Top 5 Data Breaches That Cost Millions
wallarm, Monday, March 18th, 2024
The entire digital landscape has evolved into a behemoth of sorts as the number of online attacks targeting individuals, businesses, and governments has risen steadily. And it's not just money and cryptocurrencies they're after. Customer or user data has evolved into a powerful tool for businesses to make crucial decisions, which has attracted the attention of cyber criminals all over.
As they continue to get more frequent and sophisticated, cyber attacks ranging from data breaches to account takeovers (ATOs) cost the global economy over $8 Trillion in 2023. Data theft has emerged as the leading problem with far-reaching consequences.
The 2023 IBM Cost Of A Data Breach report revealed that a data breach classified as 'High Risk' could cost a company over $4 Million. The Healthcare sector emerged as the most impacted, where the average cost of a data breach stood at around $10 Million. However, industry experts argue that reputational damage hurts organizations even more, especially publicly listed companies.