This blog article summarizes a few key points from research conducted by the Ponemon Institute.  This report published by IBM Security - studied 537 real breaches across 17 countries and 17 different industries.

Largest cost increase in seven years

Total data breach cost increased from $2.86 million in 2020 to $4.24 million in 2021.  That increase represents a 9.8% increase.  The cost of a data breach has increased by 11.9% since 2015.

 

Odoo • Text and Image
Odoo • Image and Text

Healthcare had the highest data breach cost for the eleventh year in a row

The average data breach total cost for health care increased form $7.12 million in 2020 to $9.23 million in 2021, a 29.5% increase.  Energy dropped from the second most costly industry to fifth place,  decreasing in cost from $6.39 million in 2020 to $4.65 million in 2021(27.2% decrease).

 

Media had the highest percentage increase in cost from 2020

Top five industries that experienced large cost increases include media, public sector, hospitality, retail and consumer.

 

Odoo • Text and Image
Odoo • Image and Text

Lost business accounts for the highest category of data breach cost

Lost business costs include: business disruption and revenue losses from system downtime, cost of lost customers and acquiring new customers, reputation losses and diminished good will.