Lessons To Learn From the Biggest Data Breaches of 2022

in Technology

The average cost of a data breach reached a record high in 2022. Rising to $4.35 million per incident, the global cost of cybercrime is increasing year by year. In 2022, despite sophisticated security measures and the use of cutting-edge technology, companies across the world fell foul to hackers and malicious actors. Every data breach impacts organizations and their members, users or customers, but it can also provide a learning experience. In this article, we’ll explore the lessons the biggest data breaches of 2022 can teach us.

Employee training

One of the most important lessons employers can learn from high-profile security breaches in 2022 is the value of staff training. In March 2022, Microsoft was left vulnerable after hackers accessed an employee account enabling them to tap into key systems and discover the source code. Microsoft is one of the largest and most well-known companies in the world yet it was exposed by hackers who targeted individual accounts. This incident underlines the importance of investing in ongoing training for employees and spending money on preventative measures as part of training, onboarding and recruiting processes. More than 90% of breaches are linked to human error, according to research from IBM. A weak link can put the entire chain at risk. Employees should know how to spot and respond to suspicious activity and identify threats, such as phishing scams.

Outsourcing risks

Outsourcing has become increasingly common in recent years. Today, businesses of all sizes across all industries work with third parties and external agencies and companies. There are multiple advantages to outsourcing, including accessing skills and expertise, reducing costs and boosting efficiency and output, but there are also security risks. Okta, a US-based identity and access management company, was targeted by hackers in 2022. Rather than trying to access data directly, a third party compromised the account of an employee of one of several partner firms working with Okta.

Sites like postmogul.com highlight the risks of websites and platforms and shine a light on individual companies and businesses but it’s also important to factor in the potential implications of outsourcing. Business owners should ensure that the companies and agencies they work with have the same level of protection in place. Data breaches contribute to financial losses, but the damage to brand reputation can be even more devastating.

Regular reviews

Cybercrime evolves constantly. As technology advances, hackers develop new skills and capabilities. Reviewing and updating policies and embracing innovation are key. In July 2022, Nelnet Servicing, a tech company, which works with student loan providers, detected suspicious activity. More than 2.5 million customers were affected. Investigations revealed that the vulnerabilities that enabled hackers to gain access to customer data were present for more than 50 days. This example underlines the importance of regular reviews, monitoring and security audits and tech and software updates. For information about keeping up with cybersecurity policies, take a look at this article https://www.businessnewsdaily.com/15046-quick-cybersecurity-tips.html.

Data breaches cost the global economy trillions of dollars every year but they can also teach us valuable lessons. High-profile security incidents in 2022 highlight the importance of providing employee training, investing in preventative measures and carrying out regular reviews. It’s also crucial that companies ensure that the agencies they work or partner with have the same level of data protection in place.

Image Credits: jaydeep_

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