According to the Ponemon Institute and IBM’s Cost of a Data Breach Report 2021, the average total cost of a data breach increased from $3.86 million to $4.24 million in 2021. The report indicates a 10% year-over-year increase in the average total cost of a breach. Personally identifiable information (PII) breaches now have a cost of $161 per record for organizations. The average number of days it takes to identify a breach increased from 287 days to 316 days as the pandemic forced many into remote workforce situations. If peace of mind is what you seek, these numbers are headed in the wrong direction.
If businesses, including law firms, could identify and contain a breach within 200 days rather than the aforementioned 316 days, they could save up to 30% on costs associated with the breach. However, just when you think you have security under control, another threat emerges, forcing you to change course. Being in a state of constant vigilance is not easy, but legal IT professionals need to approach security as a daily 24/7 battle they must continuously fight. This is the only way to avoid becoming the next cybersecurity cautionary tale.
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