The Cost Of Ransomware Attacks Continues To Grow

With ransomware attacks becoming increasingly sophisticated, they're also becoming more costly than the average data breach, as illustrated by a new report.

The latest Cost of a Data Breach Report from IBM surveyed 550 organizations worldwide that experienced breaches between March 2021 and March 2022, offering insights on how costly ransomware attacks and other forms of data breaches can be.

Breach Response Costs Hit a Record High

Data breaches in general – not just ransomware attacks – have become costlier than ever, with the average cost of a breach reaching a record-high $4.35 million (all figures in U.S. dollars) in 2022, according to the report. Breach response costs have risen by 13% over the past two years.