Cybersecurity incidents are costly, as we have seen with Medibank and Optus. The average total cost of cybersecurity breaches in the United States in 2022 was estimated to be USD $4.35 million on average, taking into account reputational, regulatory, and political repercussions, according to IBM 2022 "Cost of a Data Breach" report.
In an evolving threat landscape, time is money
For 83% of companies, it’s not if a data breach will happen, but when. Usually more than once. When detecting, responding to and recovering from threats, faster is better. Organizations using AI and automation had a 74-day shorter breach lifecycle and saved an average of USD 3 million more than those without.
Healthcare gets hit hard
The cost of a breach in the healthcare industry went up 42% since 2020. For the 12th year in a row, healthcare had the highest average data breach cost of any industry.
$10.10M -Average total cost of a breach in the healthcare industry
https://www.ibm.com/reports/data-breach
#cybersecurity #data #GRC
Written by Heather Buker
Heather has been a technical SME in the cybersecurity field her entire career from developing cybersecurity software to consulting, service delivery, architecting, and product management across most industry verticals. An engineer by trade, Heather specializes in translating business needs and facilitating solutions to complex cyber and GRC use cases with technology. Heather has a Bachelors in Computer Engineering, Masters in Engineering Management, and a Doctorate in Information Technology with a specialization in information assurance and cybersecurity.