Data breach worldwide

Data breaches can have serious consequences for organizations, including financial losses, damage to reputation, and legal liabilities.

According to a report by the Ponemon Institute, surveyed in 16 countries, 52% of organizations experienced a data breach in the past two years. The report also found that the average cost of a data breach was $3.86 million, and that the cost per record breach was $148.

Another survey states, about 62% of respondents said that their business-critical applications have suffered from unplanned downtime due to a cybersecurity incident on at least a monthly basis, an increase from 54% in 2022.

Over half (52%) of organisations have suffered a data breach in the past two years globally, an increase from 49% in 2022 and 39% in 2021.

Moreover, in India, about 42% of organisations report being overwhelmed by the number of data breach attacks versus 23% in the rest of the world. Nearly 48% of Indian organisations say their security stack is too complex, compared to 28% in the rest of the world.

The causes of data breaches can vary, but some common factors include human error, insider threats, cyberattacks, and inadequate security measures. Organizations can take steps to reduce their risk of a data breach by implementing strong security protocols, regularly training employees on best practices for data handling, and conducting regular security audits and risk assessments.

Nearly 81% of organisations say they are converging aspects of their security and IT operations together. About 95% of respondents say they have increased their focus on third-party risk assessments.

It is important for organizations to take data breaches seriously and to be proactive in protecting their sensitive data. By doing so, they can help mitigate the potential damage of a breach and safeguard their operations, reputation, and customers' trust.

S Mohini Ratna, Editor, VARINDIA