Data Breaches Snatch Millions Of Dollars, But Users Are Paying The Cost

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Data breaches are at an all-time high and the number of victims has reached unprecedented levels. As per a report from IBM Security, data breaches are not just bad news for organizations but also for customers in several ways. The report claims that on average a data breach costs $4.4 million, affecting the prices the end customers pay.

 
Data Breaches Snatch Million Dollars, But Users Are Paying The Cost

With the steady rise in cyberattacks, almost double since 2021, cyber attackers are coming up with new ways to bypass the firewalls of organizations. Speaking of large-scale breaches, it can affect millions of users when their data gets leaked. This pattern is seen in both private company attacks and nation-state attacks, where a ransom is paid to secure the leaked data.

Data Breaches At An All-Time High

The IBM Security report compares the cost of data breaches to the previous years. The comparison shows that the prices kept going each year. The current cost of a data breach is 2.6% more than the cost in 2021 and 13% more than in 2020. These data breaches have affected sectors including technology, healthcare, education, the public sector, and financial services. Healthcare data breaches amounted to an average of $10.1 million, a nearly $1 million increase compared to 2021.

The get these figures, Ponemon Institute, which is sponsored by IBM, surveyed 550 companies that were hit by data breaches from March 2021 to March 2022. Around 11% of data breaches came from ransomware attacks. As per the report, 16% were caused by phishing attacks, and one-fifth of all breaches happened due to leaked credentials.

You Are Paying The Cost Of Data Breaches

Apart from the fear of personal data getting leaked and misused, the rising costs of a data breach aren’t carried by the organizations but also their customers. The report also suggests that more than half of the surveyed companies agreed that the costs of data breaches alter the pricing of their products and services.

It means consumers pay a high price despite being victims of data breaches. The average $4.4 million cost of a data breach can be divided into several smaller payments such as investigation costs, ransom payments, and preventive measures.

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