IBM: Cost of a breach reaches nearly $5 million, with healthcare being hit the hardest
The Record Media
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Contributed by: Drex DeFord
Summary
IBM's annual report on cybersecurity has revealed that the average cost of a data breach has risen to $4.88 million, a 10% increase from last year’s $4.45 million. Conducted with the Ponemon Institute, the study analyzed 604 organizations across 17 industries and 16 countries. This rise was noted as the largest since the pandemic began, with more than half of the organizations passing on the increased costs to customers through higher prices. Significant breach-related costs include lost business and post-breach activities, amounting to $2.8 million. In the healthcare sector, breaches cost an average of $9.77 million, marking it the most affected industry since 2011. The analysis covered various breach causes, including phishing and compromised credentials, with ransomware attack-related breaches showing cost savings when law enforcement was involved. The U.S. led in average breach costs at $9.36 million.
