importance of strong passwords in corporate environment

In 2023, detection and escalation represent the largest share of breach costs, at an average total cost of $1.58 million( IBM ).Healthcare data breaches have been the most expensive for 13 years in a row ( IBM).Since 2020, healthcare breach costs have increased 53.3 percent to $10.93 million ( IBM ).The average per-record (per capita) cost of a data breach is $165, one dollar higher than 2022 ( IBM).This is notably higher than the average data breach of $4.45 million ( IBM). The average total cost of a ransomware breach is $5.13 million, 13 percent higher than in 2022.

See below to find out just how expensive it is to experience a breach and what elements cause the cost to rise even more. Indirect costs include in-house investigations and communication, as well as customer turnover or diminished rates from a company’s impacted reputation after breaches. To calculate the average cost of a data breach, security institutes collect both the direct and indirect expenses suffered by the breached organization.ĭirect expenses include forensic experts, hotline support, credit-monitoring subscriptions and potential settlements.

It’s no secret that data breaches are costly for businesses. Hopefully, this will help organizations understand the importance of data security and how to better allocate their security budgets. We’ve compiled 84 data breach statistics for 2023 that also cover types of data breaches, industry-specific stats, risks, costs, as well as data breach defense and prevention resources. It’s also apparent that companies are still not prepared enough for breaches even though they are becoming more commonplace. Data breach statistics show that hackers are highly motivated by money to acquire data, and that personal information is a highly valued type of data to compromise. As more and more companies experience crippling security breaches, the wave of compromised data is on the rise.

Importance of strong passwords in corporate environment