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A global study commissioned by IBM Security highlights that the average cost of a data breach has exceeded $4.2 million, possibly due to the coronavirus pandemic, according to Security Week.
The study examined 500 organizations worldwide between May 2020 and March 2021. The authors of the report reviewed actual data breaches and assessed the cost of such security incidents.
In terms of the scale of the attacks, 14 companies have been identified to have suffered a major data breach, with the costs ranging from $52 million for breaches involving more than 10 million records to $401 million for breaches involving more than 65 million records. All factors, such as technical, legal, regulatory, loss of productivity of employees, brand equity, and consumer losses were included.
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Read the original article: IBM: Average Cost of Data Breach Exceeds $4.2M