Ransomware attacks continue to rise, Verizon data breach report finds

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Verizon data breach report overview: 

• Who: Verizon Wireless released its 2023 Data Breach Investigations Report earlier this month. 
• Why: The report found human error continues to play a significant role in data breaches, while average cost per ransomware incidents has doubled over the past two years to $26,000. 
• Where: Data breaches have affected consumers nationwide. 
• What are my options: Norton LifeLock carries many options when it comes to data security.

Human error continues to play a significant role in data breaches and ransomware attacks — which are skyrocketing in frequency and cost — across all industries, according to the Verizon Wireless 2023 Data Breach Investigations Report. 

The cost per ransomware incident — which accounted for one in every four data breaches — has doubled over the past two years to a total of $26,000, with the human element involved in 3 out of 4 breaches, according to the report. 

In total, 95% of ransomware incidents that experienced a loss ended up costing the victim from between $1 and $2.25 million, according to the report. 

“This rise in cost coincides with a dramatic rise in frequency over the past couple of years when the number of ransomware attacks was greater than the previous five years combined,” Verizon said in a news release. 

The Verizon report found the human element played a factor in 74% of data breaches, despite enterprises increasingly working to increase critical infrastructure safeguards and training for cybersecurity protocols. 

Social engineering attacks most common way to ‘exploit human nature,’ Verizon report says

Social engineering is the most common way to “exploit human nature,” according to the report, which noted bad actors have used tactics like sending phishing emails to convince individuals to click on malicious links or attachments. 

“Like ransomware, social engineering is a lucrative tactic for cybercriminals, especially given the rise of those techniques being used to impersonate enterprise employees for financial gain,” Verizon said. 

Attacks involving impersonating employees are known as Business Email Compromise (BEC), with the median amount stolen in BEC attacks increasing to $50,000 over the last couple of years, according to the report. 

Verizon said the growth of BEC attacks has made it more important for businesses to create and strictly enforce “human-centric security best practices.”

“Globally, cyber threat actors continue their relentless efforts to acquire sensitive consumer and business data,” Craig Robinson, Research Vice President at IDC, said in a statement. “The revenue generated from that information is staggering, and it’s not lost on business leaders.” 

In its Data Breach Investigations Report from last year, Verizon determined human error was the leading factor in data breaches. 

Have you been affected by a data breach? Let us know in the comments!

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