Data breach costs reach “all-time high”

The cost of a data breach has far-reaching impacts, according to new research by IBM. In its ‘Cost of a Data Breach’ report for 2022, IBM revealed that the latest costs for data breaches in organisations averages at $4.35 million. In the last two years alone, costs have increased by nearly 13%. The report also showed that these costs are being passed on to consumers – specifically contributing to a rising cost of goods and services. Six in 10 organisations have increased their prices in response to data breaches.