Researchers found that although 80% of financial institutions suffered data breaches per year from vulnerabilities in their authentication methods, 64% refused to upgrade.
Numbers drawn from Allianz internal customer data show a 17% increase in the value of cyber claims and a 14% increase in frequency during this period. The central driver is class action lawsuits connected to data and privacy breaches.
The average cost of data breach has hit an all-time high, up almost 10% from last year to $4.24 million. That average cost increases greatly when remote workers are involved (to $4.96 million).
Litigation against corporate board members and C-level executives for data privacy and security claims is on the rise. Recently, plaintiffs have targeted corporate board members and C-level executives alleging that their data privacy–related claims result from a breach of fiduciary duties.
Privacy act draft proposes a maximum penalty of the greater of $50 million, three times the value of any benefit obtained through the misuse of information stolen in data breaches, or 30% of the company's annual domestic turnover.
IT and security decision-makers need to prepare for an expanding digital world and consider how increasing cloud usage, consumer distrust, new legislation, and a permanently distributed workforce impacts the ways in which they do business.
From 2017 to 2020 the edtech company experienced four serious data breaches, and the FTC finds that this was not simply a run of bad luck but rather an endemic lack of concern for cybersecurity.
USDoD has a years-long history of data breaches, leaking the stolen information or offering it for sale on hacking forums. This has included some extremely damaging collections of information, the largest of which thus far has been the National Public Data breach.
The global average cost of data breach is now $4.35 million, a climb of 13% since 2020. Much of that are expenses realized more than a year after the attack, and most organizations (60%) are passing these added costs on to consumers in the form of higher prices.
ITRC report noted that the 3,205 data breaches recorded last year shatters the prior record of 1,860 and is a 78% increase from a similar number (1,806) seen in 2022.
