The average cost of a data breach reached an all-time high of $4.35 million this year, according to newly published 2022 Cost of a Data Breach Report, an increase of 2.6% from a year ago and 12.7% since 2020.
New research in this year’s report also reveals for the first time that 83% of organizations in the study have experienced more than one data breach and just 17% said this was their first data breach. And at a time when inflation is growing, breached businesses have passed higher costs to customers, with 60% of organizations in the study reporting that they increased the price of goods and services in response to losses from the breach.
These are among the dozens of findings from the study of 550 organizations across a variety of industries and geographies that experienced a data breach between March 2021 and March 2022. Now in its 17th year, with research independently conducted by Ponemon Institute, and featuring analysis by IBM Security, the Cost of a Data Breach Report is among the leading benchmark reports in the security industry. It offers IT, security and business leaders a lens into risk factors that can increase the costs associated with a data breach, and which security practices and technologies can help mitigate security risk and financial damages.
Top Findings in the 2022 Report
The use of security AI and automation has jumped by nearly one-fifth since 2020, and cost savings from security AI and automation were the highest of any factor studied.
The percentage of organizations with security AI and automation deployed grew from 59% in 2020 to 70% in 2022, an 18.6% growth rate. Those organizations that reported their security AI and automation technologies are “fully deployed” — 31% of organizations — experienced breach costs that were $ ..
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