The cost of a data breach averages $15m
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The overall average cost of a data breach is now $15.01 million, according to new Black Kite research.
Black Kit’s The Cost of a Data Breach: A New Perspective, a global analysis curated with Open-Source Intelligence (OSINT), examines the financial impact of 2,400 cyber incidents between 2017-2022. Fourteen Black Kite researchers examined the cost and impact per industry and root causes of data breaches (including the top threat actors), as well as the cybersecurity posture and ransomware susceptibility of organizations.
Six key findings include:
- Overall average cost of a data breach (outliers removed) — $15.01 million
- Overall average cost of a data breach (including outliers) — $75.21 million
- Most financially devastating threat actor: Conti, with ten attacks averaging at $84.98 million per incident
- 700 of the companies breached within the last five years — or one-third — no longer have a digital presence or never disclosed their company name
- 79% of the 1,700 analyzed breached companies are highly susceptible to a phishing attempt
- Finance and Insurance had the highest number of incidents (445), with an average cost of $35.34 million per incident
The global cost of cybercrime is expected to hit $10 trillion in the next three years — up $7 trillion from 2015 — yet many businesses aren’t aware of the true cost and risk. “Few businesses understand the true cost of a single data breach. Aside from reputational damage and irreparable disruption to business operations, the financial impact can be lethal,” says Bob Maley, Chief Security Officer (CSO) of Black Kite.
For more information, visit blackkite.com.
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