Cybersecurity threats are one of the biggest problems businesses face in the 21st century. Especially recently, with the accelerated pace of digitalization, various data breaches originating from ransomware, phishing, and social engineering have become more and more widespread. Accordingly, this year's Data Breach Investigations Report, which is an annual report published by Verizon, clearly reveals the increase in data breaches.
The Verizon DBIR 2021 report features the results of extensive research conducted on different types of cybersecurity breaches. The report mentions a significant increase in data breaches as a result of ransomware and phishing attacks. On the other hand, while there is a 5% decrease in human errors, it turns out that 85% of data breaches are caused by human errors. Also, attacks carried out to steal, manipulate, and destroy personal or corporate data now focus not only on credentials but also on personal information.
Verizon DBIR 2021: Latest Rates and Important Takeaways
Verizon Data Breach Investigations Report 2021 features detailed analyses of more than 79,000 security incidents. According to the report, 5,258 data breach cases were confirmed in more than 79,000 incidents. These were mostly ransomware, phishing, social engineering, and credential incidents.
As a result of the research conducted by Verizon, it was determined that only 14% of companies that experienced data security breaches did not suffer economic loss. The reported median loss of companies caused by breaches was found to be $21,659.
As clearly seen in DBIR 2021, it is essential to utilize Privileged Access Management (PAM) solutions in order to save your company from various losses due to data breaches.
What is Privileged Access Management (PAM)?
PAM is used to detect, analyze, and monitor computer users who try to access important data of your company with cyber-attacks. Privileged Access Management enables you to secure your data sources and prevent the security breaches mentioned in Verizon DBIR 2021 for your company.
In other words, PAM makes it more practical to monitor, oversee, and manage privileged access to your company's critical assets. PAM applications store the credentials of the privileged accounts in the system in a secure storage medium against the risk of being stolen and protect them in a safety net consisting of five stages. At each stage, entries to the system are monitored, data security is ensured, and all transactions are recorded.
The stages of a PAM solution mainly includes privileged session management, dynamic password controller, privileged task automation (PTA), two-factor authentication (2FA) and dynamic data masking. These stages ensure the security of data and prevent incidents caused by potential cyberattack or protects critical assets against internal and external threats.
Advanced Data Security with Single Connect
Single Connect, one of the world's best Privileged Access Management products, helps to protect critical data against both internal and external security breaches thanks to its multi-layered security structure. With its remarkable modular structure that comprises all components needed in a PAM platform, Single Connect is also mentioned in the Gartner Magic Quadrant for Privileged Access Management (PAM) report.
A Krontech product, Single Connect features privileged session manager, dynamic password controller, privileged task automation (PTA), two-factor authentication (2FA), dynamic data masking, and unified access management (TACACS+/RADIUS) modules. These modules show full compatibility with the overall PAM structure.
Single Connect is an end-to-end PAM solution that provides a high level of data security against data breaches, cyber-attacks, and leaks. With its solid technical infrastructure, and functional modules, Single Connect is the ideal choice for protecting your company against the types of data breaches that were mentioned in Verizon DBIR 2021.