IBM research indicates that the cost of an enterprise data breach reached a record high during the COVID-19 pandemic. IBM has estimated in its new “Cost of a Data Breach” report that the average data breach now runs upward of $4 million. In fact, in 2021, a typical data breach experienced by companies now costs $4.24 million per incident, with expenses incurred now 10% higher than in 2020 when 1,000 – 100,000 records are involved.
Furthermore, so-called “mega” breaches that impacted top enterprise firms responsible for the exposure of between 50 million and 65 million records now also come with a higher price tag, reaching a whopping average of $401 million to resolve.
After analysing data breaches reported by over 500 organisations, in conjunction with a survey conducted by Ponemon Institute, IBM says that the “drastic operational shifts” experienced by the enterprise due to the pandemic, stay-at-home orders, and the need to quickly turn processes remote prompted higher costs and increased difficulty in containing a security incident once it had taken place.