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Splunk says almost 50% of businesses have suffered a data breach in recent years

Splunk’s The State of Security 2022 report has found that around 50% of companies have suffered a data breach in recent years, with the average breach costing almost $3 million (£2.3 million). While this is lower than the average data breach cost identified in The Ponemon Institute’s most recent Cost of a Data Breach Report, it’s still a significant sum.

However, of most concern to consumers is the revelation that half of the companies they entrust with their data may have experienced a breach in recent years.

How many businesses suffered a data breach in the last two years?

According to Splunk’s report, which surveyed 1,200 security leaders from several countries, 49% of companies have suffered a data breach in the last two years. This figure is a significant increase from the previous year’s figure of 39%.

In addition:

  • 65% of businesses said they had seen an increase in attempted cyber attacks since the start of the COVID-19 pandemic.
  • 79% of companies said they had fallen victim to a ransomware attack against their endpoints
  • 35% of those who had fallen victim to a ransomware attack subsequently suffered data loss and denial of service.

Data protection is proving increasingly expensive

While the consequences of data breaches can be massive, both reputationally and financially, the financial and resource investment needed to keep systems and data safe and secure continues to spiral, too.

Splunk found that 59% of security teams had to dedicate “significant time and resources” to preventing and fixing data breaches, an increase from 42% last year. In addition, 64% of security leaders said it was challenging to keep up with the changing security environment and new requirements.

Splunk’s State of Security report also highlighted a now common trend in the workplace: remote workers often pose the most significant data breach risk. Among the 1,200 surveyed security leaders, 78% said that remote workers were more difficult to secure.

“The Great Resignation” is increasing cybersecurity challenges

The report also revealed that “The Great Resignation” is having a profound effect on businesses’ ability to prepare for and respond to cybersecurity challenges and incidents when they do occur. While companies increasingly use automation, artificial intelligence and machine learning systems to enhance their security, this finding highlights the continued importance of human input in data protection.

Splunk revealed that, in 76% of businesses, team members had to take on roles they were unprepared for. Perhaps most worryingly from a business perspective, 70% said the new workload had made colleagues consider switching jobs, while 73% said burnout had led to colleagues leaving their roles.

Cybersecurity challenges are no excuse for data breaches

While the cybersecurity landscape is more challenging than ever before, that’s not an excuse for businesses to be lax about their security practices.

As a consumer, you have a right to expect your data and privacy to be protected and respected, but businesses don’t always live up to this.

If your privacy is compromised due to a data breach, you may be entitled to compensation. Contact us here for a free, no-obligation review of your potential claim.

Image Credit: Ralf Liebhold / Shutterstock.com

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