The global average cost of a data breach increased 2.6% from $4.24 million in 2021 to $4.35 million in 2022 — the highest it’s been in the history of IBM Security’s “The Cost of a Data Breach Report.”
While the financial costs associated with a data breach are certainly high, the real impact on businesses run much deeper: reputational loss, legal liability and loss of business and consumer trust. Cyberattacks and data breaches are not going away — if anything, they are only increasing both in frequency and severity. It's vital that organizations create and test incident response playbooks to increase cyber resilience.