The top 5 most expensive data breach attack vectors in 2021 are: Learn more about estimating the financial impacts of cyber risks > Data breach costs involving third-party breaches as the initial attack vector rose from US$ 4.33 million in 2021 to US$ 4.55 million The greatest increase was associated with system errors, which increase by $480,000.įour initial attack vector experienced a decrease in associated breach damage costs - business email compromise, social engineering, accidental data loss, and malicious insider, which experienced the largest cost difference. Comparing this data to 2021 results, reveals a concerning upward trend of data breach costs caused by compromised third-party vendors. Compromised Credentials was the Most Common Initial Attack Vector in 2022Ĭompromised credentials, such as compromised business emails, facilitated 19% of data breaches. Lost business costs in 2022 totalled USD 1.42 million, compared to USD 1.59 million in 2021.
Lost business costs actually decreased for the first time in 6 years, removing this category from its reputable position as the primary factor influencing data breach costs. Lost Business Was Not the Primary Factor of Data Breach Costs. The yearly average data breach cost increased the most between the year's 20 - a spike likely influenced by the COVID-19 pandemic.Ĥ. Average Total Data Breach Cost Increased By 2.6% The 17th cost of a data breach report by IBM and the Ponemon institute had 13 key findings: 1.
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Download the free guide > 17 Key Findings of the 2022 IBM Cost of Data Breach Report
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Learn how to prevent costly data breaches. In this post, we summarize the critical findings of the report to help you align your data security and data breach prevention strategies against the key risk factors in 2023. Its findings are based on 550 breaches across 17 countries and 17 industries with data gathered from over 3,600 interviews. The report by Ponemon Institute and IBM Security takes into account hundreds of cost factors from legal, regulatory, and technical activities, loss of brand equity, customer turnover, and drain on employee productivity. The study also found that organisations that fell victim to ransomware attacks did not reduce costs significantly, even after paying ransom demands to retrieve valuable data.In 2023, the average cost of a data breach has reached a record high of US$ 4.45 million, according to the 2023 cost of a data breach report by IBM and the Ponemon institute, an increase of 2% compared to 2022 (US$ 4.35 milion). For the 12 th year in a row, the study found that the healthcare industry had the highest average cost of breach, while the financial services industry had the second. Of the firms who took part, the study found 60% of them did not deploy zero trust security measures, pushing up breach costs. The use of security AI and automation jumped by nearly one-fifth in two years, from 59% in 2020 to 70% in 2022.” IBM said, “Companies with fully deployed security AI and automation also experienced on average a 74-day shorter time to identify and contain the breach, known as the breach lifecycle, than those without security AI and automation – 249 days versus 323 days. Of the 550 companies polled for the study, IBM said firms with fully deployed security AI and automation systems fared better, with breach costs about $3.05m less than breaches at organisations with no such defences. In addition, the study found that about 20% of critical infrastructure firms suffered a breach due to a third-party business partner being compromised. Businesses in the financial services, industrial, energy, transportation, communication, healthcare, education and public sector industries were most heavily impacted by ransomware attacks. The study called attention to costs borne by critical infrastructure organisations within average costs reaching $4.82m. Security Week highlighted that the report notes there is a ‘haunting effect’ from the after-effects that linger after breaches with more than half of breach costs adding up more than a year after compromise.
The Cost of a Data Breach 2022 report studied around 550 companies impacted by data breaches between March last year and this year. The study – which was conducted in partnership with the Ponemon Institute – found that global average breach costs climbed nearly 13% over the last two years with a huge 83% of organisations experiencing more than a single data breach. A study by IBM Security has found that the global average cost of a data breach has hit a new high of $4.35m.
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