Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether.
Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by IBM. Costs can differ based on a number of factors, including regulatory compliance requirements, sensitivity or complexity of the data involved, and subsequent litigation.
The International Monetary Fund warned last year that cyberattacks have more than doubled since the onset of the pandemic, increasing the …
