Companies get hacked at a high cost

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Every year, the list of companies that get hacked or suffer data breaches continues to grow. 

These incidents are often the result of poor technical configurations or security practices. 

These data breaches have a significant impact on those affected: individuals and companies whose data has been leaked face significant financial and reputational damage. 

This week, an IBM report revealed that the cost of a data breach in 2022 reached an « all-time high, » with an average of $4.35 million. (up 2.6 percent from last year)

The company surveyed 550 organizations that suffered a data breach between March 2021 and March 2022, and 60 percent of them said they increased their prices as a result of the suffered breach.

The study also found that companies that pay ransomware to fix the problem quickly don’t necessarily save a lot of money overall: the average cost to solve the issue would only drop by $610,000.

Among the players singled out, the ransomware group REvil, linked to the Colonial Pipeline attack, reappeared after the Russian Federal Security Bureau (FSB) intelligence agency shut down its operations. Their attacks accounted for 3 percent of total ransomware attacks in 2021.

The cyber extortion group Conti was the most financially devastating actor, tallying 10 attacks with an average value of $85 million per incident.

Finally, although the North Korea-based Lazarus group was responsible for a smaller number of attacks, the average cost of their attacks was significantly higher than the others, amounting to $220 million.

Following the report, Charles Henderson, global head of IBM Security X-Force, said:

« It’s time to stop the adversary from achieving their goals and start minimizing the impact of attacks. The more companies try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel the rising cost of living. »

As security becomes increasingly complex, could the password be coming to an end? 

That’s certainly the view shared by tech leaders Google, Apple and Microsoft, who want to get rid of them permanently. The three giants are proposing to switch to a « password-free » authentication for all their services in order to finally offer all Internet users a secure world without passwords.

 

By Mélissa Walehiane

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