Average Cost of a Data Breach

What is the Average Cost of a Data Breach in 2024?

Published on: December 28, 2022
Last Updated: December 28, 2022

What is the Average Cost of a Data Breach in 2024?

Published on: December 28, 2022
Last Updated: December 28, 2022

Quick Answer 🔍

What is the average cost of a data breach in 2024?

The global average cost of a data breach reached $4.35 million in 2022 – the highest result ever reported since the beginning of the new millennium.

Data breaches can happen at any time and on any occasion.

Anyone’s data can be compromised as the weakness in technology and user behavior can easily result in a malicious intervention.

This problem costs the world to lose billions of dollars every year.

Let’s find out how much exactly is the average cost of a data breach in 2024 and which countries pay the most price for these kinds of activities. 

What is the Average Cost of a Data Breach in 2024?

The global average cost of a data breach hit $4.35 million in 2022 – the highest result ever reported since the beginning of the new millennium.

Data breaches fetched around $730,000 from governments, businesses, and individuals in a five-year timeline alone. 

The United States has the costliest data breach value which is at $9.44 million in 2022.

Meanwhile, the healthcare industry had it the hardest compared to all other business sectors, shouldering a cost of $10.10 million during the year. 

Average Cost of Data Breaches Over the Years

How Many Data Breaches

The average cost of data breaches rose and fell from 2014 to 2022.

The most notable jump was recorded in the 2020 to 2021 period, rising along with the number of hacking incidents globally. 

Many companies migrated their operations online during the year, opening an opportunity for hackers to target online data.

Here is a look into the data breach cost landscape globally from 2016 to the present:

  • 2016 – the global cost of data breaches was $4.00 million during the year
  • 2017 – the global cost of data breaches was $3.62 million during the year
  • 2018 – the global cost of data breaches was $3.86 million during the year
  • 2019 – the global cost of data breaches was $3.92 million during the year
  • 2020 – the global cost of data breaches was $3.86 million during the year
  • 2021 – the global cost of data breaches was $4.24 million during the year
  • 2022 – the global cost of data breaches is estimated to come at $4.35 million this year

Countries With the Highest Data Breach Cost

Here is what the average cost of a data breach among countries looked like in 2018:

  • United States – the average cost of data breaches in the country came at $7.91 million during the year
  • Canada – the average cost of data breaches in the country came at $4.74 million during the year
  • Germany – the average cost of data breaches in the country came at $4.67 million during the year
  • France – the average cost of data breaches in the country came at $4.27 million during the year
  • United Kingdom – the average cost of data breaches in the country came at $3.68 million during the year
  • Italy – the average cost of data breaches in the country came at $3.43 million during the year
  • Japan – the average cost of data breaches in the country came at $3.38 million during the year
  • South Africa – the average cost of data breaches in the country came at $2.88 million during the year
  • Australia – the average cost of data breaches in the country came at $2.53 million during the year
  • Turkey – the average cost of data breaches in the country came at $2.16 million during the year
  • India – the average cost of data breaches in the country came at $1.77 million during the year
  • Brazil – the average cost of data breaches in the country came at $1.24 million during the year

A significant shakeup in country rankings happened in 2022. The United States still leads the mark with $9.44 million, followed by Mexico, Canada, Germany, and France. 

Average Cost of a Data Breach in the United States

The United States is the one to watch when it comes to data breaches. Take a look at this data detailing the country’s data breach cost from 2012 to 2022:

  • 2012 – the country’s data breach value was at $5.50 million during the year
  • 2013 – the country’s data breach value was at $5.40 million during the year
  • 2014 – the country’s data breach value was at $5.85 million during the year
  • 2015 – the country’s data breach value was at $6.53 million during the year
  • 2016 – the country’s data breach value was at $7.01 million during the year
  • 2017 – the country’s data breach value was at $7.35 million during the year
  • 2018 – the country’s data breach value was at $7.91 million during the year
  • 2019 – the country’s data breach value was at $8.19 million during the year
  • 2020 – the country’s data breach value was at $8.64 million during the year
  • 2021 – the country’s data breach value was at $9.05 million during the year
  • 2022 – the country’s data breach value was at $9.44 million during the year

Except for 2013, the annual average data breach cost in the United States consistently increased. It currently sits at a record-high level, projected to rise further in the coming years. 

Average Cost of a Data Breach per Industry

Data Breach

The average cost of a data breach in the healthcare industry is the highest among all players, coming at $9.23 million in 2021 and $10.10 million in 2022.

Here are the industries that paid the highest toll for data breaches in 2021 and 2022:

  • Healthcare industry – the annual cost of data breaches in the industry came at $9.23 million in 2021 and $10.10 million in 2022
  • Financial industry – the annual cost of data breaches in the industry came at $5.97 million in 2021 and $5.72 million in 2022
  • Pharmaceuticals industry – the annual cost of data breaches in the industry came at $5.01 million in 2021 and $5.04 million in 2022
  • Technology industry – the annual cost of data breaches in the industry came at $4.97 million in 2021 and $4.88 million in 2022
  • Energy industry – the annual cost of data breaches in the industry came at $4.72 million in 2021 and $4.65 million in 2022
  • Services industry – the annual cost of data breaches in the industry came at $4.70 million in 2021 and $4.65 million in 2022
  • Industrial industry – the annual cost of data breaches in the industry came at $4.47 million in 2021 and $4.24 million in 2022
  • Research industry – the annual cost of data breaches in the industry came at $3.88 million in 2021 and $3.60 million in 2022
  • Consumer industry – the annual cost of data breaches in the industry came at $3.86 million in 2021 and $3.70 million in 2022
  • Education industry – the annual cost of data breaches in the industry came at $3.86 million in 2021 and $3.79 million in 2022

Conclusion

The average cost of a data breach hit a record high level at $4.35 million in 2022 as companies embraced digitization.

Hackers are taking an opportunity to exploit people’s data, mainly for monetary purposes. 

General advice is to take necessary precautions on the information you put online and make sure to engage only with legitimate websites. 

Sources

BluefinStatistaForbes
Security AffairsEkran SystemKaspersky
UpGuardIBM

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.