Data breaches have become a bigger problem, with recent studies showing a rise in how often they happen and how much they cost. Staying up-to-date on the newest trends and numbers about data breaches is key to coming up with essential strategies to protect sensitive info. This blog gives an overview of the latest data breach trends and how you can protect your data from any untoward threats.
Big Jump in Average Data Breach Costs
IBM’s Cost of a Data Breach shows that companies now pay $4.88 million on average for data breaches. This amount has gone up by 10% from last year, which is the biggest jump since COVID-19 began. According to the data breach investigation report, it’s worth noting that 70% of businesses that had a breach said it caused big or very big problems for them.
Also, 40% of these breaches had an impact on data stored in different places, like public and private clouds, and on-site systems. These breaches cost over $5 million on average and took the longest to spot and fix about 283 days. What’s more internal security teams or tools found 42% of breaches up from 33% the year before.
Data Breach in Telecommunications
Data breaches in telecommunications can have serious consequences. When hackers steal customer data, it puts people’s safety at risk. Also when services go down, it can stop important equipment and systems from working.
- In 2023, Optus, a big telecom company in Australia, had a major outage. It wasn’t because of a cyber-attack, but it stopped a lot of emergency calls like 911 and 122 from getting through.
- Data breaches and service failures have an impact on more than just customer trust and company image. These incidents cause lost profits and extra costs for recovery. In extreme cases, they can even put lives at risk.
Sensitive Data Stored in the Cloud
The 2024 Thales Cloud Security Study shows that sensitive data makes up 47% of corporate information stored in the cloud. The research points out that 44% of companies have experienced a cloud data breach, with 14% facing an incident in the past year.
Human error in data breaches was the main reason for these breaches (31%) followed by known weak points (28%) and not enough use of multi-step verification (17%).
Poor Cyber Skills Among Companies
The 2024 Cyber Recovery Readiness Report from Commvault reveals concerning data showing that 83% of companies have faced a significant security breach, with more than half happening in the past year.
This points out the urgent need to improve readiness and create flexible ways to respond. Among businesses seen as cyber-savvy, 54% felt completely sure they could bounce back from breaches, compared to 33% of those less prepared.
Breaches That Go Unnoticed
As Gigamon’s 2024 Hybrid Cloud Security Report shows, one in three breaches escape detection. Hybrid cloud environments keep getting more complex, and bad guys are launching more sneaky attacks.
This leads to 65% of people saying they don’t think their current tools can spot breaches well enough. What’s worse, 31% of companies find out about breaches when attackers send them demands for money.
Impact of Ransomware
Arctic Wolf’s 2024 Trends Report shows that Ransomware breach fallout caused downtime for 94% of affected organizations, with 40% experiencing work stoppages.
Last year, 48% of organizations found evidence of successful breaches. Of those hit by data breaches, 66% made public disclosures, while 30% informed affected parties.
The Human Element in Breaches
The 2024 Data Breach Investigations Report from Verizon reveals that human error or vulnerability to social engineering caused 68% of breaches regardless of third-party involvement. Also, 32% of breaches included extortion tactics such as ransomware.
Security Investments Don’t Stop All Breaches
The 2024 State of Pentesting report by Pentera shows that 51% of companies experienced a breach, despite having strong security measures. Of the organizations that admitted to a breach, 93% faced unexpected downtime exposed data, or lost money.
Companies used an average of 53 different security tools, but more than half still reported a breach in the last two years.
Strong Connection to Third-Party Breach
A study by SecurityScorecard shows that 98% of companies have links to third parties that have experienced data breaches. To be exact, 75% of outside business-to-business ties involved in these leaks are related to software or tech products and services. The vulnerabilities that hackers took advantage of most often, like MOVEit, CitrixBleed, and Proself, caused 77% of reported third-party data leaks.
These events hit the healthcare and financial services fields the hardest, with healthcare making up 35% and financial services accounting for 16% of all breaches.
How To Secure Your Customer Data with MyOperator?
Here’s how MyOperator stands out as the most trusted and reliable platform IVR + WhatsApp Platform for all your customer communications:
MyOperator has a cloud infrastructure to provide smooth affordable services of high quality.
Amazon Web Services (AWS): We use AWS to ensure services are always available and secure, with features like:
- Security Groups: These protect data access.
- Encrypted Data Storage: This keeps stored data safe.
- Amazon VPC (Virtual Private Cloud): MyOperator keeps a controlled setting to store data. This data can’t be reached from the public internet and is encrypted to stop unauthorized access.
- SSL Certificates: These certificates ensure that communication between the client and server is safe, with 128-bit encryption. This protects against attacks where someone might try to intercept the data.
- SiteLock Malware Scanner: Non-stop scans for harmful scripts help stop malware and session theft.
- Ongoing Security Measures: MyOperator does deep checks to find weak spots in security and uses tools to spot and stop break-ins. They also use IP whitelisting to keep out unwanted visitors.
- 13 Years, Zero Breaches: Enjoy flawless security with a proven track record trusted by over 12,000 brands including Amazon, Apollo, IRCTC, SBI, PwC, and more.
- Total Data Security with VoIP: Benefit from the latest VoIP technology that keeps your data safe from external threats.
- ISO 27001:2013 Compliant: We adhere to the highest standards in information security management and are fully compliant with TRAI regulations.
- Assured 99.9% Uptime: Run mission-critical support with guaranteed uptime and fail-safe servers.
- 24×7 Assistance: Receive continuous support through dedicated account managers.
Switching to MyOperator? We’ll match the price of your previous provider to ensure a seamless and cost-effective transition.
