Data breaches have hit an all-time high. The cost of a breach, according to IBM, is now a whopping $4.35 million this year. When phishing is the initial attack vector, the average cost rises to $4.91 million; Business Email Compromise attacks cost $4.89 million.
Breach costs have increased by nearly 13% over the last two years, causing 60% of companies to raise their prices to consumers.
In some industries, that number is even higher. In healthcare, for example, the average breach cost is $10.1 million. This was the 12th year in a row that healthcare topped the list. Finance is right behind at $9.23 million.
Those using AI, however, were able to reduce the average cost of a breach by over $3 million.
Breaches also often take a long time to detect--for phishing, it takes an average of 219 days.
Take aside one of the stats and it's enough to give security leaders pause. Put them all together and it's a crisis.
It hurts a business in more than one way. It obviously costs money for the enterprise. Data will be stolen and used against the organization.
And, these costs will have to be passed on to consumers. It's a triple-whammy.
The best way to reduce the impact that breaches have is to implement advanced AI and deploy a prevention-first approach to threats. By preventing it in the first place, less time is spent on trying to find the breach and contain it. Less money is wasted. Everyone is happier.