How much does a data breach cost?
2021 Report

This article summarizes a few key points from research conducted by the Ponemon Institute.  This report published by IBM Security - studied 537 real breaches across 17 countries and 17 different industries.

Largest margin increase in seven years.

2021 Cost increase

Data breach cost increased from $2.86 million in 2020 to $4.24 million in 2021.  That increase represents a 9.8% increase.  The cost of a data breach has increased by 11.9% since 2015.

Average Total Cost

Healthcare was the top industry cost for the eleventh year in a row

2021 Healthcare

The average total cost for health care increased form $7.12 million in 2020 to $9.23 million in 2021, a 29.5% increase. Energy dropped from the second most costly industry to fifth place, decreasing in cost from $6.39 million in 2020 to $4.65 million in 2021(27.2% decrease).

Average Total Cost by Industry

Media had the highest percentage increase in cost from 2020

2021 Media

Top five industries that experienced large cost increases include media, public sector, hospitality, retail and consumer.

Percentage increase by Industry

Lost business accounted for the highest category of data breach cost

Lost business cost

Lost business costs include: business disruption and revenue losses from system downtime, cost of lost customers and acquiring new customers, reputation losses and diminished goodwill.

Average total cost divided into four categories

An ounce of prevention is worth a pound of cure

Trust BeCloud to defend your business from network threats

James Phipps 31 October, 2021
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