Cyberthreats continue to evolve, causing trillions of dollars in losses. There will be a 76% increase in cybersecurity breaches by 2024, according to StealthLabs. A report by IBM states that it took an average of 287 days to identify and contain a data breach in 2021. According to Verizon’s 2020 Data Breach Investigations Report, 86% of cybersecurity breaches were financially motivated, and 10% were motivated by espionage.

Early in the morning of March 22nd a threat group known as LAPSUS$ posted screenshots on their Telegram account that allegedly show access to Okta internal systems such as Slack, Cloudflare, Jira, Salesforce and other “Okta cards.” Okta’s CEO Todd McKinnon apparently confirmed an event in January in a tweet:: “In late January 2022, Okta detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors.

The average company can’t do business without their third parties. Vendors, suppliers, partners, distributors, and contractors — third parties make it so much simpler to build, distribute and sell a product or service.

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HIPAA requires covered entities and business associates to secure protected health information (PHI). Failing to do so can result in steep fines and penalties. Some PHI breaches, however, are out of the organization’s control. Determined hackers can expose PHI, and employees can make mistakes — they’re only human, Despite training, rigorous security protocols, and constant monitoring, data breaches can happen.

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At the end of 2021, Capital One agreed to pay a settlement of $190 million to 98 million customers whose personal data was stolen in a 2019 data breach. Similar class-action lawsuits were filed in 2021 against T-Mobile, Shopify, and Ledger. When it comes to the cost of breaches, however, those are just the legal fees. Every year, businesses lose millions of dollars in revenue to cyberattacks and data breaches.