![]() The use of stolen or compromised credentials remains the most common cause of a data breach, as per IBM’s research. This year, they hit a new record high, with an average breach costing $10.10 million.įinancial organizations had the second highest costs - averaging $5.97 million - followed by pharmaceuticals at $5.01 million, technology at $4.97 million, and energy at $4.72 million. How does the cost of a data breach vary by industry?ĭata breaches in the healthcare industry have been the most expensive for 12 years, increasing by 41.6% since the 2020 report. The United States has led the list for 12 years in a row, while the fastest growing country is Brazil, with a 27.8% increase this year from $1.08 million to $1.38 million. The top five countries and regions for the highest average cost of a data breach were the United States at $9.44 million, the Middle East at $7.46 million, Canada at $ 5.64 million, the United Kingdom at $5.05 million, and Germany at $4.85 million. How does the cost of a data breach vary by country or region? Target and Home Depot are other historic examples of costly settlements, which have also caused regulatory and reputational damage. Source: IBM Cost of a Data Breach Report 2022Īs a recent example, this year, tech giant T-Mobile agreed to pay customers US$350 million to settle multiple class-action suits stemming from a data breach disclosed in 2021, affecting tens of millions of customers. The number has climbed 12.7% since the 2020 report. Reaching an all-time high, this figure represents a 2.6% increase from last year, when the average cost of a breach was $4.24 million. In critical infrastructures, the cost rises to $4.82 million -this includes organizations in the financial services, technology, energy, healthcare, education, and public sectors. In the United States, it rises to $9.44 million, meaning a data breach in the US costs over twice the global average. The average total cost of a data breach is $4.35 million. It can result in the data being copied, transmitted, stolen, or used with other malicious intentions. What is a data breach?Ī data breach is the compromise and subsequent release of private or confidential information to unauthorized parties. Note: All amounts shown on this blog are in US dollars. Here’s what you need to know to protect your organization. IBM released the Cost of a Data Breach Report 2022, which provides insights into the financial impact of data breaches across industries. ![]()
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