IBM Report highlights Global top three causes of Data Breach

IBM Causes of Data Breach | Griffiths & Armour

COVID-19’s impact on the data breach landscape has created additional security challenges to organisations around the globe. This is partly due to the huge increase in the number of businesses that moved to remote working as a defence to preventing the spread of virus. Unfortunately, this has provided cyber criminals with an opportunity to use tactics to capitalise on staff working from home. This highlights the importance of businesses implementing cyber risk strategies and protection to mitigate the risk of a cyber-attack.

To offer insight into the current cyber climate, the 2020 edition of IBM’s highly informative global data breach report is now available. This year’s analysis draws upon 528 breached organisations spanning 17 countries and regions across 17 separate sectors.

Some of the key headlines include:

  • The average cost of a data breach is now $3.86m, down slightly from $3.92m last year.
  • The average cost per breached record has reduced slightly from $150 to $146.
  • The UK’s average data breach cost is marginally higher than the global average at $3.90m. The highest average cost is $8.64m in the USA.
  • The top three sectors with the highest average data breach costs were healthcare ($7.13m), energy ($6.39m) and financial ($5.85m).
  • Lost business represents the highest category data breach costs accounting for 39.4%.
  • The average time to identify and contain a data breach is 280 days.
  • The top three root causes of data breach were compromised credentials (19%), cloud misconfiguration (19%) and vulnerability in third party software (16%).

The full report is available upon registration here.

Below, we offer tips of how your organisation can prepare for a cyber-attack. To find out more about our tailored cyber risk and insurance programmes, please click here.

Cyber Incident Response Plan | Griffiths & Armour

Further detailed guidance on cyber risks and a cyber risk training system is available via RMworks, Griffiths & Armour’s online risk management platform available to all clients. Further information on RMworks is available here

If you are a client who has any questions on the contents of this article, please get in touch with your usual Griffiths & Armour contact or alternatively you can contact Greg Street by clicking below.

Greg Street | Griffiths & Armour