Our partner, Black Kite, reviewed 2,400 cyber incidents between 2017 and 2022 across 1,700 companies. They concluded that the average cost of a data breach is $15 million, Tech Republic report.
However, this average of $15 million is not taking into consideration outliers. When outliers are also factored in the cost jumps to a staggering $75 million. Cyber breach costs have been increasing at a yearly rate of 10%. If this rate continues the global cost of cybercrime could top $10 trillion in the next three years. The previous prediction from 2015 put it at $3 trillion so this has significantly increased over the last few years.
Black Kite’s study also found that a company that has remote workers has a higher cost on average per breach. On average it is $1 million more for a company with remote workers.
Black Kite’s review found that of the companies that were involved, one in four suffered a cyber attack in the last year. However it also found that 100% of the companies analyzed were vulnerable to an attack due to outdated systems or software.
Our partner, Black Kite, allows us to access unrivalled information that helps us to provide real-time losses for your company in the event of a cyber attack. Find out more here.