As published in Digital Insurance, “Navigating Breach Recovery Costs to Slash Inefficiences”
As published in Digital Insurance, “Navigating Breach Recovery Costs to Slash Inefficiences”
Cyberattacks are more costly than ever. This year, the average price tag of a data breach skyrocketed to $4.88 million, a 10% jump from 2023 and the steepest increase since the pandemic. Recent headline-grabbing breaches suggest these figures will only climb higher. While the immediate fallout from a breach, such as addressing compromised systems and responding to ransom demands, often garners the most attention, a less visible but equally significant cost is the process of notifying affected parties. According to IBM’s 2024 Cost of a Data Breach Report, inefficient post-breach response — including notification efforts — is among the top drivers of rising breach costs. Victim organizations need more effective tools and strategies to streamline incident response and mitigate financial fallout.
When a breach of sensitive data occurs, companies are legally obligated to inform affected individuals, businesses, regulatory agencies and the media within a certain time frame based on a patchwork of state and federal laws.
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