Has cybersecurity ever been more important than it is right now? Even in these extraordinary times, with its focus on manufacturing vaccines and getting shots into arms, new research in the Cost of a Data Breach Report shows that the increasing cost of security breaches makes preventing and responding to these threats a critical concern.
Now in its 17th year, the annual Cost of a Data Breach Report — conducted by the Ponemon Institute and sponsored, analyzed, reported and published by IBM Security — continues to be relevant in helping organizations understand and respond to security risks. This year’s report looked at dozens of factors that influence data breach costs, including the impact of millions of workers logging on from home to access data and applications.
As we saw in last year’s report, survey participants predicted that the rapid onset of remote work and other factors due to the pandemic would increase the costs associated with data breaches and the amount of time to contain them. Those predictions turned out to be accurate, as data breach costs reached a record high.
How Much Does a Data Breach Cost in 2021?
In the 2021 study, the average total cost of a data breach increased by nearly 10% to $4.24 million, the highest ever recorded. Moreover, costs were even higher when remote working was presumed to be a factor in causing the breach, increasing to $4.96 million.
Remote working due to the pandemic also impacted the speed of response, increasing the time to identify and contain data breaches. At organizations with a greater than 50% remote work adoption, it took an average of 316 days to ..
Support the originator by clicking the read the rest link below.
