Average cost of data breaches hits record high of $4.35 million: IBM

The global average cost of data breaches reached an all-time high of $4.35 million in 2022 compared with $4.24 million in 2021, according to a new IBM Security report. About 60% of the breached organizations raised product and services prices due to the breaches.

The annual report, conducted by Ponemon Institute and analyzed and sponsored by IBM Security, is based on the analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. 

According to the report, about 83% of the organizations have experienced more than one breach in their lifetime, with nearly half of the costs reported to be incurred more than a year after the breach.

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