Data Breach Costs at Record High, Zero Trust, AI and Automation Help Reduce Costs
Data
breaches have been growing in numbers and scale, taking longer to detect and
contain. The average total cost of a data breach is at its highest of 17 years,
at $4.24 million. The year over year increase of 10% is the largest single year
cost increase recorded in the last 7 years.
IBM
and the Ponemon institute have been analyzing the real cost of data breaches
for over a decade now. Each year, we drill down to a large variety of cost
factors and long-term effects of breaches. During 2020, a year in which the
world was thrown into a global pandemic, data breach costs increased
considerably. Part of the rise in costs was due to the pandemic’s effects on
how quickly organizations detect and respond to cyberattacks.
Remote
working and digital transformation were rushed by necessity during the
pandemic. With security lagging behind, that increased the cost of a data
breach. Organizations that pointed at remote work as a factor in causing the
breach saw breach costs that averaged $1.07 million more than where remote work
was not identified as a factor. That’s 24.2% higher than the average we saw
across all breaches analyzed.
Remote
work also had effects on the time it took to identify a breach and contain it.
Companies that had more than 50% of the work taking place remotely experienced
a longer than average time to identify and contain a data breach. The result
was a 16.6% increase in breach costs compared with organizations that did not
work remotely to the same extent.
We had numerous other findings that can help you better manage your organization's security program. Want to read on/ get the "Cost of a Data Breach" report? Click here.
You can also directly head over to the report's page here: https://www.ibm.com/security/data-breach
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