The recently released IBM Cost of a Data Breach Report 2022, which you can find here, sheds light on the grim reality of escalating data breach costs. In this blog, we dive into the key findings and discuss how Stygian’s cybersecurity solutions can effectively mitigate these risks.
The Rising Costs of Data Breaches
According to the report, the average total cost of a data breach has hit an all-time high of USD 4.35 million in 2022, an increase of 2.6% from the previous year. The average cost has soared by 12.7% from USD 3.86 million in 2020. The high cost of breaches underlines the significance of a robust cybersecurity strategy.
Ransomware Attacks are Costly
Ransomware attacks, which represented 11% of breaches, had an average cost of USD 4.54 million, excluding the ransom payment. These escalating costs highlight the need for strong preventative measures.
The Prevalence of Stolen Credentials
Stolen or compromised credentials remain the most common cause of a data breach, leading to 19% of breaches in the 2022 study. Breaches caused by stolen credentials had an average cost of USD 4.50 million, suggesting a clear need for secure authentication measures.
The Role of Remote Work
Remote work contributed to higher breach costs, with breaches where remote working was a factor costing nearly USD 1 million more than those where it wasn’t – USD 4.99 million versus USD 4.02 million.
How Stygian Can Help
Stygian’s cybersecurity solutions are designed to address these risks effectively:
Preventing Ransomware Attacks:
Our advanced threat intelligence solutions can detect and neutralise ransomware threats before they infiltrate your network.Secure Authentication Measures:
We offer multifactor authentication solutions to protect against credential theft, reducing the risk of data breaches caused by stolen or compromised credentials.Securing Remote Work:Our packages like the Guardian, Shield, and Fortress provide robust protection for remote workers, mitigating the risks associated with remote work.
Incident Response Team:
Our team is ready to react swiftly and effectively to any potential threats, reducing the lifecycle of a breach.
Understanding the costs and implications of data breaches is crucial to investing adequately in cybersecurity. Stygian’s comprehensive solutions can help protect your business against these evolving threats. We invite you to explore our cybersecurity packages and take a proactive step towards securing your business.
For more information, contact our team today!
Stygian Cyber Security can help you secure your organisation against threats, ensure compliance and provide you with peace of mind with our range of cyber security solutions.
We’re a friendly and knowledgeable team, so have a browse or give us a call –we’re ready when you are.
Reference:
IBM Cost of a Data Breach Report 2022 – https://www.ibm.com/reports/data-breach
This information is licensed under the Open Government Licence v3.0 except where otherwise stated.