The volume and impact of data breaches have accelerated largely in 2022, which has contributed to many adverse effects for businesses. Tc highlights several updated factors that have generated great costs across 17 countries and regions, and 17 industries. The report has included new related areas of analysis such as:

  • Extended Detection and Response (XDR).
  • Risk Quantification techniques.
  • Technologies that contribute to a zero trust security framework – Identity and Access Management (IAM) and Multifactor Authentication (MFA).

The 2022 report records the highest global cost increase incurred by data breaches over all the previous years. The average global cost of a data breach reached USD 4.35 million, which is a 12.7% increase from the last year, and the highest ever noted across the history of IBM reports. For the 12th year in a row, the United States is the topmost country, reported as the costliest, with the average total cost of a data breach of USD 9.44 million. The second highest is the Middle East Region, at USD 7.46 million. Germany is in fifth place with the lowest cost of 4.85 million.

The top three industries affected by the costs of data breaches listed in this report are, healthcare, financial, and pharmaceuticals. The healthcare industry represented first place of USD 10.10 million, a 9.4% increase from the previous year. The financial sector listed the second place of USD 5.97 million in costs endured with a 4.4% increase than 2021. The average total cost decreased slightly in the pharmaceutical industry of USD 5.01 million. Each of these are part of critical infrastructure sectors.  As a result of the costs endured by the organizations from the data breaches, a majority of 60% of organizations increased the prices of their services (Read more...)