Many of the world's biggest companies reported data breaches last year

Date:
Fri, 05 Apr 2024 11:15:02 +0000

Description:
Bad security practices and good reporting regulations created a perfect storm resulting in a fifth of S&P 500 firms reporting a breach.

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A fifth of the companies listed on the S&P 500 index suffered a cyberattack
in 2023, a report from SecurityScorecard has claimed, stating a mix of poor cybersecurity practices, high company valuations, and stringent regulations, resulted in such alarmingly high statistics.

SecurityScorecard says that 21% of these companies experienced a breach, as they are particularly valuable targets to cybercriminals based on their
stocks market value.

Of all the successful breaches, a quarter (25%) happened in Financial
Services and Insurance companies. Furthermore, half (52%) exposed personal information. Regulatory pressure

SecurityScorecard did not cut these organizations any slack, either. The average Social Engineering risk grade for these enterprises is an F,
signaling that most of them are relatively easy to breach with a little
social engineering. Usually, the attackers would combine various sources and gain access to plenty of employee information, which they would later use in tailor-made social attacks. In some instances, the attackers would even impersonate certain individuals to make the attack as convincing as possible.

Finally, another important reason for such a high number of reported breaches are landmark cybersecurity regulations introduced by the U.S. Securities and Exchange Commission (SEC) late last year. These regulations require organizations to publicly disclose any cybersecurity incidents with a
material impact within four days.

Previously, there were very few breach reporting requirements, the
researchers said, which left government officials, policymakers, and
investors without key information on cybersecurity incidents.

Regulatory pressure continues to grow, and companies need a unified
definition of cybersecurity due diligence with clear metrics, said Dr. Aleksandr Yampolskiy, CEO and Co-Founder, SecurityScorecard. Just as credit scores standardized the financial world, companies need a universal framework to measure cybersecurity risk and define materiality. More from TechRadar Pro The case for transparency after data breaches Here's a list of the best firewalls around today These are the best endpoint security tools right now



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Link to news story: https://www.techradar.com/pro/security/many-of-the-worlds-biggest-companies-re ported-data-breaches-last-year


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