The Cost of a Data Breach
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.