Ransomware attacks continue to rise, Verizon data breach report finds | #ransomware | #cybercrime

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using
such links, we may receive a commission, but it will not result in any additional charges to you.
Please review our Affiliate Link Disclosure for more information.

Close up of a hand typing on a laptop keyboard with a data concept overlay, representing the Verizon ransomware attacks.
(Photo Credit: Michael Traitov/Shutterstock)

Verizon data breach report overview: 

  • Who: Verizon Wireless released its 2023 Data Breach Investigations Report earlier this month. 
  • Why: The report found human error continues to play a significant role in data breaches, while average cost per ransomware incidents has doubled over the past two years to $26,000. 
  • Where: Data breaches have affected consumers nationwide. 
  • What are my options: Norton LifeLock carries many options when it comes to data security.

Human error continues to play a significant role in data breaches — which are skyrocketing in frequency and cost — across all industries, according to the Verizon Wireless 2023 Data Breach Investigations Report. 

The cost per ransomware incident — which accounted for one in every four data breaches — has doubled over the past two years to a total of $26,000, with the human element involved in three out of four breaches, according to the report

In total, 95% of ransomware incidents that experienced a loss ended up costing the victim from between $1 and $2.25 million, according to the report. 

This rise in cost coincides with a dramatic rise in frequency over the past couple of years when the number of ransomware attacks was greater than the previous five years combined,” Verizon wrote, in a news release

The Verizon report found the human element played a factor in 74% of data breaches, despite enterprises increasingly working to increase critical infrastructure safeguards and training for cybersecurity protocols. 

Social engineering attacks most common way to ‘exploit human nature,’ says Verizon report

Social engineering is the most common way to “exploit human nature,” according to the report, which noted bad actors have used tactics like sending phishing emails to convince individuals to click on malicious links or attachments. 

Like ransomware, social engineering is a lucrative tactic for cybercriminals, especially given the rise of those techniques being used to impersonate enterprise employees for financial gain,” Verizon wrote. 

Attacks involving impersonating employees are known as Business Email Compromise (BEC), with the median amount stolen in BEC attacks increasing to $50,000 over the last couple of years, according to the report. 

Verizon said the growth of BEC attacks has made it more important for businesses to create and strictly enforce “human-centric security best practices.”

“Globally, cyber threat actors continue their relentless efforts to acquire sensitive consumer and business data. The revenue generated from that information is staggering, and it’s not lost on business leaders,” said Craig Robinson, Research Vice President at IDC, in a statement. 

Verizon also determined that human error was the leading factor in data breaches in its Data Breach Investigations Report from last year. 

Have you been impacted by a data breach? Let us know in the comments!

Read About More Class Action Lawsuits & Class Action Settlements:

We tell you about cash you can claim EVERY WEEK! Sign up for our free newsletter.

Source link

National Cyber Security