The Cost of a Data Breaches in 2022 is Staggering

23 Aug The Cost of a Data Breaches in 2022 is Staggering

July 2022

IBM Security issued a study titled Cost of a Data Breach 2022 Report and the statistics are sobering. The study looked at 550 data breaches across 14 sectors. Just five sectors – Financial, Services, Industrial, Technology, and Energy accounted for more than 50% of the 550 data breaches analyzed in the study.

Here are a few statistics:
Average cost of a data breach: $4.35 million
Average cost of a ransomware attack: $4.54 million

The main sources of data breaches are Internal IT failures 24%, Employee error 21%, Vendors 19%, and Ransomware 11%.

The raw dollar cost for small businesses of a data breach will almost always be less but not as compared to revenue. The sudden unplanned capital requirements could stretch many small businesses beyond their financial capacity. So, the financial impact is likely higher for small businesses. Furthermore, small businesses often make up the vendor pool of large organizations. More and more these businesses are scrutinizing their vendors’ IT environments.

Lighthouse Solutions Group’s IT Managed Services are optimized to support and secure the networks of smaller organizations.

So, if you’re not sure of the status of you company’s IT Security and over all Network health, contact me to schedule a free assessment. 440-239-8426 / bandrews@lhsolutions.net.