#Ponemon cost of a data breach 2020 plus
Plus the Cost of a Data Breach Report found that 83% of organizations have experienced more than one data breach. According to the Identity Theft Resource Center’s 2021 Data Breach Report, there were 1,862 data breaches, a staggering 68% increase compared to 2020. It’s no surprise that the exploding cost of data breaches goes hand-in-hand with the growing occurrence of cybercrimes. What’s more, it’s also possible to be susceptible to a breach through a compromised business partner, with supply chain attacks causing 19% of reported breaches. According to the IBM report, unintentional human errors account for 21% of breaches as of 2022. That’s because a lot of breaches aren’t the result of a sophisticated hacking scheme and instead are due to an error made by a company’s employee. While most people think of data breaches as being caused by a hacker sitting in a dark basement somewhere in front of 15 monitors, the real source of most breaches is much closer.
Distributed denial of service (DDoS), ransomware, malware, phishing and social engineering, and zero-day attacks are just some of the measures they use to access a company’s data. For example, a breach could involve the theft of sensitive data such as personally identifiable information (credit cards, social security, personal health info, etc.), passwords, financial accounts, or proprietary corporate data.Ĭybercriminals are constantly finding new ways to access restricted information. The first step in protecting your business against data breach costs? Understanding what a data breach is.Ī data breach is a security incident where an unauthorized party accesses an organization’s confidential, protected, or sensitive information.
So how can businesses protect themselves against data breaches and the costly fallout? It all starts with having an awareness about the various factors that contribute to data breach costs. So while a small business selling skincare products may not have the same cybersecurity threat level as the Colonial Pipeline, the risk is still very much there. While every business can be a victim of a data breach, the type of threat will vary based on location, company size, and industry. The latest figure, a new all-time high for data breach costs, is a 12.7% increase over 2020’s average of $3.86 million. According to the annual Cost of a Data Breach Report from IBM, based on research conducted by Ponemon Institute, the average cost of a data breach increased to $4.35 million in 2022. The risk of a data breach exists for companies of any size and industry. Or how the world’s largest meat producer, JBS Foods, paid an $11 million ransom to hackers following a cyber attack.īut it’s not just high-profile companies with deep pockets suffering from the rapid increase in data breaches. Just look at last year’s ransomware attack that shut down the Colonial Pipeline, the largest fuel pipeline in the U.S., until a $4.4 million ransom was paid. There’s no question that data breaches are becoming more and more costly and common with every passing year. What’s the Impact of Remote Work on Data Breach Costs?.The Rising Global Cost of Data Breaches.No partner can guarantee placement or favorable reviews on AdvisorSmith. We feature products and services from companies we find reputable, whether or not they are our advertising partners. While this partnership may influence where and how products appear on our site, it in no way impacts our research, recommendations, or advice. In order to accomplish our mission, we, at times, are compensated by our partners. We, like you, are small business owners, and your success is our success. What is the best small business insurance?Īt AdvisorSmith, our mission is to bring clarity to business insurance and provide straightforward, honest research to empower small business owners.What is a certificate of insurance (COI)?.How much is general liability insurance?.How much does small business insurance cost?.CoverWallet Commercial Insurance Review.Best Workers Compensation Insurance Companies.Best Legal Malpractice Insurance Companies.Business Insurance Business Insurance Business Insurance.
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