22 May 2024

Hope amidst soaring cybercrime costs

BreachAware illuminates hope amidst soaring cybercrime costs

BreachAware, a leading data protection company says it is warning business owners of the rising cost of cybercrime after the latest figures found that cybercrime is expected to cost the world economy $13.82 trillion by 2028.

The latest Data Breach Investigations Report by Verizon shows that accessing personal information is still the biggest factor involved in cybercrime. The report analysed 30,458 real-world security incidents, of which 10,626 were confirmed data breaches, with victims spanning 94 countries. In the 2024 report, the use of stolen credentials accounted for 77% of attacks against web applications.

The report also discovered that approximately two-thirds of breaches traced to attackers targeting humans, rather than purely systems. Human error was also a factor in 28% of breaches, while 15% of breaches involved a third party or supply chain, including vulnerabilities in shared infrastructure or widely used software.

Following the findings, BreachAware says it  is encouraging business owners to go further than simply protecting IT infrastructure by first establishing the amount of their ‘insider’ personal data is exposed before taking action to mitigate it.

Andrew Alston, CEO at BreachAware said: “Most people focus on protecting IT infrastructure and that the tools and costs are endless but you can check the scale of potential exposure you have and then spend your money wisely to protect your business and its people.”

“The findings of the latest Verizon report may be shocking to the general population but we are seeing hackers using more sophisticated methods of stealing personal information every year. It has never been more important to safeguard your business against these risks.”

BreachAware says it offers a free scanning service for a company’s email domain which can detect occasions where data has been compromised. This allows users to check any domain and identify data exposed within third party breaches which could be exploited by threat actors and fraudsters.

Alston added: “Our free scanning tool is invaluable, and thousands of business owners have taken advantage of the information it can provide to inform themselves of the scale of the risks to their business and people.”

“Even if a data breach was identified years ago, the more someone knows about you over a greater length of time the easier it is to use the combined information to your detriment. If your employee data has been compromised, our service can help to inform your cybersecurity strategy and ensure that your people and business are protected.”

Company info: BreachAware