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Average data breach costs reach an all-time high

In brief: The common cost of an enterprise data breach has already reached an all-time high and much more often than not, companies improve the price of services or products following a breach to create up for losing.

In its annual Cost of a Data Breach Report, IBM Security said the global average cost of a data breach is $4.35 million. That’s a rise of 2.6 percent from $4.24 million this past year and is up 12.7 percent from $3.86 million in the 2020 report. Even worse, 60 percent of organizations that participated in the analysis said decisions to improve prices were directly linked to security breaches.

Remember that that is only the common. Considering the outliers, we note that those operating in healthcare experienced the costliest breaches for the 12th year in a row with an archive average of $10.1 million per incident.

Few is going to be surprised to discover that 83 percent of organizations have observed several data breach within their lifetime. That is without doubt due partly to the truth that 62 percent of these studied felt they’re not sufficiently staffed to meet up their security needs.

For attack vectors, IBM noted that 19 percent of breaches resulted from stolen or compromised credentials. Phishing campaigns resulted in 16 percent of incidents and were the costliest, resulting in the average breach cost of $4.91 million. Misconfigured cloud servers caused 15 percent of breaches.

Talking about the cloud, the analysis further discovered that 45 percent of breaches occurred in the cloud. Hybrid cloud environments experienced the cheapest average breach cost at $3.8 million in comparison to organizations using public or private models at $5.02 million and $4.24 million normally, respectively.

Another interesting metric involves ransomware. Businesses that paid ransom demands reported typically $610,000 less in breach costs in comparison to those that didn’t pay, but that figure didn’t are the ransom amount paid. When factoring in last year’s average ransom of $812,360, the pendulum swings another way and businesses that complied with ransom demands finished up paying more overall in breach costs.

IBM commissioned Ponemon Institute to review 550 organizations across 17 countries and 17 industries between March 2021 and March 2022 to assemble data for the report.

Image credit: Pixabay

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