October 28, 2:33 pm
Despite considerable investments in security technology, data breaches continue affecting companies across the globe and causing them more financial damage than ever.
According to data presented by AltIndex.com, the average data breach cost has jumped by nearly $600,000 in the past three years and hit an all-time high of $4.45 million in 2023.
According to the Ponemon Institute 2023 Cost of Data Breach Report, the average data breach cost has risen by 15% in the past three years. In 2020, it amounted to $3.86 million. But a year later, it jumped to $4.24 million. The negative trend has continued ever since, with the average cost of data breaches reaching an all-time high of $4.45 million in 2023. However, not all countries, regions, and markets saw the same cost growth.
Statistics show the Middle East has witnessed the biggest data breach cost increase of all surveyed regions. In 2020, the data breach cost in this region amounted to $6.52 million, or nearly 70% more than the global average that year. However, this figure has grown by a massive $1.5 million since then and hit over $8 million this year.
The United States, which has had the highest average data breach cost of all countries for the past thirteen years, has seen the second-largest increase. Statistics show that data breaches in the United States cost an average of $8.64 million in 2023 or $840,000 more than three years ago.
Italy saw the third-largest data breach cost growth of $670,000. Canada and South Korea follow with a $630,000 and $360,000 increase in three years, respectively. The report showed other European countries, like Germany and the United Kingdom, saw a much smaller increase, with their average data breach cost rising by $220,000 and $310,000.
Healthcare continues to experience the highest data breach costs of all industries. However, the report showed this market has also seen the biggest cost growth. Over the past three years, the average cost of a data breach in healthcare has grown by $3 million or more than 50%, rising from $7.13 million in 2020 to $10.53 million in 2023. The public sector saw the second-largest increase of $1.52 million, with its average data breach cost rising from $1.08 million to $2.6 million in three years.
On the other hand, the energy sector, which has been among the top five costliest industries for data breaches for years, has seen a positive trend. In 2023, the average cost of a data breach in this market stood at $4.78 million, or $1.6 million less than three years ago. Statistics show technology dropped out of the top five, as its average data breach cost dropped from over $5 million to $4.6 million in the past three years.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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