The average cost of a data breach exceeds $4 million for many organizations

Aside from the immediate cost of a data breach, nearly half of the total cost occurs more than a year after the incident, says IBM Security.

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A successful data breach not only costs the affected company time, resources and reputation, but also hard cash. In addition to the costs of detecting, mitigating, and remediating after a breach, there are long-term costs that can plague an organization for months or even years. A report released Wednesday by IBM Security looks at the impact of data breaches on a company's bottom line.

Essential reading on safety

To create its 2022 Cost of a Data Breach Report, IBM Security commissioned the Ponemon Institute to analyze 550 organizations affected by data breaches between March 2021 and March 2022. The goal was to conduct more than 3,600 interviews with individuals in the affected organizations to determine the immediate and longer-term costs of a breach.

Among the...

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