28 May, 2024

BreachAware Report Illuminates Economic and Human Risks of Cybercrime

BreachAware, at the forefront of data protection, has issued a warning about the significant rise in the cost of cybercrime, which is anticipated to reach $13.82 trillion globally by 2028. Drawing on the latest findings from Data Breach Investigations Report by Verizon, which analysed 30,458 security incidents across 94 countries—identifying 10,626 as confirmed breaches—the report reveals that the principal method of cybercrime involves accessing personal information. Remarkably, the 2024 report noted that stolen credentials were involved in 77% of attacks on web applications.

This data also highlights that about two-thirds of breaches primarily target humans rather than technological systems, with 28% of breaches attributable to human error and 15% involving third-party or supply chain vulnerabilities, pointing to risks in shared infrastructure or common software.

Following the findings, BreachAware is encouraging business owners to go further than simply protecting IT infrastructure by first establishing the amount of their ‘insider’ personal data is exposed before taking action to mitigate it.
Andrew Alston, CEO at BreachAware said: “Most people focus on protecting IT infrastructure and that the tools and costs are endless but you can check the scale of potential exposure you have and then spend your money wisely to protect your business and its people.”
“The findings of the latest Verizon report may be shocking to the general population but we are seeing hackers using more sophisticated methods of stealing personal information every year. It has never been more important to safeguard your business against these risks.”
BreachAware offers a free scanning service for a company’s email domain which can detect occasions where data has been compromised. This allows users to check any domain and identify data exposed within third party breaches which could be exploited by threat actors and fraudsters.
Andrew added: “Our free scanning tool is invaluable, and thousands of business owners have taken advantage of the information it can provide to inform themselves of the scale of the risks to their business and people.”
“Even if a data breach was identified years ago, the more someone knows about you over a greater length of time the easier it is to use the combined information to your detriment. If your employee data has been compromised, our service can help to inform your cybersecurity strategy and ensure that your people and business are protected.”
Principal Cybersecurity Threat Intelligence and Analytics at Verizon, Bob Carter, is the next guest to feature on the BreachAware podcast ‘WHAT THE PR!V*CY’ which is set to be released on 14 May.
Bob has been a speaker, moderator and expert panel participant discussing many cybersecurity topics including cybersecurity risks, The Internet of Things and insider threats at conferences across North America, Europe and in the UK. LinkedIn previously announced him as one of the top five people to follow in cybersecurity.
Andrew said: “We are delighted that Bob was able to appear on our podcast, and share his extensive expertise in the field of cybersecurity. It was a fascinating conversation and really highlights the importance of business owners doing their due diligence and taking steps if necessary to protect their domains from the risk of data breaches.”
For more information about BreachAware and its services, visit breachaware.com.