Customer Data Breaches – how they happen
In 2023, the U.S. experienced a 20% increase in data breaches, compromising over 5 billion records.
This surge is attributed to factors like cloud misconfigurations and a rise in ransomware attacks, which accounted for 24% of cyber incidents, with average ransom payments escalating to $2 million.
Phishing and compromised credentials were common attack vectors, while insider threats contributed to 43% of data loss. The financial sector was the most affected, representing 27% of breaches. Organizations are urged to enhance cybersecurity through multi-factor authentication, incident response plans, and regular security audits. The average cost of a data breach reached $4.5 million, highlighting the urgent need for robust security measures to protect sensitive customer information.
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