Customer Data Breaches

In 2023, data breaches surged significantly, with a 20% increase from the previous year, compromising over 5 billion records. This rise is largely attributed to cloud misconfigurations, which account for over 80% of breaches, and the growing prevalence of ransomware attacks, which intensified by 50% in the first half of the year. The average ransom payment escalated dramatically, indicating that these attacks are becoming both more frequent and financially burdensome.

Cybercriminals are employing increasingly sophisticated tactics. Phishing schemes and stolen credentials remain common entry points for attacks. Additionally, application-layer attacks have surged by 80%, exposing vulnerabilities in web applications critical to business operations. The financial impact of these breaches is substantial, with the average cost per breach reaching approximately $4.5 million.

Customer data is a prime target for theft due to its sensitive nature and high value. This data often includes personal identifiable information (PII) such as names, addresses, and financial details. Insider threats also pose significant risks, contributing to about 43% of data loss incidents.

To combat these threats, organisations should adopt a comprehensive cybersecurity strategy. This includes implementing multi-factor authentication, developing incident response plans, conducting regular security audits, and investing in employee training on cybersecurity awareness.

Engaging with law enforcement and utilising advanced security technologies can further enhance protection against data breaches.
Pretectum CMDM offers solutions to enhance customer data management while addressing privacy concerns. It provides a single customer view by integrating data from various sources, enabling businesses to tailor their services effectively.

The platform also features blockchain technology for secure data management, ensuring integrity and compliance through an immutable ledger that tracks all changes to customer information.

For businesses looking to safeguard their customer data and improve their cybersecurity posture, adopting these measures is essential in today’s evolving threat landscape.

Read more at https://www.pretectum.com/customer-data-breaches-how-they-happen/