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The average cost of the data breach rose to US$4.24 million in 2021, up from $3.86 million the previous year. It was a 17-year high, according to the latest IBM Cost of Data Breach Report.
Remote work has accelerated the cost and the impact of the data breach. Social media networks, shopping websites, video game platforms, hotel chains, airlines, restaurants as well as food delivery, and financial institutions have been targeted and they remain vulnerable.
Data is the oil of the 21st century, British mathematician Clive Humbly said in 2006. The phrase has really caught on as the digital economy has grown.
Data breaches over the past few years show how priceless data is. According to security company Norton, a data breach is a security incident in which information is accessed without authorisation. “Data breaches can hurt businesses and consumers,” says the security company’s description for data breaches
Some of the biggest data breaches in 2021 involved popular brands, across industries. Facebook confirmed in April that an attack allowed hackers to get hold of the account data of 533 million users in 106 countries. The vulnerability that allowed it has since been fixed. Microsoft-owned LinkedIn professional network said in June that a hacker got access to data of 500 million users, including phone numbers and email addresses.
Automaker Volkswagen said hackers accessed details of over 3.3 million customers including mailing addresses, phone numbers as well as vehicle information. “This included information gathered for sales and marketing purposes from 2014 to 2019,” said Audi and Volkswagen in a statement. It added a vendor had left data unsecured.