CyberNews Briefs

Data Breach Costs Reach New Record High

The average cost of a data breach is now stands at a record $4.35 million, representing a 13% increase on 2020 figures. IBM released its annual Cost of a Data Breach Report that is now in its 17th year of publication. The report was based on interviews with 550 different organizations spanning 17 different countries, all of which suffering from data breaches between March 2021 and March 2022. The report found that there was a 2.6% increase based on last years’ report. Phishing was the most expensive cause of data breaches, with IBM reporting average costs of $4.9 million for victims.

Healthcare was targeted the most, for the twelfth year in a row. Breaches range in cost from $1 million to $10 million. The report also contains insights for CISOs who operate under critical infrastructure organizations that may be considering strategies such as zero trust. Breach costs for critical infrastructure agencies who have not adopted these measures increased by nearly $1.2 million.

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