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With the global average cost of a data breach totaling $3.86 million in 2020, the topic of security continues to be a major pressure point and a board-level agenda item. So why do security programs still seem to lack adequate funding, urgency and support until a breach or lawsuit occurs or auditors demand change? Verizon’s 2021 Data Breach Investigations Report analyzed 29,207 incidents, of which 5,258 were confirmed data breaches compared to 3,950 confirmed data breaches in 2020. This means more executives are going to wish they spent more time, attention and resources on this area, but might still balk at cybersecurity costs.
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