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Data Breaches Cost Companies More Than Ever And That Is Just Starting

An IBM report recently calculated the cost that any data breach causes to organizations by analyzing the 500 of these data breaches to have a good sample size. The main highlight from the report was that working from home and companies being remote has spurred an activity of data breaches that cost more every passing day and have an impact extremely significant to all the levels in an organization. The costs escalation has resulted in an unstable economy that might collapse if the digital security of firms is not careful or fails to recognize the impact it has. For small scale businesses that are not operating with a digital security branch, then auditors and free lancers are quite often available to be utilities after a tiring job.

The first part of the report consisted of the high profile cases that were impacted by data breaches through malware, ransomware or other infiltrating software nowadays. The greatest blows were taken by Solar Winds that works in network management, Colonial Pipeline, Meat Vendors JBS and even the software and digital security firm Kaseya. This spent shockwaves throughout the cyber security industry and solutions to neutralize the dominant triple extortion system are being employed extremely quickly to effectively counter any future attack of triple extortion at companies, however, a solid and concrete solution to fit all companies has not been introduced. To tackle this issue, companies called on the Biden government and advised cautiousness to protect themselves, their companies and their assets as the monetary loss was increasing every other attack.

The report highlighted that this year was the record breaker for all the companies as on average, a single data breach was destined to cause around 4.2 million dollars loss to the company totaling to a 2.1 billion dollar loss over the 500 companies. It was a 10 percent increase from last year's 3.86 million per incident. It was also highlighted that geographical differences were also a key factor in determining the loss of a data breach. According to the report, the highest of the data loss averages were in the US with a single data breach costing around 10 million dollars to the company, even private security firms and digital houses are not effective against this.

To assist in fighting against these attacks, the report suggested some initiatives to be taken in order to resolve any possible attack. The first one brought the limelight to third party data leak checkers that are effective against these attacks. The second and third one revolved around a secure password every few months or so along with a necessary change if hacked, as well as that, the report suggested that two factor authentication to also be used for more secure accounts on digital media. The last one shed light on the cautiousness and security by sense and eye as that might help as the last line of defense against these malwares.



Read next: Email Responsible for Lion’s Share of Cyber Attacks in 2021 According to HP

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