In the modern world, serious data breaches have effectively become an unavoidable cost of doing business. The probability of a data breach occurring at a company is greater than one in four, according to the 2017 Cost of Data Breach Study from the Ponemon Institute. According to experts, the annual cost of cybercrime will increase from $3 trillion in 2016 to $6 trillion in 2021, indicating that the Equifax hack will be a precursor to future events rather than a one-off anomaly in the past.

Moving forward to today’s assessment, according to the 2022 cost of a data breach report from IBM and the Ponemon institute, the average cost of a data breach has increased to a record high of US$4.35 million.

It is still the same threat, however, it keeps on upgrading.

It’s frightening, according to Brian Walker, a former manager of Marathon Oil’s global information technology. It’s not always the case that executives making funding decisions are millennials who have a natural understanding of how cyber threats operate. My generation of guys are the issue,

The firms don’t disregard security, far from it. However, the threat is escalating quickly, and businesses of all sizes are finding it challenging to stay up. As an illustration, Walker said that “there has been a huge increase in so-called supply-chain attacks where a software update itself has been infiltrated before it has ever been deployed into a firm system.”

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