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Cost of Security Incidents More Than Doubled in the Past Two Years

Updated: Jul 12, 2023



Verizon’s Threat Research Advisory Center released its annual Data Breach Investigations Report, which analyzed 16,312 security incidents and 5,199 breaches. This report offers one of the most comprehensive looks at data breach and cybercrime activity, highlighting how important it is for enterprises to safeguard their critical infrastructure. And the findings are frightening.

“Cybercriminals are coming for data,” the report warns. “And they’re using more types of attacks against organizations like yours.” Some of the report’s most significant findings include:

  • Ransomware remains one of the top cyberattack methods, representing 24% of all breaches.

  • The median cost to a business hit by a ransomware attack was $26,000 – more than doubling over the past two years.

  • 50% of reported breaches involved stolen credentials, highlighting the importance of protections such as multifactor authentication.

  • The human element is a factor in 74% of total breaches, including use of social engineering tactics such as phishing.

  • Although espionage attacks have gotten substantial media attention, only 3% of threat actors were motivated by espionage. Financial gain motivated the other 97%.

“Senior leadership represents a growing cybersecurity threat for many organizations,” said Chris Novak, Managing Director of Cybersecurity Consulting at Verizon Business. “Not only do they possess an organization’s most sensitive information, they are often among the least protected, as many organizations make security protocol exceptions for them.” As sophisticated attacks become more common – and more frequent – organizations must do more to protect themselves and avoid expensive system intrusions. We believe that every business, regardless of size, should have access to the same level of security and protection as larger corporations. But small and midsize businesses can’t navigate the complex and ever-changing world of cybersecurity alone. Armour Cybersecurity is here to build long-lasting relationships with our clients and empower them to protect their digital assets and safeguard their business.

Need help protecting your organization from cyber threats? Contact us today!

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