Join executives from July 26-28 for Transform’s AI & Edge Week. Hear from top leaders discuss topics surrounding AL/ML technology, conversational AI, IVA, NLP, Edge, and more. Reserve your free pass now!
When it comes to operational challenges, few mistakes are as costly as data breaches. Just one exploited vulnerability can lead to millions in damages, not just due to upfront disruption, but loss of respect from consumers, and potential compliance liabilities.
Unfortunately, the cost of a data breach is only going up. Today, IBM Security released it’s annual “Cost of a Data Breach” report conducted by Ponemon Institute, which found that the cost of a data breach in 2022 totalled $4.35 million an increase of 2.6% since last year’s total of $4.24 million.
The research also found that organizations that fell victim to cyberattacks were prime target for follow-up attacks as part of a “haunting effect”, with 83% of organizations studied having had more than one data breach.
For enterprises the report highlights that new approaches are required to mitigate the impact of data breaches, particularly in the face of a growing number of sophisticated attacks, which can’t always be prevented.
The hostile reality of the threat landscape
As the cost of a data breach continues to rise amid a threat landscape of rampant double and triple extortion ransomware attacks and identity-related breaches, it’s becoming increasingly clear that traditional approaches to enterprise security need to be reevaluated.
In the last week alone, T Mobile and Twitter found out the cost of a …