Data breaches costed companies $4.24 million per incident on average–the highest cost in the 17-year history of the report. It turns out that security incidents became more costly (10 percent more than last year) and more difficult to contain due to drastic operational shifts during the pandemic.
Vendor master file blunders caused a $2.7M loss for a company whose insurer refused to cover most of the loss. At the root of the loss was the company's inadequate response to a phishing email. A few simple best practices could have prevented the loss.
Cyber attacks were a serious risk even before the COVID-19 pandemic. As many organizations have instituted work-from-home procedures, the risk is elevated. The increase of non-standard communications, the use of new and untested remote working arrangements and a heightened level of stress and anxiety all create new vulnerabilities for threat actors to take advantage of. Incorrectly addressed emails, theft of company devices and a massive increase in remote connections all increase the risk of a successful cyber attack.