraud?

The US is continually in the top 10 for attack originators

According to ThreatMatrix, the United States has consistently placed in the top 10 attack originators list from 2015 to 2018. They also routinely target victims from their own country.

Besides fending off attacks from other countries, such as Canada, the UK, Germany, and Brazil, consumers in the US have to also worry about domestic onslaughts. This leaves Americans extremely vulnerable when dealing with online transactions.

For this reason, clients in the real estate industry will look to their real estate, mortgage, and title companies to provide protection when buying or selling a home. As an industry professional, you are responsible for ensuring the customer’s money remains safe.

A data breach can go unnoticed for a long time

In 56% of the data breaches researched, it took more than a couple of months before the breach was discovered. With wire fraud, this is unacceptable; once the money is sent, you have a very short window of time where you can get the transfer reversed.

Detecting, data breaches is one part of having a safe online experience. But, the key component is swift discovery, and it’s simply not possible unless you have security with real-time features in place.

A surprising amount of attacks are internal

Considering the issues of security and data breaches, most assume that they’re a result of external actors. Surprisingly, findings show that 34% of breaches involved internal players. This means one out of every three attacks is carried out by someone you think can be trusted with sensitive data.

By having extensive cybersecurity measures in place, you can ensure that every transaction is well documented. Should anyone try to commit wire fraud internally, you’ll have the records to prove it.

Mobile fraud is growing

When companies implement cybersecurity measures, the main focus is usually on desktop and laptop computers. This is to be expected as most interactions and payments are carried out on those devices.

But as technology evolves, it’s becoming easier to execute business transactions with smartphones. Fraudsters know that many payments are moving to mobile, and are exploiting weaknesses in smartphone technology.

While the built-in security features of smartphones make them harder for criminals to hijack, data breaches still occur. In fact, 42% of attacks are on mobile, which is almost proportionate to attacks on computers.

What this shows is a critical lack of security for mobile transactions. We need to remedy this by shifting our attention to mobile cybersecurity.

Data breaches are on the rise

The evidence shows that data breaches and cybercrime are increasing, especially wire fraud.  It’s vital you have robust cybersecurity in place, as quick detection is crucial to recovering any money involved.

Fraudsters count on people becoming complacent with cybersecurity. It’s dangerous to fall into the trap of believing your protection is enough to deter them. Stay vigilant, adding any technology that can be instrumental in providing extra security for you and your clients.

Don’t worry about consumer friction

Source: Global Fraud Report 2019

It is unlikely that upgrading your cybersecurity will cause consumer friction. When faced with extra security protocols, 69% of US consumers felt more secure.

It’s a misconception that additional security features will frustrate and deter your clients. So long as you install the correct technology, they’ll appreciate it and trust in your company even more.

Protect yourself and your clients

Although the rising threat of data breaches is daunting, there are ways to safeguard your clients and your company. When you use a real-time identity platform like CertifID, you’ll get more layers of security so every payment can be sent with confidence.

Prevent your company from becoming another statistic. Request a demo of CertifID today to see how it can make your transactions ironclad.