No IT professional wants to face the prospect of navigating a business data breach but unfortunately, far too many find themselves in exactly that position as risk ratchets up. A data breach is a costly affair in and of itself, doing damage to a business and its bottom line that can resonate for years. A host of factors can also make that bill bigger including complications like being caused by a remote worker or if the breach is ransomware related. However, a few factors can make the bill smaller, like fully deployed AI and security automation. One thing is very clear: the cost of a data breach is continuing to rise, making avoiding a data breach something that every business needs to prioritize.
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10 Data Breach Statistics That You Must See
- The average cost of a data breach has reached a new high of $4.35 million.
- The average cost of a ransomware-related data breach is $4.54 million.
- Human error is the reason for almost one-quarter of the data breaches
- The cost of a data breach has climbed 12.7% in two years from 2020’s $3.86 million
- Ransomware was at the root of 11% of breaches in 2022, up from 7.8% in 2021.
- An estimated 60% of businesses have increased prices due to the cost of a data breach
- About 80% of companies have experienced more than one data breach.
- A data breach at an organization that has fully deployed security AI and automation costs 65.2% or $3.05 million less than average.
- A data breach costs $1 million more if remote workers are a factor.
- One-fifth of breaches were caused by a supply chain compromise.
As noted above, the cost of a data breach in 2022 is a new record $4.35 million. That’s an increase of 2.6% from the 2021 data breach cost of $4.2 million per incident, and a substantial increase in the cost of a breach in a two-year span, up 12.7% from 2020’s $3.86 million. The cost of a data breach may have only grown a little between 2021 and 2022, but it has grown substantially over a two-year period. This year’s data breach costs 12.7% more than a breach in 2020 at $3.86 million
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The Top 5 Countries or Regions with the Highest Data Breach Cost
- The United States = $9.44 million
- The Middle East = $7.46 million
- Canada = $5.64 million
- The United Kingdom = $5.05 million
- Germany = $4.85 million
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Data Breach Costs by Industry
The industry with the most expensive data breach cost is healthcare, almost double the cost of the number two sector. The average cost of a healthcare data breach jumped almost $1 million to a record high of $10.1 million, which is 9.4% more than in 2021 and 41.6% more than in 2020. The financial sector is in second place, up 4.4% from $5.72 million in 2021 to $5.97 million in 2022. The cost of a data breach in the heavy industrial sector (comprised of critical infrastructure targets like chemical, engineering and manufacturing entities in this report), also ballooned, up 5.4% from $4.24 million in 2021 to $4.47 million in 2022.
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Strong Email Security is a Key Factor in Preventing a Data Breach
Email is the riskiest channel for data loss in an organization. In a recent study, 65% of IT security practitioners cited email as their biggest data loss risk, followed by cloud file-sharing services (62%) and instant messaging platforms (57%). Phishing is a major factor in making email a potential data security disaster. An estimated 23% of organizations in the study experienced up to 30 security incidents involving employees’ use of email every month ranging from sending the wrong file to interacting with a phishing message. Cybercriminals are constantly stepping up their game to bypass many traditional email security measures and lure their targets in with hard-to-detect messages – and 97% of employees are unable to detect a sophisticated phishing message.
Graphus improves any organization’s data security immediately by catching sophisticated phishing messages, preventing almost every incoming phishing message from reaching employees. Choose AI-powered, automated email security to quickly and efficiently protect your company from some of today’s nastiest phishing-related cyberattacks and you’ll enjoy the peace of mind that comes from knowing that you’re blocking sophisticated phishing messages from reaching employees.
- Forget old-fashioned safe sender lists. Graphus analyzes the content of messages using more than 50 points of comparison to suss out fakes fast.
- Cloud-native security harnesses machine learning to inform AI using a patented algorithm.
- Put 3 layers of protection between employees and dangerous email messages.
- Don’t waste time on fussy configurations or adding threat reports. AI does that for you, getting everything up and running with just a few clicks and minimal maintenance.
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