Cyberattacks began soaring once COVID-19 struck the world. By the spring of 2023, the pandemic began to show signs of easing down, but the costs of these attacks continue to skyrocket.
Most recently, IBM and the Ponemon Institute released the “Cost of a Data Breach Report,” which found that over 83% of businesses have experienced more than one breach between March 2021 and 2022. The other 17% shared they had not experienced any attacks during that time, which illustrates how common cyberattacks on businesses are becoming.
Furthermore, this comprehensive report stated that the global average cost of a data breach is $4.35 million, while in the US, the average cost has hit $9.44 million. Keep reading below to learn more about stats on data breaches and cyberattacks and the impact they can have on the future of an organization.
SMBs Need to Take Data Breaches More Seriously
Overall, too many businesses seem to assume that their organization is too small for cybercriminals even to give a second look. This assumption is not only entirely wrong but can lead to devastating consequences. Cybercriminals look for the path of least resistance, and smaller businesses tend to be softer targets ripe for the picking.
Here are some data breach statistics to show that this perspective is accurate:
- 76% of SMBs have been affected by data breaches, up from 55% in 2020.
- IBM and Ponemon Institute found that the average cost of a cyberattack for businesses with less than 500 employees was $2.98 million; for businesses with 500-1000 employees, the cost was slightly lower at $2.63 million, but for businesses with 1001-5000 employees, the cost jumped to $4.09 million.
- Only 28% of small businesses carry Cyber Insurance, which shows that many business owners dramatically underestimate the cost of an attack and what it can do to the health of a business.
More Data Breach Statistics Your Clients Need to Know
In 2022, global cyberattacks increased by 38%, a massive jump from the previous year. Experts at Cybersecurity Ventures predict that the global cost of these continuing attacks will climb to a staggering $10.5 trillion in the coming years.
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