In the latest IBM Report, the Ponemon Institute found that data breach costs climbed to a total average of $4.24 million, the highest in 17 years. Personal data was found to be the most commonly exposed data type, with 44% of breaches including unique identifiers. The report also identified compromised credentials as one of the main entry points for hacks.
Unfortunately for companies, hacks aren’t the only threat to personal data. There are many ways to leak personal data accidentally, and they can cost companies as much as unlawful data access.
For instance, unintentional insider threats are causing companies severe headaches. Egress reported in its Insider Data Breach Survey that 84% of the surveyed companies suffered a breach from human errors. Lack of adequate security systems and non-respect of security policies are among the causes of accidental leaks of personal data, and they are accentuated by the shift to remote work.
These mistakes have costly consequences. Within the framework of GDPR, European companies are responsible for the security of the processing of the data they collect (Article 32 on the Security of Processing). They must protect personal data from unauthorized access and disclosure. Since 2018, 25% of the fines listed on the GDPR Enforcement Tracker quote Article 32, adding up to 115 million euros in fines.
In the context of increasingly costly data breaches, unintentional leaks and insufficient data protection mechanisms are costing organizations hundreds of thousands of euros. However, as pointed out in the IBM report, modern technical approaches have been shown to reduce the cost of a breach. This information should carry weight when considering implementing new protection mechanisms.
This month, we bring you content on the risks of re-identification and personal data disclosure. We also share insights from our product team on synthetic data generation, and as usual, news and updates from the privacy community.
Happy reading!
The Statice team
