Report finds 90% of data breaches are financially motivated

Verizon's Data Breach Investigation Report also found web application breaches rose 43% year-on-year

Verizon's Business 2020 Data Breach Investigation Report (2020 DBIR) found that over 90% of data breaches were financially motivated as hackers look to remain financially solvent.

Based on a study of 32,002 incidents and 3,950 confirmed incidents across 81 countries, the report also highlighted a 43% spike in web application breaches. 

According to those surveyed, financially motivated breaches accounted for 91% of cyber security incidents in Northern America, compared to 70% of breaches Europe, the Middle East and Africa and 63% in the Asia Pacific region. In North America, 79% of hacking breaches leveraged stolen credentials in their attacks, while 33% of breaches employed phishing or pretexting techniques.

In Europe, the Middle East and Africa, over 80% of malware incidents pointed to denial of service (DoS) attacks while 40% of breaches used a combination of techniques to target vulnerable web applications. Another 14% of breaches have been associated with cyber-espionage.

Alex Pinto, lead author of the report commented: “Security headlines often talk about spying, or grudge attacks, as a key driver for cyber crime - our data shows that is not the case. Financial gain continues to drive organized crime to exploit system vulnerabilities or human error.

"The good news is that there is a lot that organizations can do to protect themselves, including the ability to track common patterns within cyber attack journeys - a security game-changer - that puts control back into the hands of organizations around the globe.”

The 2020 DBIR also took note of a 43% increase in web application breaches, double the number reported in 2019. In 80% of these cases, threat actors used stolen credentials to carry out their campaigns. Cases of ransomware also grew by 3% to account for 27% of all malware attacks, and 18% of businesses reported they blocked at least one ransomware attack in 2019.

Tami Erwin, CEO of Verizon Business, warned: "In addition to protecting their systems from attack, we urge all businesses to continue employee education as phishing schemes become increasingly sophisticated and malicious."

Featured Resources

The definitive guide to warehouse efficiency

Get your free guide to creating efficiencies in the warehouse

Free download

The total economic impact™ of Datto

Cost savings and business benefits of using Datto Integrated Solutions

Download now

Three-step guide to modern customer experience

Support the critical role CX plays in your business

Free download

Ransomware report

The global state of the channel

Download now

Recommended

Nigerian cyber criminals target Texas unemployment system
cyber security

Nigerian cyber criminals target Texas unemployment system

27 May 2021
Hackers use open source Microsoft dev platform to deliver trojans
Security

Hackers use open source Microsoft dev platform to deliver trojans

14 May 2021

Most Popular

How to find RAM speed, size and type
Laptops

How to find RAM speed, size and type

17 Sep 2021
What are the pros and cons of AI?
machine learning

What are the pros and cons of AI?

8 Sep 2021
Best MDM solutions 2020
mobile device management (MDM)

Best MDM solutions 2020

17 Sep 2021