DATA BREACH COSTS BY INDUSTRY
FOR 550 ORGANIZATIONS HIT BY A DATA BREACH | DATA AS OF 06.30.23
© Callahan & Associates | CreditUnions.com
- There’s disappointing — if not surprising — news as Cybersecurity Awareness Month kicks off. The cost of data breaches continues to rise for businesses of all stripes … and containing them isn’t getting any faster. That’s according to IBM Security’s Cost of a Data Breach 2023 report, which estimated the total global average cost of each breach at $4.45 million, an increase of $100,000 over last year.
- Data breach costs have increased by more than 15% since 2020, with the largest cost increases occurring between 2020 and 2021.
- The United States continues to report the highest cost for data breaches, with an average cost of nearly $9.5 million per occurrence. The Middle East and Canada hold the second and third spots on that list, followed by Japan, where the average breach costs less than half of what a comparable event would run in the United States.
- Health care has been the leading industry for data breaches for the past 13 years, according to the report, with financial services holding down the No. 2 spot. And, in a rare bit of good news, costs for the financial services industry dropped slightly, falling slightly more than 1% to an average cost of $5.9 million per incident.
- The average time necessary to identify a data breach dropped by a few days in the latest report but still remains well above six months. Once identified, the study shows it takes more than two months to contain a breach. Neither figure has changed dramatically in several years.
How Do You Compare?
Understand your credit union’s position in the market and find the right data to help you better serve your community. Callahan & Associates’ online performance benchmarking tools can take your institution to new heights. Our credit union advisors are ready to help — are you ready to take your credit union to the next level?
