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The Risk Exposure Index, detailed in Kiteworks’ "Top 11 Data Breaches in 1H 2024 Report," goes beyond traditional metrics such as the number of records exposed or financial costs incurred. Instead, it incorporates a range of factors to provide a more nuanced understanding of breach severity, including the type of data compromised, the extent of exposure, potential regulatory penalties, and long-term impact on brand reputation. In conjunction with the report, Kiteworks made a Risk Exposure Calculator available on its website. This tool allows organizations to input their own data and calculate their risk exposure score, helping them better understand and mitigate potential cybersecurity risks. Users also can generate custom reports based on their Risk Exposure score, industry, region/country, and year of the data breach.

"In today’s complex cybersecurity landscape, organisations need a more sophisticated approach to assessing and prioritizing data breach risks," says Tim Freestone, Chief Strategy and Marketing Officer at Kiteworks. "Our Risk Exposure Index offers a standardised framework for quantifying and comparing the risks associated with different data breaches, enabling organisations to allocate resources more effectively and enhance their overall security posture."

Key findings from the application of the Risk Exposure Index to the top 11 data breaches of 1H 2024 include:

The healthcare sector remains a prime target, with Change Healthcare’s breach topping the list with a Risk Exposure Score of 9.46 out of 10.
Ransomware attacks continue to pose significant threats, as seen in the high-ranking breaches at Change Healthcare and Synnovis.
The sensitivity of exposed data plays a crucial role in determining risk, often outweighing the sheer volume of records compromised.
Third-party and supply chain vulnerabilities remain a critical concern, as evidenced by the breaches affecting AT&T and Ticketmaster.

The report also highlights the diverse nature of cyber threats, from sophisticated ransomware attacks to inadvertent data sharing due to tracking codes. This diversity underscores the need for a multi-layered security approach that addresses a wide range of potential vulnerabilities.

"Our analysis reveals that the impact of a data breach extends far beyond immediate financial losses," adds Patrick Spencer, VP of Corporate Marketing and Research at Kiteworks. "The Risk Exposure Index takes into account factors such as regulatory compliance, data sensitivity, and potential for long-term reputational damage, providing a more holistic view of the true cost of a breach."

The Risk Exposure Calculator uses the same algorithm as the Risk Exposure Index, considering factors such as:

Number of records exposed
Estimated financial impact
Ransomware involvement
Data sensitivity
Overall severity of the breach
Number of regulations impacted

By providing this tool, Kiteworks aims to empower organisations to take a proactive approach to cybersecurity, identifying potential vulnerabilities before they can be exploited.

The report concludes with actionable recommendations for organisations to strengthen their cybersecurity posture, including:

Adopting hardened security measures tailored to protect sensitive content communications
Implementing advanced encryption techniques for data at rest, in transit, and in use
Deploying next-generation Digital Rights Management (DRM) strategies
Enhancing third-party risk management practices
Focusing on data sensitivity and compliance through robust governance frameworks

"As cyber threats continue to evolve in complexity and scope, it’s crucial for organisations to remain vigilant and proactive in their cybersecurity efforts," Spencer emphasised. "By leveraging tools like our Risk Exposure Index and Calculator, organisations can better protect themselves against future breaches and minimize potential impacts."