Washington, D.C. – As part of National Data Privacy Week, TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, released the following statement, attributable to Senior Vice President Carl Holshouser, on the growing risk of cyberattacks and the need for a federal privacy law:
“Cyberattacks in the U.S. were up 57 percent last year. As our data increases in value, that number will only climb, with small businesses being especially vulnerable. While smaller companies each spent an average of $2 million on privacy in 2022, they lack the resources, expertise, and infrastructure of large companies to protect our data from bad actors and keep up with a patchwork of data privacy regulations that is constantly changing from one state to the next.
“It’s why a federal privacy law is urgently needed. One, national standard would require businesses of all sizes to establish and maintain practices and procedures to better protect the data of all Americans.”
National Data Privacy Week is an annual educational event to inform consumers, lawmakers, and business owners about the state of data privacy in America. This week, with partner organizations, TechNet is highlighting the economic cost and the national and consumer security risks posed by the current lack of a federal privacy law. Building on the success of its #UnitedforPrivacy
For more information, go to technet.org/privacy.
- Since 2018, there have been 133 privacy bills considered in 43 states.
- 10 privacy bills have been filed in nine states so far this year, with more expected.
- Amid the constantly shifting landscape of state privacy rules and regulations, those seeking to exploit vulnerabilities are ramping up cyberattacks.
- In 2022, cyberattacks grew by 38 percent globally and by a whopping 57 percent in the U.S.
- Global cybercrime costs are predicted to reach $23.84 trillion annually by 2027.
- By 2024, online payment fraud will cost the e-commerce industry at least $25 billion in losses annually.
- Just 50 percent of small businesses have a cybersecurity plan in place.
- According to the FBI, over $43 billion has been stolen through email compromises since 2016.
- Cisco’s 2023 Data Privacy Benchmark Study found the average annual privacy spend of small businesses (50-249 employees) is $2 million, up from $1.1 million in 2020.