Today, we’re diving into the nitty-gritty of data breaches and the real costs they have on businesses. So, grab your coffee ☕️, sit back, and let’s dive in! #DataBreaches #BusinessCosts

📉 Full recovery from breaches takes longer than expected 📉

In 2024, businesses reported taking an average of 7.3 months to recover from cybersecurity breaches – 25% longer than expected. 😱 It gets worse for companies that planned on cutting back cybersecurity spending. They faced an average of 68 incidents each, with recovery times stretching to 10.9 months. Yikes! Don’t skimp on security, folks. #CybersecurityRecovery

🔐 Identity-related data breaches cost more than average incidents 🔐

40% of respondents reported an identity-related security breach, with 66% reporting it as a severe event. 44% estimated that the total costs of identity-related data breaches exceeded the cost of a typical data breach. Agriculture and aerospace sectors were hit the hardest, with breaches costing them more than $10,000,000. 😳 #IdentityBreaches

💼 Data breaches trigger increase in cyber insurance claims 💼

Over the last year, data breaches have emerged as one of the fastest-growing areas of US class action litigation. Over 1,300 cases were filed across a wide range of data privacy regulations in 2023, more than double the number filed in 2022 and four times that filed in 2021. Talk about a rising trend! #CyberInsurance

💰 Average data breach cost jumps to $4.88 million, collateral damage increased 💰

IBM revealed that the global average cost of a data breach reached $4.88 million in 2024. The disruptive effects of data breaches are not only driving up costs but are also extending the after-effect of a breach, with recovery taking more than 100 days for most organizations. 😰 #DataBreachCost

⚠️ Ransomware fallout: 94% experience downtime, 40% face work stoppage ⚠️

66% of organizations that suffered a data breach in the last year chose to publicly disclose information regarding their incidents, while 30% only disclosed their breaches to impacted parties. With ransomware attacks on the rise, businesses need to be prepared for the consequences. #RansomwareFallout

🔋 Third-party breaches shake the foundations of the energy sector 🔋

90% of the world’s largest energy companies experienced a third-party breach in the past 12 months. 33% of energy companies had a C Security Rating or below, indicating a higher likelihood of breach. The energy sector needs to step up its security game! #EnergySectorBreaches

🕵️ 1 out of 3 breaches go undetected 🕵

Organizations continue to struggle in detecting breaches as they become more targeted and sophisticated. More than 1 out of 3 organizations cited their existing security tools were unable to detect breaches when they occur. 31% only detected a recent breach when they received an extortion threat from the adversary. Time to up the ante on security, folks! #UndetectedBreaches

🏢 51% of enterprises experienced a breach despite large security stacks 🏢

Threat actors are continuing to successfully breach across the entire attack surface, with 93% of enterprises who admitted a breach reporting unplanned downtime, data exposure, or financial loss as a result. On average, enterprises already have 53 security solutions in use across their organization, but despite large security stacks, 51% reported a breach over the past 24 months. #EnterpriseBreaches

🔔 [Conclusion] 🔔

Alright, folks, that’s a wrap for today’s episode. Data breaches are a real threat to businesses, and the costs can be staggering. So, what can you do to protect your business?

1️⃣ Implement 2FA or MFA using https://duo.com to secure your accounts.
2️⃣ Use a password manager like 1Password to create and store strong, unique passwords.
3️⃣ Protect against ransomware with OpenDNS or Cisco Umbrella for businesses and Windows Defender for Windows users.

For more on choosing an anti-virus solution: