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Increased remote work has been cited as a major reason why costs related to data breaches are rising. The average data breach for an enterprise now comes with a price tag of $4.24 million, according to a Ponemon/IBM study. When breaches specific to just the healthcare sector are looked at, the costs are even higher: $9.23 million per year.
The leading cause of data breaches is compromised user credentials. Workers remotely are much easier targets than users behind firewalled enterprises, and that has contributed to the increase number of breaches.
Enterprises can fight back, at least to some extent, the sting of the cost associated with breaches. IBM recommends adoption of tools like AI, security analytics and encryption for trying to reduce the occurrence of breaches and to help mitigate the amount of damage and costs related to addressing breaches when they do occur.
The report found that the most sought after data that hackers target in a breach are personal data, like name, email and password, and also personal identifiable information.
Dave Chatfield, president of security risk assessment firm NetDiligence, said that “security consultants are there to move clients up the practice curve and get them to the point where the likelihood of a breach will become much less over time. But I don’t think you’ll get any security vendor who will say, ‘We will guarantee you’ll never be breached.'”