Among the many problems businesses face today, cybercrime is one of the fastest growing threats. While you may think this is something that only concerns large corporations, the truth is hackers are just as likely to target small organizations. The reason why cybercrime affects all businesses is because your company possesses a lot of data. Gaining access to this information can be highly beneficial for the attacker.
Regardless of the industry you’re in, your organization has an obligation to protect the data of your clients as well as your own business. With the high prevalence of cybercrime these days, it’s never been more important to be aware of the consequences of a data breach. Part of being aware of the consequences is understanding the real cost of a data breach.
According to a joint study from IBM and the Ponemon Institute, the average cost of a cyberattack reached $4.24 million in 2021. That’s a 10% increase from the $3.86 million reported back in 2019. And forecasts project that the global cost of a data breach may reach $10.5 trillion by 2025. This begs the question, why are data breaches so expensive?