Work from Home is very economical for companies but it has its limitations too. An increase in data breaches costs many organizations a fortune.
According to a recently published report Annual Data Breach cost by IBM, the average cost of a data breach has risen to $4.24 million per incident globally. This is mainly due to technological shifts like remote working and reliance on cloud technologies.
With heavy reliance on digital interactions during the pandemic, companies embraced remote work and cloud as they shifted to accommodate this increasingly online world. The report found that these factors had a significant impact on data breach response. Nearly 20% of organizations studied reported that remote work was a factor in the data breach, and these breaches ended up costing companies $4.96 million which is nearly 15% more than the average breach.
Record high surge
This is the highest amount in the 17-year history of IBM’s annual data breach costs report. The average cost of the incident in the United Kingdom is rising by 8%. The average cost for each record was 131 pounds.