Average Costs of Data Breaches

IBM Security announced the results of a recent study that found that data breaches now cost South African companies $3-million (R46-million) on average – the highest cost in the 6-year history of the report. Worldwide, the average financial damages caused by a data breach increased by nearly 10% year over year to $4.24 million in 2021. Based on in-depth analysis of real-world data breaches experienced by organisations in South Africa, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 15% for South African compared to the prior year. Businesses were forced to quickly adapt their technology approaches last year, with many companies encouraging or requiring employees to work from home, a...