"Average Cost of a Data Breach Expected to Hit $5 Million in 2023"

According to Acronis, phishing and malicious email risks have surged by 60 percent, and the average cost of a data breach might exceed $5 million by next year. Between July and October, the proportion of phishing attacks increased by 1.3 times, making up 76 percent of all attacks. Candid Wüest, vice president of cyber defense research at Acronis, stated that the previous few months have been more complicated than ever, with new threats continually developing and criminal actors continuing to apply the same effective playbook for rewards. In order to reduce phishing and other hacking attempts in the new year, organizations must prioritize all-inclusive solutions. Matt Mullins, a senior security researcher at Cybrary, said that phishing will most likely never go away, so teams should implement the right compensating controls. Mullins stated that phishing will continue to exist due to its value as a low-effort, high-reward attack, even though certain parts, such as malicious documents, would likely become obsolete. The increase in the value of data breaches is likely attributable to the scarcity of resources and funds. While the value of inflation is significant, it is unlikely to be the cause of the higher cost to companies. Attackers are becoming more skilled at targeting data, companies, and clients. As a result of rising prices during the present economic slump, struggling enterprises will experience double the pain. This article continues to discuss the rising average cost of a data breach. 

SC Magazine reports "Average Cost of a Data Breach Expected to Hit $5 Million in 2023"