IBM Report: Consumers Pay The Price As Data Breach Costs Reach All-Time High
IBM News, July 27th, 2022
January 1, 1970,
Volume 292, Issue 4
60% of breached businesses raised product prices post-breach; vast majority of critical infrastructure lagging in zero trust adoption; $550,000 in extra costs for insufficiently staffed businesses
IBM Security released the annual Cost of a Data Breach Report,1 revealing costlier and higher-impact data breaches than ever before, with the global average cost of a data breach reaching an all-time high of $4.35 million for studied organizations. With breach costs increasing nearly 13% over the last two years of the report, the findings suggest these incidents may also be contributing to rising costs of goods and services. In fact, 60% of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.
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