2024 is coming to a close and with it we’re reviewing the year in technology as a whole. While we’ve covered advancements in AI, continued benefits to businesses from vendors like Microsoft 365 helping capitalize on more productivity from their technology, more options in hardware and greater adoption for cyber security especially with more regulations in place all point to positive trends in the technology space, there were still a number of notable negatives especially when it comes to cyber security breaches.
2024 saw a 76% spike in data theft according to to Crowdstrike’s annual global threat report (we’d be remiss not to mention they also unfortunately had a notable breach themselves over the summer). However, even with the scale of the Crowdstrike breach it still did not make the list on the top 8 most expensive cybersecurity breaches of 2024.
Below is that list and the eye watering numbers paid out in ransom, fines and overall reduction to business productivity for these companies to resume business as usual.
- MGM Resorts: This breach occurred in September 2024, with costs exceeding $100 million due to a ransomware attack that paralyzed operations for weeks. Recovery costs, lost revenue, and fines made it one of the year's most expensive breaches.
- MoveIt: A vulnerability in the file transfer software resulted in widespread data breaches for numerous organizations, costing tens of millions collectively. The breach was first reported in June 2024.
- T-Mobile: A recurring target, T-Mobile faced another breach in February 2024, costing an estimated $150 million, including regulatory penalties and class-action settlements.
- Latitude Financial: In March 2024, this Australian financial services company suffered a breach exposing millions of customer records, with costs exceeding $76 million, mainly from customer remediation and regulatory fines.
- Clorox: A cyberattack in August 2024 disrupted operations, leading to a $500 million loss in revenue, with breach recovery costs adding to the financial toll.
- Capita: This UK outsourcing giant faced a major breach early in 2024, costing approximately $150 million, driven by client compensations and operational disruptions.
- Tesla Supplier Breach: Hackers targeted a Tesla supplier in mid-2024, compromising proprietary designs and incurring losses in the range of $50-100 million.
- Western Digital: A breach in early 2024 affected critical business data, with costs reportedly surpassing $100 million, including regulatory fines and lost business.
Even if you’re a small business, you’re still at risk of data breaches and the effects (including ransomware costs that will cripple your bottom line). Cybersecurity protection, including preventing data breaches, is a core face of every Valley Techlogic service plan. Learn more today and take advantage of our 2024 Holiday Offer.
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