According to the latest data breach report by IBM and the Ponemon Institute, the cost of a data breach in 2021 is US$ 4.24 million, this is a 10% rise from the average cost in 2019 which was $3.86 million.
The average cost was $1.07 million higher in breaches where remote work was a factor in causing the breach, compared to those where remote work was not a factor. Remote working and digital transformation due to the COVID-19 pandemic increased the average total cost of a data breach.
Top 8 industries which reported data breaches are
- Healthcare
- Retail
- Finance & Insurance
- Public Administration
- Information
- Professional & Scientific
- Education
- Manufacturing
Post-Pandemic Hybrid Work Model is there to stay for long. A hybrid work model enables users to access sensitive data over multiple devices. Whereas, earlier, this sensitive data was accessible only via devices controlled by the organization. This calls for an increased Cyber Security Budget for all organizations.
Below are some important points that every organization can take care of to prevent a data breach:
- Sensitive data must be protected or encrypted
- Robust Identity Access Management
- Keeping Assets Secure
- Robust Passwords Policy
- Regular Update of the Softwares
- Employee and Vendor Awareness
- Continuous Monitoring of Security Controls
- Incident Response Planning
- Regular Audits for compliance governance
We at Rainbow Secure offer SSO and MFA solutions for a secure and stress-free working environment. Our cyber security solutions reduce your business liability due to credential breaches from day 1 itself. Reach out to us for all your security solution requirements.
