A new study has calculated the most expensive data breaches in the past two years. The research, led by Surfshark, shows the cost of data hacks for businesses across 11 industries including academia, technology, government, retail and finance.
by Surfshark list of the most expensive data breaches is based on insights from IBM’s IT Governance Blog and “Cost of a Data Breach” report.
The IBM report says companies face costs in four main areas: detection and escalation, notification to other parties, loss of business, and post-breach response.
The three biggest academic data breaches between 2020 and 2021 were with a government documentation service and two online learning services: Mathway and Unacademy.
In 2020, betting companies had access to government data and information from 28 million children and students. Betting companies have been able to use the information, which should have been used for educational purposes only, to increase the number of young gamblers using their services.
The study claims that this breach would have cost the UK government $ 257.6 million.
The second largest data breach saw 25 million data records hacked by the Mathway math app. The breach would have cost the online platform $ 230 million. The resale value of stolen data is often much less than the amount it costs to repair it. As a result, this data was offered for sale online for a much lower amount of $ 4000.
The third largest academic breach was with the Unacademy online teaching platform. The data breach saw the information of 20 million users exposed, costing the platform $ 200 million.
Data breaches and cyber attacks are becoming a growing concern within the academic space.
Surfshark’s study shows that data breaches can lead to immense costs for academic institutions that have invested little in cyber security and protection strategies.
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A new study reveals the most expensive academic data breaches
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