GLOBAL PAYROLL MAGAZINE
79
ers When
By Michael Baer
It should come as no surprise that reported data compromises and breaches are accelerating at a record pace. The Identity Theft Resource Center said total compromises of data in the U.S. are smashing records, and not in a good way, with incidents 78% higher in 2023 compared to the year before! The ITRC is tracking a year-over-year 14% increase in reported incidents on top of that for the first half of 2024.
On top of the hacking, ransomware, and general breaches of data, many organizations are still recovering from the CrowdStrike/Microsoft system update failure earlier this year, an event that had a similar impact as a critical data breach would have in limiting access to key Payroll systems and the ability to make payments.
With 40% of breaches involving employee information -- as identified by IBM’s recently-released Cost of a Data Breach report measuring more than 550 data breaches in 2023 -- the cost of a breach of personal identifying information, or PII, was found to be $181–per employee affected.
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