MARK PETROFF

Data breaches are becoming increasingly common occurrences, but they are also increasingly expensive. According to a recent report by IBM and the Ponemon Institute, the average cost of a data breach was estimated to be $3.86 million in 2020. This includes recovery costs, disruption to business operations, and reputational damage, as well as myriad other financial losses. Companies should strive to protect their data and information assets in order to avoid such a costly event.

Defending against cyberattacks appears to be trending in favor of hackers as the growing number of phishing attacks trick employees into downloading malware or clicking on a malicious link. That’s why companies of every size would be well-served to improve their cybersecurity awareness training and secure an affordable cyber insurance policy.