Experts calculate how much data breaches cost companies
IBM specialists published their annual Cost of a Data Breach Report, which analyzed 500 companies and organizations faced with network breaches and data breaches. Data breaches currently cost companies an average of $ 3.86 million. Although this figure is down 1.5% compared to 2019, large incidents involving more than 50 million records could cost companies as much as $ 392 million.
If an organization acts as a data controller for 40-50 million records, then its financial losses in the event of a data breach could amount to about $ 364 million. Research conducted by the Ponemon Institute includes a survey of more than 3.2 thousand information security specialists from companies who faced data breaches last year.
In cases where cybercriminals hacked into corporate networks using stolen or compromised credentials, the financial losses of companies turned out to be almost $ 1 million more than the global average - up to $ 4.77 million per hack. Exploitation of vulnerabilities was the second most expensive leading cause of cyberattacks - $ 4.5 million
In total, stolen or compromised credentials and misconfiguration of cloud services accounted for nearly 40% of incidents. According to experts, every fifth hack used stolen credentials, leading to the disclosure of more than 8.5 billion records in 2019 alone.
Government-sponsored cyberattacks, including attacks carried out by APT groups, are much less common, accounting for only 13% of the total number of hacks. However, if such an incident occurs, the financial losses of companies amount to an average of $ 4.43 million.