Data Shows How Vulnerable Financial Data Currently Is

Having your data security compromised is a huge risk because of the fact that this is the sort of thing that could potentially end up putting your financial information in the hands of a malicious actor that might just try to steal everything that you currently own away from you. However, it is important to note that financial data might just be the single most precious form of data that anyone can have, and a study conducted by SayMine has revealed just how vulnerable the average person’s financial data truly is these days.

The main reason for why data is so vulnerable is that there are so many different companies and platforms that currently have access to it. This is a problem since the more databases your financial data is on, the more chances a malicious actor might have to gain access to it. Also, this increases the likelihood that some kind of a leak could occur that would put your security in jeopardy. There are around 350 companies that currently hold financial data, which means that the chances of this data ending up in the wrong hands is 350 times more likely than might have been the case otherwise.

Financial data footprint of today's always connected consumer has grown by 400 percent since the start of the Covid pandemic.

The companies that keep this data are quite large and influential. They include the likes of PayPal, Amazon and Apple, two of the biggest companies in the world by market capitalization, as well as companies like eBay, Uber and Spotify. Basically any company that you make regular payments to will have some type of financial information of yours held on their databases.

It turns out that the Covid-19 pandemic has had a pretty strong impact on how much of this data is held as well as who is currently holding on to it. A quarter of the companies that held financial data belonged to the travel sector, but this has been brought down to 10% after the pandemic which makes sense since people have not been going on vacations and trips as much as they used to.

The pandemic has also made it necessary for people to start using various delivery services especially during the period wherein they were under lockdown. Gal Ringel, CEO of Mine, has stated that the average digital financial footprint for a person has increase to 4 times its pre-pandemic size, something that indicates that our lives are becoming more intertwined with technology on a day to day basis.

There are a number of ways in which this issue can end up being tackled. One thing that could potentially happen is that consumers can try to limit their digital footprint as much as they possibly can. They can do this by putting their card details in whenever they make an online purchase, but this is a highly inconvenient way to go about making purchases online so it’s unlikely that consumers will end up doing something of this sort.

This is why companies really need to start taking security a lot more seriously too. After all, they are responsible for the data that they collect from their customers and they need to make sure that they keep this data as secure as they possibly can.

Read next: CheckPoint’s Recent Mid Year Report Reveals Astonishing Figures For Ransomware
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