Without Encryption, Data Breaches May Result in $220 Billion in Damages by 2020, Says IA
Without encrypting data, nearly 6 billion records may be exposed in security breaches resulting in nearly $220 billion in damages by 2020, the Internet Association said Thursday in a news release on research about the role of encryption. "This research…
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contributes even more evidence to the consensus that encryption is a necessary part of keeping our country safe. Mandatory security vulnerabilities or encryption back doors do not make us safer," said IA President Michael Beckerman. IA said security breaches are potentially increasing at "exponential rates" and "unencrypted data is now a threat to every industry and internet user." The research also cited state-sponsored cybercrime, especially from China, as a threat to U.S. companies. It said Chinese industries use hacking rather than R&D to copy American IP.