Organizations can implement next-generation cybersecurity technologies, but 95 percent of security issues in 2013 were caused by “human error,” according to the IBM Security Services 2014 Cyber Security Intelligence Index.
Companies are struggling to keep employee and customer data secure, and cybercriminals are exploiting these weaknesses. A major retailer with millions of leaked credit and debit card information could face upwards to £59 million in direct costs that also includes government fines.
Using custom malware is a popular technique, but phishing attacks are an easy way for criminals to compromise data. Here is what Nick Bradley, IBM Threat Research Group practice lead said in a recent interview with SC Magazine:
“Protecting yourself or a company from a phishing attack is obviously not an easy task. If it were, phishing would not be as successful as it is. User education is a powerful tool… teach your employees that they should not provide personal information to unfamiliar requesters.”
The United States and Germany suffered the highest total average cost following a data breach, while Brazil and India have the lowest total average cost. In 2013 alone, more than 500 million records of personal information were stolen by criminals, with the information sold online.
In addition to companies, colleges and universities that suffer 40,000 or more record losses might lose up to £3.2 million in losses.
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