IBM Security “Cost of Data Breach,” which was conducted by Ponemon Institute, analyzed about 500 organizations that experienced data breaches and concluded that the cost of data breaches reached an all-time high of $4.24 million per incident on average during the pandemic, the highest cost in the 17-year history of IBM Security report.
<p><span lang=\"EN-US\">The cost of cybercrime is likely to increase due to a number of factors until organisations find a way to protect their data. Ransomware has surged over the past year, and coupled with the levy of added extortion it just pushes up the cost exponentially. Cyber insurance has also potentially added to the payouts which in turn increases the ransom demands and fuels the cycle. Moreover, widespread remote working jolted many organisations who may not have been ready for their whole workforce to work from home with the added security problems that go alongside that. Better training, awareness and more security resources, such as better backup procedures, have the potential to turn the tide or at least slow down this inevitable increasing cost of cybercrime.</span></p>