How much does a data breach cost?

The cost of a data breach can vary widely depending on the size of the organization, the type of data that was breached, and the extent of the damage caused. However, IBM’s 2022 Cost of a Data Breach Report reports the average cost of a data breach as $4.35 million.

This cost includes a variety of expenses such as investigating the breach, repairing any damage done to systems and networks, notifying affected individuals, providing credit monitoring services, and potential legal fees and settlements. In addition, there may be costs associated with lost business and reputational damage.

It’s important to note that the true cost of a data breach may be difficult to quantify and may extend beyond immediate financial losses. A data breach can also lead to a loss of trust and confidence among customers and business partners, which can have long-term impacts on an organization’s bottom line.

Try At-Bay’s Data Breach Calculator to estimate what the financial impact of a data breach could be for your organization.