What is the cost of a data breach?

The report highlights the key factors influencing data breach costs. These include:

1. involving law enforcement when handling ransomware incidents
2. the industry in which the breach occurs, with healthcare and financial sectors facing the most significant costs, and
3. the scope of the breach, especially if it affects multiple environments.

One of the other insights from the report looked at the variation in costs across organisations of different sizes. Organisations with greater than 5000 employees saw a decrease in the cost of a breach. In contrast, smaller organisations saw an increase. In organisations with between 1001 and 5000 employees the increase was almost 20%, those with between 500 and 1000 employees the increase was 21.4%.

The report stresses the significant impact of security skills shortage as a major contributor to data breach costs – with the average cost of a breach for organizations with high levels of security skills shortages being $5.36 million.

Addressing the security skills shortage – CISSP

Cybersecurity training is critical to build essential skills and CISSP is the most globally recognized cybersecurity certification. It covers a broad spectrum of topics to maintain relevancy and keep pace with complex and ever-changing challenges. Cycubix is an ISC2 Official Training Provider and offers  ISC2 Official training that uses the most relevant, up-to-date courseware, developed by ISC2 and delivered by an ISC2 Authorised Instructor.

Click here to read more about the Cost of a Data Breach Report 2023 

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