Average cost of a data breach increases by 16 percent

A new report released today by ForgeRock shows the average cost of a breach in the US has increased by 16 percent to $9.5m, making the US the costliest place in the world to recover from a breach.

It also reveals a massive 297 percent surge in breaches caused primarily by security issues associated with supply chain and third-party suppliers and representing almost 25 percent of all breaches.

The report finds unauthorized access was the leading cause of breaches for the fourth consecutive year, steadily increasing to account for 50 percent of all records compromised during 2021.

"This is no time for security teams to let their guard down as cybercriminals are getting even more bold in how they score their next payday," says Fran Rosch, CEO of ForgeRock. "Exploits that target people's usernames and passwords to break into organizations are becoming more sophisticated. Now more than ever, companies need to adopt digital identity and access management solutions that strengthen their security posture without compromising the user experience."

Attacks involving usernames and passwords increased by 35 percent in 2021 to more than two billion, with almost half of all records breached including some form of login credentials. ForgeRock has also discovered that 60 percent of all records breached in 2021 included either Social Security Numbers, dates of birth, or both -- nearly doubling since last year. It points out that in seeking effortless user experience to differentiate them from the competition, apps and eCommerce sites often omit security features.

In the UK companies accepting online payments increased from 23 percent in 2020 to 30 percent in 2021. This digital shift in the retail sector has increased exposure to attacks, with retail now accounting for 20 percent of all cyberattacks last year.

You can get the full report from the ForgeRock site.

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