Introduction
The average global cost of a data breach in 2021 was over $4 million, while the international cost of cybercrime has hit $6 trillion annually.
A major contributor to this upward trend is the delayed response times plaguing most industries. According to IBM, victims that respond to data breaches in under 200 days spend an average of $1.1 million less on data breach damages.
This is concerning because the average number of days required to identify and contain a data breach is 287, placing the vast majority of organizations in the upper pricing range.
This major pricing factor has been poorly addressed in cybersecurity programs across industries causing data breach costs to rise each year.