Security News > 2021 > July > Data breach costs hit record high due to pandemic
A report released Wednesday by IBM Security looks at how and why the average cost of dealing with a data breach has jumped to a new high.
To compile its "Cost of a Data Breach Report 2021" IBM Security commissioned Ponemon Institute to survey more than 500 organizations hit by data breaches.
Based on its analysis of the results, IBM found that the average data breach now costs companies around $4.24 million per incident, the highest amount in the report's 17-year history.
The use of artificial intelligence, security analytics and encryption were key factors in reducing the costs of a data breach.
"Higher data breach costs are yet another added expense for businesses in the wake of rapid technology shifts during the pandemic," Chris McCurdy, vice president and general manager for IBM Security, said in a press release.
"While data breach costs reached a record high over the past year, the report also showed positive signs about the impact of modern security tactics, such as AI, automation and the adoption of a zero trust approach, which may pay off in reducing the cost of these incidents further down the line."
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