Data breaches cost $1M more with remote work

CALIFORNIA, UNITED STATES — As remote work becomes more prevalent, companies face increased cybersecurity risks that can be costly if not addressed properly, according to a cybersecurity expert.

In an article on Entrepreneur, Mykola Srebniuk, Head of Information Security at MacPaw, explains that data breaches caused by remote workers cost companies an average of $1 million more compared to breaches not involving remote work. 

The average cost of data breaches to $4.45 million, according to IBM. In another report from Malwarebytes Labs, at least 20% of companies have experienced breaches caused by remote employees. These breaches now take 58 more days to detect and contain.

Srebniuk recommends companies take four steps to protect themselves:

First, categorize data as critical, restricted or confidential based on the potential impact of a breach. Critical data like credentials or card info can cripple a company if leaked. Restricted data like customer emails can seriously threaten operations. Confidential data like policies, while damaging, has a smaller impact on reputation. 

Second, calculate the full potential cost of a breach and create cybersecurity policies accordingly, dictating data labeling, security controls, and training. 

Third, reduce remote work risks by securing corporate devices, monitoring their state, controlling resource access, and enabling multi-factor authentication. 

Fourth, encourage employees to use security apps, keep the VPN on, and participate in engaging cybersecurity training. Gamification makes training more exciting and effective. 

For freelancers, limit data access to the minimum needed, avoid access if possible, clarify data usage in contracts, and emphasize legal consequences for violations. 

Companies can protect themselves in the remote work era by understanding their data, calculating breach costs, securing devices, managing access, and training employees. With the right steps, the risks of remote work are manageable.