Last Updated on: 10th May 2024, 06:28 am
BreachAware, a leader in data protection, is alerting businesses about the escalating economic impact of cybercrime, as recent figures suggest a potential cost of $13.82 trillion to the global economy by 2028. According to the latest Data Breach Investigations Report by Verizon, the most significant aspect of cybercrime involves accessing personal information. This comprehensive report reviewed 30,458 security incidents, with 10,626 confirmed as data breaches across 94 countries. Notably, in the 2024 report, stolen credentials were responsible for 77% of attacks on web applications.
The findings also indicated that two-thirds of breaches were aimed at individuals rather than systems, highlighting human vulnerabilities. Human error played a role in 28% of these breaches, and 15% involved third parties or supply chains, which includes shared infrastructure or widely used software vulnerabilities.
Following the findings, BreachAware is encouraging business owners to go further than simply protecting IT infrastructure by first establishing the amount of their ‘insider’ personal data is exposed before taking action to mitigate it.
Andrew Alston, CEO at BreachAware said: “Most people focus on protecting IT infrastructure and that the tools and costs are endless but you can check the scale of potential exposure you have and then spend your money wisely to protect your business and its people.”
“The findings of the latest Verizon report may be shocking to the general population but we are seeing hackers using more sophisticated methods of stealing personal information every year. It has never been more important to safeguard your business against these risks.”
BreachAware offers a free scanning service for a company’s email domain which can detect occasions where data has been compromised. This allows users to check any domain and identify data exposed within third party breaches which could be exploited by threat actors and fraudsters.
Andrew added: “Our free scanning tool is invaluable, and thousands of business owners have taken advantage of the information it can provide to inform themselves of the scale of the risks to their business and people.”
“Even if a data breach was identified years ago, the more someone knows about you over a greater length of time the easier it is to use the combined information to your detriment. If your employee data has been compromised, our service can help to inform your cybersecurity strategy and ensure that your people and business are protected.”
Principal Cybersecurity Threat Intelligence and Analytics at Verizon, Bob Carter, is the next guest to feature on the BreachAware podcast ‘WHAT THE PR!V*CY’ which is set to be released on 14 May.
Bob has been a speaker, moderator and expert panel participant discussing many cybersecurity topics including cybersecurity risks, The Internet of Things and insider threats at conferences across North America, Europe and in the UK. LinkedIn previously announced him as one of the top five people to follow in cybersecurity.
Andrew said: “We are delighted that Bob was able to appear on our podcast, and share his extensive expertise in the field of cybersecurity. It was a fascinating conversation and really highlights the importance of business owners doing their due diligence and taking steps if necessary to protect their domains from the risk of data breaches.”
For more information about BreachAware and its services, visit breachaware.com.
