Cybersecurity is the practice of safeguarding individuals’ and organizations’ systems, applications, computing devices, sensitive data, and financial assets from threats such as computer viruses and costly ransomware attacks. Cyberattacks have the potential to disrupt, damage, or even destroy businesses, and the financial impact on victims is on the rise. For instance, according to IBM’s Cost of a Data Breach 2023 report:
– The average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over the last three years.
– The financial toll of a ransomware-related data breach in 2023 was substantial, averaging at USD 5.13 million. This figure does not include the cost of the ransom payment, which added an extra USD 1,542,333 to the bill. This represents an alarming 89% increase from the previous year.
