Data Breach Costs
SA Data Breach Costs Reached Record Highs During Pandemic – IBM
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...
The Average Data Breach Costs Over $4-Million in 2021
According to data presented by Atlas VPN, the average financial damages caused by a data breach increased by nearly 10% year over year to $4.24 million in 2021. This is the highest spike since 2015. A data breach can have a number of negative implications for a business, including lost sales, a tarnished reputation, data recovery fees, and possibly employee layoffs. “The record-high average losses can be directly linked to the rapid onset of remote work, as it created many new loopholes for cybercriminals to exploit,” Edward Garb, a cybersecurity researcher at Atlas VPN, comments on the findings. The numbers are provided by IBM, where between May 2020 and March 2021, researchers conducted roughly 3,500 separate interviews with individuals from 17 countries and 537 firms that had experience...
