It’s hardly a secret that data breaches occur and carry significant costs to correct. But just how often they happen, and the true financial damages they inflict, still can be stunning.
According to statistics collected by security.com, here is just a sampling of data breach fallout ramifications, compiled for 2020, the most recent year statistics are available:
- On average, data breaches globally cost companies $3.86 million each.
- The U.S. represents the most expensive nation for data breaches, with the average cost of each instance totaling $8.64 million.
- Breaches also decrease productivity and disrupt workflow, with companies requiring 280 days – more than nine months – on average to identify and resolve data breaches.
- In 2020, a total of nearly 4,000 data breaches were publicly reported, which at first glance appears to be a 40% improvement from the prior year – but delays in reporting and declining media coverage mean that fewer breaches were reported. The true total of breaches therefore remains unknown, and could be as high or higher than the year before.
- Data breaches in 2020 reached an all-time high number of exposed records of more than 37 billion.
- Fully 72% of data breaches affected large companies, with the remaining 28% impacting small businesses, proving that no one is completely safe from this phenomenon.
The professionals at The Reschini Group can help create an approach to cybersecurity coverage and data breach prevention that makes sense for your specific business or enterprise. Contact them to learn more.
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The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
