Ransomware, Breach, Threat Management

Costs of data breaches, ransomware examined

Data breach costs between 2017 and 2022 averaged $15 million without outliers but rose to $75 million when outliers were considered, TechRepublic reports. Moreover, global cybercrime costs could total $10 trillion by 2025 should costs continue to rise 10% annually, according to a Black Kite study. The findings also showed a $1 million higher average breach cost among firms with remote employees. However, most breaches were found to only lead to losses between $10,000 and $1 million. Finance and insurance were the industries with the highest number of breaches, with every incident costing $35 million on average. "Both industries are also subject to the growing Internet of Things (IoT) challenge, where new technologies like mobile banking, chatbots, and online claims processing mean more interconnectivity than ever," said the report. Meanwhile, REvil was the most frequent threat actor, followed by Conti and Lazarus Group although Lazarus had the highest average cost per incident. "Infamous ransomware groups such as Conti and REvil have invested money in their weaponry to gather more information about their targets and find valuable assets such as PII. Even if these groups dissolve, we will continue to see a higher cost impact in years to come from attacks that have already occurred in 2022," said Black Kite Head of Research Ferhat Dikbiyik.

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