UNDERCODE SECURITY

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🦑Interesting News :
The report states that the cost of remediation of a company's "super large" data breach may be as high as US$392 million :
#News

> According to foreign media ZDNet, in the past year, the average cost of "very large" data breaches has increased astronomically, and companies affected by such security incidents are expected to pay as much as US$392 million. Now, data breaches are commonplace. Cyber attacks against companies have spawned a new cyber insurance industry. There have been regulations and class actions against companies that fail to protect data, and new laws—such as the EU’s GDPR—can be used Heavy penalties are imposed on data controllers with lax security.

<> However, data breaches continue to occur, some of which result in consumer records being stolen and sold on underground forums, increasing the risk of identity theft. In order to deal with the consequences of data breaches, companies may need to spend money to repair systems and upgrade architectures, may need to invest in new network security services and network forensics, and may also face legal proceedings or penalties from regulatory authorities-if customer PII is involved, the cost is still year by year increase.

> On Wednesday, IBM released its annual "Data Breach Cost Report" , which stated that the average cost of a data breach is now $3.86 million. Although this average is down by 1.5% compared to 2019, when more than 50 million consumer records are involved, the remediation cost of these "ultra-large" data breaches may be as high as US$392 million, up from 3.88 in 2019 One hundred million U.S. dollars.

> If an organization acts as the data controller for 40-50 million records, the average cost is US$364 million, and the organization may face a cost of up to US$175 per consumer record involving data theft or leakage. The research was conducted by the Ponemon Institute and included interviews with more than 3,200 security professionals who worked at companies that experienced data breaches in the past year.

> As highlighted by the recent Twitter hacking incident, leaked employees and internal accounts are one of the most expensive factors in data breaches today, making the average cost of a data breach as high as $4.77 million. When it comes to internal accounts, 80% of incidents result in exposure of customer records. In total, stolen or leaked account credentials – along with cloud misconfigurations – accounted for nearly 40% of security incidents.

> IBM said that in one-fifth of data breaches, leaked account credentials were used as an attacker's entry point, resulting in more than 8.5 billion records exposed in 2019 alone. Cloud misconfiguration accounted for nearly 20% of network vulnerabilities. Exploiting third-party vulnerabilities, such as zero-day or unpatched security vulnerabilities in enterprise software, is also an expensive factor in data leakage. If an enterprise company suffers a data breach due to such vulnerabilities, it is estimated that it will be compensated up to $4.5 million.

> State-sponsored attacks, including those carried out by Advanced Persistent Threats (APT) organizations, are far less common, accounting for only 13% of the overall data breaches reported by companies. However, when these threat actors are involved, the losses they cause often result in higher recovery costs, representing an average of US$4.43 million.

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