In recent years, the mindset for cybersecurity has shifted. It isn’t a matter of if a company has a breach, but rather when a company has a breach. With the increase in cybersecurity incidents, most if not all companies will be victims of a data breach at some point. However, the latest research shows that organizations using zero trust can save more than $1 million during a breach.
Record High Costs for Data Breaches
According to the 2022 IBM Cost of a Data Breach Report, more than 80% of organizations studied had more than one data breach. The report found that the cost of data breaches now averages an all-time high of $4.35 million in 2022, which is up 12.7% over the past two years. However, the cost of an average data breach in the U.S. is much higher, at $9.44 million, the highest of any country. Plus, the cost of an average data breach increases from $4.02 million to $4.99 million when remote working was a factor in the breach.
The costs of data breaches are not equal across industries. While health care has been the highest-cost industry for breaches for the past 12 years, the cost reached a recorded high of $10.10 million in 2022. Most concerning is the fact that the cost of a health care breach has increased 41.6% since the 2020 report. The financial sector came in a distant second, with a $5.97 million average, and pharma, technology and energy rounded out the top five.
Organizations now must shift their approach to risk reduction rather than breach prevention. In addition to reducing the occurrence, they need to proa ..
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