As data breach costs mount, what are the lessons of 2022?

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According to a report, the average cost of a data breach has reached an all-time high.

The figure now stands at USD4.35 million in 2022, up 2.6% from last year and an increase of 12.7% from 2020, at the start of the Covid-19 pandemic.

Bharati Jagdish of MONEY FM 89.3’s Prime Time weekday radio show recently spoke with Kevin Shepherdson, CEO and founder of Straits Interactive, about the biggest data dramas of 2022 and what businesses can do to better future-proof themselves against unknown threats.

Responding to her question of what lessons can be learned from the data breach cases of this year, which have affected both the private and public sectors all over the world, Shepherdson highlighted the role that COVID-19 has played.

“Let's take a step back. We mustn't forget that COVID-19 has struck. We had two years of pandemic, and many companies rushed to digitalise their projects,” he said.

“And in so doing, they enabled lots of remote access to data, and they did so without looking very much at security considerations. So one good cause [for a rise in data breaches], I would say, would be digitalisation.

“Many companies are actually going to it without thinking about the security and the privacy considerations.

“So the other reason would be it's not their focus. Because if you think about COVID-19, everyone's looking. And I mean, as we approach the post-pandemic era, companies are looking to recover, right?

“And they are surviving. So security is not their current focus.”

To listen to the rest of the interview, access the podcast on the Prime Time playlist here. For news and regular updates, visit Blog and sign up for a free membership to access all content, including articles, videos, webinars and events.

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