Verizon Communications Details

    Organization Logo

    Verizon Communications

    New York City, New York • 117100 employees • Telecommunications

    Industry

    Telecommunications

    Security Incidents

    1

    Verizon Communications Inc., commonly known as Verizon, is a global leader in telecommunications, technology, and entertainment services. Founded in 1983 and headquartered in New York, it operates America’s most reliable wireless network and also provides a range of broadband and fiber optics services to both residential and business customers. Additionally, Verizon is heavily invested in 5G technology, seeking to expand its network capabilities and enhance its digital offerings, including in areas such as IoT, hosting services, and cybersecurity solutions.

    Security Incidents

    Verizon Communications Breach of Jun 2023
    Severity Score
    Low

    Type

    Insider Threat

    Summary

    In June 2023, Verizon experienced a significant security incident as highlighted in the 2023 Data Breach Investigations Report. The report revealed a sharp increase in the frequency and cost of social engineering attacks, emphasizing the role of human error in breaches across various industries. The cost per ransomware incident doubled over the past two years, with ransomware accounting for a quarter of all breaches. The incident shed light on the effectiveness of coordinated responses, particularly in the analysis of the Log4j incident. Despite the challenges, Verizon maintained full transpar...
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    Severity

    The Verizon cyber security incident in June 2023 was analyzed in the 16th annual Data Breach Investigations Report, which revealed 16,312 security incidents and 5,199 breaches. The report highlighted a significant increase in the use of stolen credentials in breaches, indicating a concerning trend in cyber attacks.

    Impact

    The breach had a median cost per ransomware incident that doubled over the past two years, with ransomware accounting for one out of every four breaches. Human error continued to play a significant role in breaches across all industries, emphasizing the need for improved cybersecurity training and measures to mitigate risks.

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