An IBM Security report says an enterprise cyberattack costs companies $4.24M on average. These statistics pertain to instances where 1,000 - 100,000 records are affected, which are estimated to be 10% more costly this year vs. 2020.
- Mega-breaches, when 50 million to 65 million records are affected, are estimated to cost large enterprises $401M on average.
- Pandemic workflow changes such as remote work led to higher costs and increased difficulty of containing a security incident once it had taken place.
- IBM estimated that ~60% of businesses moved their infrastructure to the cloud.
- Compromised credentials were reported to be the most common attack vector.
- It takes an average of 287 days to detect and contain a data breach.
- Data breach costs by industry:
- Healthcare — $9.23M
- Financial services — $5.72M
- Pharmaceuticals — $5.04M