Many small business owners underestimate the value of their data. However, a data breach has the potential to be a very costly affair that could cripple organizations. In a study by IBM and the Ponemon Institute, researchers found that the average cost of a data breach in 2023 is $4.45 million, a 2% rise from their 2022 findings—a staggering amount, especially for a small business.
What’s worse is that the number of incidents is continuing to increase. According to the Identity Theft Resource Center (ITRC), the number of data breaches reported in 2023 exceeded the total for 2022. And those numbers only count the publicly reported ones, not those that went under the radar.
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