Verizon’s Data Breach Investigations Report (DBIR) is an annual report that provides insights into the latest trends and statistics related to data breaches. The 2021 report, which was released in May, revealed that social engineering attacks are becoming increasingly common and costly.
Social engineering is a type of cyber attack that involves manipulating people into divulging sensitive information or performing actions that compromise security. Examples of social engineering tactics include phishing emails, pretexting (creating a false scenario to gain access to information), and baiting (offering something of value in exchange for information).
According to the DBIR, social engineering attacks were involved in 36% of all data breaches in 2020. This represents a significant increase from the previous year, when social engineering was a factor in only 22% of breaches.
The report also found that social engineering attacks are more expensive than other types of breaches. The average cost per record for a social engineering breach was $711, compared to $146 for a non-social engineering breach. This is because social engineering attacks often involve the theft of large amounts of data, such as login credentials or financial information.
One reason why social engineering attacks are so effective is that they exploit human psychology. People are often the weakest link in an organization’s security, and attackers know this. They use tactics such as fear, urgency, and curiosity to trick people into giving up sensitive information or clicking on malicious links.
The DBIR recommends several strategies for mitigating the risk of social engineering attacks. These include:
– Educating employees about the risks of social engineering and how to recognize and avoid these types of attacks.
– Implementing multi-factor authentication to make it harder for attackers to gain access to sensitive systems.
– Monitoring network activity for signs of suspicious behavior, such as unusual login attempts or data exfiltration.
– Conducting regular security assessments to identify vulnerabilities and address them before they can be exploited.
In conclusion, the 2021 Verizon DBIR highlights the growing threat of social engineering attacks and their impact on breach costs. Organizations must take steps to educate their employees, implement strong security measures, and monitor their networks to protect against these types of attacks. By doing so, they can reduce the risk of a costly data breach and protect their sensitive information from falling into the wrong hands.
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- Source: https://platodata.network/platowire/verizons-data-breach-investigations-report-reveals-the-impact-of-social-engineering-on-breach-costs/
