{"id":12155,"date":"2022-08-03T07:00:00","date_gmt":"2022-08-03T15:00:00","guid":{"rendered":"https:\/\/formtek.com\/blog\/?p=12155"},"modified":"2022-08-01T12:31:03","modified_gmt":"2022-08-01T20:31:03","slug":"security-cost-of-breaches-passed-onto-consumers-as-a-cyber-tax","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/security-cost-of-breaches-passed-onto-consumers-as-a-cyber-tax\/","title":{"rendered":"Security: Cost of Breaches Passed onto Consumers as a ‘Cyber Tax’"},"content":{"rendered":"\n

Data breaches and the cost to clean up after them continue to increase. A recent IBM Security report made in collaboration with Ponemon<\/a> found that the average cost of dealing with a data breach in 2022 is now estimated to be $4.35 million, up from $4.24 million in 2024.<\/p>\n\n\n\n

The report found that more than a quarter of the breaches were identified as malicious and destructive with an intent to damage infrastructure. Infrastructure targets include the supply chain, healthcare, finance, industry, transportation, and government — it seems like not much was spared the persistent attacks of hackers.<\/p>\n\n\n\n

The report notes that the cost of breaches typically gets passed along to consumers to bear. As a result of a breach, 60 percent of product and service prices were raised and passed along to consumers to cover the costs to address breaches. <\/p>\n\n\n\n

John Hendley<\/a>, Head of Strategy at IBM Security X-Force, said that<\/a> “the cost is trickling down to consumers. In fact, if you consider that two or three companies within a supply chain may have suffered a breach and increased their prices, there\u2019s this multiplier effect that\u2019s ultimately hitting the consumer\u2019s wallet. Essentially, we\u2019re now beginning to see a hidden ‘cyber tax’ that individuals are paying due to the growing number of breaches occurring today compounded with the more obvious disruptive effects of cyberattacks.”<\/p>\n\n\n\n

Chris McCurdy<\/a>, Vice President and General Manager, IBM Security, said that <\/a>“while data breach costs reached a record high over the past year, the report also showed positive signs about the impact of modern security tactics, such as AI, automation, and the adoption of a zero trust approach \u2013 which may pay off in reducing the cost of these incidents further down the line.” <\/p>\n

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Data breaches and the cost to clean up after them continue to increase. A recent IBM Security report made in collaboration with Ponemon found that the average cost of dealing with a data breach in 2022 is now estimated to…<\/span><\/p>\n

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