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| Report: Data breaches will be more expensive in 2023 |
A new report from information security firm Acronis predicts that the cost of data breaches will be even higher in the coming year.
Based on data collected from more than 750,000 unique endpoints (i.e., a device connected to a computer network) around the world, the company's report says the average cost of a data breach is expected to reach $5 million by next year.
The researchers also expect a significant increase in the number of security breaches, saying that malicious email and phishing threats are up 60% year-over-year.
Social engineering attacks have also increased over the last four months of the year and now account for nearly 3% of all attacks. Nearly half of all cybersecurity incidents reported in the first half of 2022 were triggered by hacked or stolen passwords and other credentials.
“The past few months have proven more complex than ever, with new threats emerging and threat actors playing the same playbook to extract large sums of money,” said Candide Faust, vice president of cybersecurity research at Acronis.
Foust added that as companies look to reduce phishing and other hacks in the new year, comprehensive solutions should be a priority.
He noted that attackers are constantly improving their methods and are now using the same security tools against organizations, such as two-factor authentication, that many organizations rely on to protect their employees and businesses.
In the third quarter of this year, the ratio of phishing attacks to malware attacks increased 1.3-fold and now accounts for more than three-quarters (76%) of all email attacks, an increase of 58% compared to the first half of this year.
Most of the victims are believed to be from the United States, but German and Brazilian companies have also been targeted. Endpoints in South Korea, Jordan, and China were also prime targets for malware.
In terms of industry categories affected by phishing and malicious email threats, the researchers found that construction, retail, real estate, professional services, and finance were most at risk.