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.
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.
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