Security News > 2022 > July > Businesses confess: We pass cyberattack costs onto customers

The costs incurred by organizations suffering data losses continue to go up, and 60 percent of companies surveyed by IBM said they were passing them onto customers.

Almost 50 percent of the costs of a breach are incurred more than a year after the incident, IBM found.

"The more businesses try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel cost of living increases. This report shows that the right strategies coupled with the right technologies can help make all the difference when businesses are attacked."

Hank Schless, senior manager of security solutions network security vendor Lookout, told The Register it's not surprising that the cost of data breaches continues to rise.

The average breach costs for those companies rose to $5.4 million - $1.17 million more than those that do use zero-trust.

The ongoing migration to the cloud also is an issue, according to IBM. About 43 percent of organizations are either in the early stages of applying security practices across their cloud environments or haven't started at all - costing them $660,000 more on average in higher breach costs than those with mature cloud security strategies.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/07/29/ibm_data_inflation/