The Early Years: A Wake-Up Call
Back in the early 2000s, most saw data breaches as rare and not a big concern. But as technology got better, hackers did too. Between 2006 and 2012, the reality hit hard. The cost of a data breach shot up, ranging from $3.54 million to $7.24 million. It wasn’t just about money; companies saw their reputations take a hit too.
The Impact of Regulatory Changes: Average Cost of a Data Breach Changes
Then came laws like GDPR and CCPA. They brought data security into the spotlight. They also introduced hefty fines for slip-ups. Fast forward to 2023, and the average cost of a data breach soared to $9.48 million. Now, businesses need to beef up their cybersecurity more than ever to dodge these financial hits and comply with the law.