IBM has released its latest edition of the annual Cost of Data Breach report and cited that each data breach is estimated to cost $3.2 million. This is the highest reported estimate in 17 years.
The report, based on the analysis of data breach incidents from 500 institutions worldwide, also cited that the brisk transition into a remote work set-up affected the cost of data security. It has also made data harder to manage.
According to IBM’s findings, the most common data breach was a result of compromised credentials. Client information such as names, emails, and passwords, were the most common data to be leaked. To minimise the occurrence of breaches, and their devastating effects, the report suggests that businesses opt for reliable, modern security solutions that can save millions of dollars in potential losses.
Qbit offer a wide variety of cyber security solutions to protect your business data from cyber threats. We conduct phishing training for employees to better equip them against scams and phishing attacks. We also have cyber security solutions for email, as well as multi-factor authentication.
Multi-factor authentication is an effective security feature against cyber criminals, preventing unauthorized access to business accounts. Learn more about MFA here: https://youtu.be/1qZ37QGu8Fs